Ondo, Private Firm Float N4.2bn Egg Processing Company

By September 28, 2020 NEWS

The Ondo State Governor, Mr. Oluwarotimi Akeredolu, has flagged off the construction of egg processing factory worth N4.2 billion.

The company, Sunshine Food Processing Concept Limited, located at Emure-Ile in Owo Local Government is being promoted by Imperial Capital, with 45 per cent equity and Ondo State Government, with 55 per cent shares. On completion, the factory would have the capacity to generate not fewer than 10,000 jobs.

Akeredolu, at the ceremony, said the factory if completed would be of immense benefits to Nigeria as whole, saying it is capable of saving the country not less than $30 billion being used to import eggs on yearly basis. According the governor, no fewer than 10,000 jobs would be created by the company while not less than 500,000 eggs would be needed per day for the operation of the industry.

He added that the federal government would have to ban importation of eggs when the industry becomes operational. The governor stated that the industry would be the biggest ever in the state when completed.

He, therefore, asked farmers to start investing in poultry farming, saying the industry would be an available market for poultry farmers.

The Chairman of the Board of Directors of the company, Mr. Akinboye Oyewumi, explained that the investors are Imperial Capital with 45 per cent stake while the state government has 55 per cent shares.

Oyewumi added that the state government would sell its shares when the company become operation fully, noting that’ll the government was not in the business of running enterprise.

He said the project would be completed within 12 months, explaining that both partners provided the money for the company’s take off which he said was in a bank already.

Similarly, Mr. Akin Olotu, the Special Adviser on Agriculture and Agri-Business to the state governor, said the benefits inherent in the investment were not only meant for the state but the country.

Olotu, explained that it would have great effect on Nigeria’s foreign exchange by reducing pressure on dollars, saying the investment would also address annual challenges being faced by poultry farmers.

The Special Adviser stated that the industry would ensure industrial usage of eggs which called for poultry value chain through a lot of groups benefiting from the investment.

“We will have egg powder, pasturised liquid eggs and the shells will be utilized for poultry feeds and a lot of things.

“What Governor Akeredolu has succeeded in doing is the development of the poultry value chain. We are looking at production, we are looking at processing, we are looking at marketing and we are looking at foreign exchange earnings.

“So, it is a full circle. The implication is that more people will come into poultry business, more jobs be created. So the advantages are so numerous,” Olotu stated.

Similarly, a member of the Board of Directors of the company, Mr. Ifeoluwa Oyedele, said the industry had great economic gains to the state and the country.

Oyedele noted that multiple effects of the establishment would cut across all human endeavours.

Source: ThisDay