An agro-allied firm in Nigeria, the Food Industrial Park Limited, has signed a Memorandum of Understanding with Best Engineering Technologies based in Hyderabad, India, to offtake essential oils produced by the FIPL.
It was gathered that the partnership would result in the production of 500 tonnes of oils from various plants and provide employment for the youth in the country.
This was contained in a statement issued and made available to our correspondent on Tuesday in Akure, Ondo State, by the Chief Executive Officer of the Food Industrial Park Limited, Michael Anibi.
The firm’s CEO explained that the partnership became possible following the collaborations and strategic alliances among several indigenous companies in Nigeria.
Anibi explained, “The stakeholders involved in Nigeria include farmers, processors, and technical professionals, while 3,000 hectares of aromatic plants and crops will be cultivated across three states of Ogun, Oyo, and Kogi. Also, 1,250 youths and women will be engaged across the value chain, with each earning over N1m yearly.
“The main crops and plants include lemongrass, basil, thyme, ginger, and turmeric.”
He noted that the preliminary work had commenced at the selected locations, including Food Industrial Park Abeokuta, Tede Agri Industrial Cluster and Food Industrial Park Lokoja. He further explained that the offtake agreement covers over 500 tonnes of essential oils from various plants and spices yearly.
According to the statement, during the inspection of existing facilities in the selected locations, the representative of the Indian firm, Mr. Pavan Kumar, having been impressed with what he had seen at the three locations, expressed optimism on the high level of potential and opportunities the venture would bring.
“We have visited Abeokuta, Tede, Ofodo, and Lokoja. I am really impressed by the readiness of our partners here in Nigeria, and I believe the results will be great,” Kumar said.
He added that his company would not only offtake the oils but would also support in the area of technical expertise and training.
