…To create 150,000 agribusiness jobs
Silvex International, a leading commodity trading firm in Nigeria is partnering Nasarawa state government, to generate over $60 million for direct investment into agricultural production, aggregation and processing of essential commodities in the state.
The agreement to run the Nassarawa Agro-Commodity Company as privately driven agency with the Vertmance group as the third partner, was signed recently.
Under this agreement, the state will control 25% of the shares of the company; Silvex International 65% and Vertmance Group, 10% of the share as co-partner.
“The partnership is expected to create at least 150,000 direct jobs to the teeming youth, men and women in Nassarawa state, across various layers of agricultural value chains, which include crop production aggregation, processing, packaging and distribution of finished food products,” a statement on Saturday said.
Speaking during the signing ceremony, the state governor Engr. Abdullahi Sule re-iterated his administration’s efforts for wealth creation in the agricultural sector and the commitment of his government to create investor-friendly business environment.
He then assured the partners of the state’s commitment to fulfilling all the terms of agreement contained in the partnership.
The CEO of Nassarawa state development agency, Ibrahim Abdullahi also reiterated the states commitment to the project.
Silvex as the lead partner, will drive the investment and management of the company with the support and participation of Vertmance Group.
“The company is set to meet the expected result of operating a standard commodity trading firm that can compete with its peers globally and actualize the potentials of Nassarawa state as agribusiness hub of Nigeria,” Silvex CEO, Abubakar Karfi said.
“Nassarawa state government has committed to providing 10,000 hectares of farmland to support the initial take-off of the agro-commodity company.
“The partnership will target and promote key crops such as sesame, groundnut, rice, soybean and ginger. We will work with our financial partners to attract over $60 million within the shorted possible time to ensure that we make this agreement fully operational,” added Karfi.
