Ogun State Government is set to sign a $10 million investment with a Moroccan firm in the next few weeks. The deal is for the by-product of palm oil in the state.

This was revealed by the Ogun State Governor, Prince Dapo Abiodun, when he received the Managing Director of the Nigerian Investment Promotion Commission (NIPC), Aisha Rimi, alongside the Director of International Expansion of Jose Batista Sobrinho (JBS), Fabio Maia, and his colleague in the poultry and swine department, Osorio Dal Bello, in his office at Oke-Mosan, Abeokuta.

The governor said: “I was in Morocco last week, and one of the teams that we met there—potential investors—was asking us for a by-product of our palm oil refining, something that we normally discard.

“They are going to be signing a Memorandum of Understanding with us in the next few weeks to actually export, in the first instance, about $10 million worth of this palm oil extract.”

Abiodun also disclosed that his administration would soon be launching its timber processing zone and added that the state recently established its own inland port, which he said would help manufacturers situated in the state accelerate their development.

He said: “We will soon be launching our timber processing zone; we just got a license for an inland port, like a dry port.”