News in Brief:
– Enugu state sign a ₦100 billion deal with Pragmatic Palms to revive the moribund state-owned palm production company.
– This partnership aims to create jobs, boost palm oil production, and propel Enugu’s economy from $4.4 billion to $30 billion.
The Enugu state government has signed a ₦100 billion agreement with Pragmatic Palms Limited, a subsidiary of Diamond Stripes Limited, to revive the Enugu State United Palm Products Limited (UPPL).
Speaking during the signing of the deal in the state’s government house in Awka, Governor Mbah noted the significance of the deal, highlighting its contribution to not only food security but also economic growth. He assured investors of a business-friendly environment, drawing on his entrepreneurial background.
According to the governor, his administration understood what it means to have ease of doing business and will ensure it is an experience for investors to reference. Additionally, he expressed confidence that the partnership would benefit both the company and Enugu State.
Pragmatic Palms CEO sees potential for economic transformation
George Nwangwu, Managing Director/CEO of Pragmatic Palms, underscored the high demand for palm products and UPPL’s potential to drive Enugu’s economic transformation. He outlined plans for processing palm fruits and palm kernels, creating a range of exportable commodities.
“The idea is to kick-start the economic transformation of the state,” stated Nwangwu. He projected significant job creation opportunities across various stages of production, with estimates reaching the thousands.
UPPL, established by the late Dr. M. I. Okpara, a pioneer of agricultural and agro-industrial initiatives in the defunct Eastern Region, had fallen into disuse for many years. The partnership with Pragmatic Palms aims to breathe new life into this once-thriving enterprise.
Meantime, speaking during the sidelines of the event, the Enugu State Commissioner for Trade, Investment and Industry, Adaora Chukwu, hailed the agreement as a milestone with far-reaching socio-economic benefits. She emphasised job creation, increased palm oil production, foreign exchange earnings, and technology transfer as key advantages of the project.
