Firm To Invest $35m In Agriculture In Nasarawa

A company, Lee Group, has announced plans to invest $35 million in agricultural projects in Nasarawa State.

Speaking during a courtesy call on Governor Abdullahi Sule, the group’s project director, Wilkins Lam, said the proposed investment would focus on rice, sugarcane, sesame and peanut production.

He said the group intended to develop 5,000 hectares of rice farmland including a modern rice mill and irrigation infrastructure, at the cost of $15 million in addition to establishing a sugar factory with an investment of $20 million.

He said the investment in sugar would complement its existing sugarcane plantation in Jigawa State, adding that the group would expand into sesame and peanut production, leveraging on high-yield seed varieties to boost output.

“This is just the beginning, we are committed to long-term investments in Nasarawa State and appreciate the governor’s support. The first thing we will do is to deploy a team of professionals to do a comprehensive feasibility study on which type of crop would be most suitable in the area,” he stated.

Responding, Governor Sule expressed enthusiasm about the partnership, describing it as a transformative opportunity for the state.

He commended the Lee Group for its commitment to Nigeria’s agricultural sector.

The governor said revenue to be generated from agriculture far outweighs that from oil and gas.

He pledged to personally accompany the Lee team on an inspection tour of potential sites to ensure a seamless acquisition process.  He also promised state support in facilitating community engagements and expediting necessary approvals.

“We are ready to move beyond meetings. Where the state needs to contribute, we will do so to ensure this project succeeds. If I had your vision and resources, I would invest in sugarcane first. Nigeria’s sugar demand is enormous, with a 50kg bag now selling for N80,000. The market extends beyond Nigeria to neighbouring West African countries. With 30,000 hectares of land, no refinery can compete with you,” he stated.

In his remarks, the managing director/CEO of the Nasarawa State Investment Development Agency (NASIDA), Ibrahim Abdullahi, said the Lee Group has investments across the country.

According to him, a proposed site has been identified in Doma local government area measuring 5000 hectares for the initial investment.