Finance

Osun Ethanol Bio-Refinery factory to generate $70 million revenue, 10,000 jobs – Gov. Gboyega Oyetola

Osun State Governor, Gboyega Oyetola, has disclosed that the Osun Ethanol Bio-Refinery cassava production factory when completed would generate $70 million for the state as well as create about 10,000 jobs.

The governor disclosed this during the flagging off of the factory situated at Ayekale, along Egbeda-Iragbiji Road, Iragbiji, Boripe Local Government Area of the State.

According to the governor, the factory which was part of the government’s commitment is to stimulate the state’s economic development and sustainability would be achieved through a robust and mutually-benefitting Public-Private-Partnership (PPP).

He hinted that the idea was conceived last year during the Osun Economic and Investment Summit held.

He further stated that his administration will continually adopt creative means to deliver the critical infrastructure needed which will put the state on the pedestal of greatness.

“When completed, the Osun Ethanol Bio-Refinery Factory will be operating on over 21 hectares of land conceded to it as equity, and on the full operation, it is estimated that it will attract about $70 million to the State and generate 10,000 jobs.

“The product, ethanol, is one of the safe energy sources the world is turning to as a measure of preventing global warming. It would be converting cassava to ethanol, thus empowering thousands of persons in the chain of planting, harvesting, transporting and processing cassava to ethanol and marketing a final product that is hot in today’s world pharmaceutical and energy market,” the Governor said.

He reassured that his administration is committed to delivering good governance which would birth an economically viable environment for the establishment of industries in the state.

“Today is an important day in the life of our administration and the annals of this state as it marks the groundbreaking of another project harvested from the Osun Economic and Investment Summit which was convoked in November last year to reposition the economy of the State and deliver prosperity to the people.

“Coming shortly after the harsh economic realities occasioned by the coronavirus pandemic, this flag-off is an indication that our strategy for the delivery of economic prosperity has begun to yield good returns and a sign of the good things to come. We have no doubt that Osun Ethanol Bio-Refinery Factory will open a window of investment opportunities for the state.

“As you all know, our administration is in a hurry to transform the state and deliver prosperity to our people. This determination informed the convocation of the Osun Economic and Investment Summit within one year of coming into office. At that summit too, we promised to hit the ground running.

“We are happy to find a worthy ally in Osun Ethanol Bio-Refinery Factory. The management submitted a proposal for the project we are flagging off today few weeks after the convocation of the economic summit”, Oyetola said.

Via Neptune News

Loading...
Spread the love

Facebook Comments