More Investors Target Nasarawa’s Potential

Nasarawa State has continued to strengthen its position as a leading agricultural and industrial hub in the country by attracting more foreign and domestic investment into its fold.

This momentum received a significant boost recently with a multinational conglomerate, the Lee Group to invest $35 million in agricultural projects in the state.

The group in 2024 signed a Memorandum of Understanding (MoU) with the state government, and had followed the exercise with a feasibility study of the proposed site in Doma Local Government Area where the initial investment is to be located.

In Doma LGA, the group planned to embark on massive rice production by developing 5,000 hectares of farmland, built a modern rice mill and develop irrigation infrastructure, at a cost of $15 million.

Part of the plan is also to establish a sugar factory with an investment of $20 million, complementing its existing sugarcane plantation in Jigawa State, as well as expand into sesame and peanut production, leveraging high-yield seed varieties to boost output.

The company said it intended to introduce its innovative rice variety, which yields 10 tons per hectare, far above Nigeria’s average of 2-3 tons. It explained that the variety also regenerates after harvest, reducing replanting costs and that the group’s high-oil-content peanut variant (6-7 tons per hectare) and plans for a sesame processing hub are also key components of the investment.

Already, the company along with officials of the state ministry of land have commenced engagement with leaders of the communities where the project is to be sited with both parties hoping to finalize land allocations and commence development within the next two weeks.

Many, including Governor Abdullahi Sule, have described the move as a significant leap the state’s food security and industrialization drive, even as the group’s management led by the Project Director, Wilkins Lam thumbed up Governor Sule for putting in place a business-friendly policies, which has made the state a model for investment in Nigeria.

“Nasarawa State is setting the pace for economic development. The Lee Group’s investment will create thousands of jobs and stimulate growth across the agricultural value chain,” the group stated.

The state government itself has repeatedly reechoed the fact that its economy is fast developing following huge investment by various companies since the current administration unveiled and lunched its economic blueprint the Nasarawa Economic Development Strategy (NEDS) few years ago.

Its investment agency saddled with implementing the NEDS document at the end of its 2024 report said the state has attracted investments flow worth N1,234,077,227 billion in just a year. It said the amount is made up of $466 million actualised and $767 million announced by companies to invest in the state in form of declaration of intents or Memorandums of Understanding (MoUs) amongst others within the period under review.

According to the report, among the companies that invested in the state last year included Juiling Lithium Industry Limited, with $250, 000,000 stake in the state.

Others include Future Granary Project,RANARY, $200,000,000; Husk Power Systems, $7,000,000; Nasarawa Technology Village, $2,187,500;  Asgard Mineral Processing Limited,  $1,500,000; Nasarawa Technology Village (NTV) phase2, $1,250,000; Nasarawa Peninsular,  $1,200,000; Greenville LNG Compressed Natural Gas, $1,200,000; Karu Retail and Recreational Mal, $1,000,000; and Gudale Development, $437,500 respectively.

The reports said the invested areas raged from lithium mining and processing, fish farming, general agriculture, real estate, gas, off grid solar power and sesame plant amongst others.

It stated that 3, 740 persons were gainfully employed in various vocation as a result of the investment within the year under review.

Top among the companies that indicated interest to invest in the state, it was learnt, include the Nigerian National Petroleum Company Limited (NNPCL) which has agreed to invest $500,000,000 in the energy sector in Toto local government area of the state.

Also, Infinitum Energy Group, USA has made bid to invest $180,000,000 in 25 – 30 MW Waste-to-Energy and Solar Renewable Power in the state.

Others are Cenpower Generation Limited, 50MW Hydropower generation plant, $100,000,000 Power; EMK Group Turkiye, Agricultural Growth and Sustainable Food Value Chain, $28,000,000 Agriculture; Advent Integrated Limited, On-campus Accommodation, $11,040,000.00;  Farmatrac Tractor, manufacturing plant, $10,000,000; Uke Gold Gold, mining $10,000,000; EL – DARL Farms, oil palm plantation, processing and storage facility, $6,250,000 Agriculture, and Khalif Mining,  lithium and rubidium processing plant, $2,000,000 respectively.

The proposed investments, it was gathered, are expected to create 3, 940 formal and informal jobs.

Some of the big names that have established industries in the state include Olam Nigeria Ltd, Dangote Sugar Refinery, Azama Nigeria Ltd, Flour Mills Nigeria, Bionas Group, ABS Blueprint Consortium, Prime Global, Beacon Energy, Green Sahara, Diamond Stripes, Barlow & Barrow International Nigeria Ltd, Green and Energy Limited have equally established strong presence in the state.

In May, 2024 President Bola Tinubu through Senator President, Godswill Akpabio commissioned a $100 million lithium processing plant in Nasarawa local government area of the state.

The plant which was built by  Avatar Energy has capacity for 4000 metic tons of lithium per day as well as provide 4000 jobs.

Many have described Governor Sule’s dream of transforming Nasarawa into a key investor’s hub is visionary. The vision has continued to yield positive results as the state has continued to play host to different investors who, with their presence, are further boosting it’s economy and making jobs available for teeming able-bodied youths.