- Governor looks to lithium mining, EV battery production as new FOREX earner
On the back of far-reaching reforms by the Governor Godwin Obaseki-led administration to drive investment and boost economic activities in Edo, the State has continued to witness a surge of big-ticket players with investment by Dufil Prima Food Limited, makers of Indomie Noodles, hitting N25billion in five years.
The surge in investment in Edo reflects the burgeoning confidence of the private sector in the conducive business environment created by Governor Obaseki over the past eight years, repositioning the State as a prime destination for business and commerce.
Speaking to journalists in Benin City, the governor said the reforms have ensured the inflow of substantial investment from various investors into the State, significantly contributing to job creation and economic growth and development.
According to him, “Dufil Prima Food Limited got land from Edo State Government to farm oil palm when they started their oil palm business in 2019, and when they started, they saw the need to diversify into cassava because of the availability of the product and as you can see today, they have invested in excess of N25 billion naira in various investments.
“We are here to see how far they have gone, see what they have done, the challenges they have, and how collectively as State Government and ESOPP investors we can work to reduce the risk and encourage more investments.”
Obaseki further noted, “We are benefiting from various investments in the State like the factory of Dufil built four years ago and producing quality cassava flour and other byproducts for the poultry Industry. The State is benefiting from the food sufficiency standpoint from this investment.
“We have received substantial investment from various investors as investment has come into the State and a lot has come into the economy of Edo State, showing that a lot of economic activities are going on.”
On the economic impact of the investment, the governor stated, “From the farm and ethanol factory, they created over 1,500 direct jobs for the people. They are helping us reduce the challenge of unemployment, develop the State, expand it, and bring in people into the area with better opportunities. Edo State is one State where you can come to invest and make a lot of returns and grow your business.”
He added, “Dufil has shown us that what we are producing as cassava is not up to the demand. The variety of cassava used for industrial production is different from the one we eat.”
Obaseki looks to lithium mining, EV battery production as new FOREX earner
In a similar development, Governor Obaseki is intensifying efforts to diversify the state’s economy with the exploitation of its solid minerals deposit, especially lithium as a new Foreign Exchange earner.
This was disclosed when the state welcomed international investors representing Renera Rosatom Energy Corporation hosted by the Edo State Ministry of Mining and Energy (Oil, Gas and Power)
Lithium, which is also known as white gold, is a mineral found in large deposits in some states in Nigeria such as Nasarawa, Kogi, Kwara, Ekiti, Cross-Rivers and Edo.
In a presentation at the conference meeting, the Director of Mining, Edo State, Omoruyi Ihianle, disclosed efforts by the Governor Obaseki-led administration towards exploiting its lithium deposit for the production of lithium batteries used in Electric Vehicles.
“The state government, after looking at the sector, thought it wise to come forward with what we call the SPV (Special Purpose Vehicle), and with this SPV, the state government aims to ensure that the mining sector gives value to the government and the investors,” Omoruyi said.
“We have the registration number of the SPV (Special Purpose Vehicle) Associates Mining and Investment Company Limited. It was incorporated last year and it has already started running.”
“Now the mandate as regards the Ministry of Mining & Energy and also the SPV is to ensure that the state is positioned in a way to assist miners and also to be a major player in the mining industry,” he added.
While outlining the objectives of the Edo State Mining and Investment Company Ltd, the Director of Mining, Edo State, noted that the commission aims to provide support for mining companies operating in the state, providing services along the mineral market value chain in line with international best practice with environmentally friendly business methods and ensuring that their partners get the value for their investment.
He further guaranteed that the commission is geared towards ensuring a smooth synergy between investors, the companies, and the miners while creating jobs for indigenes of the communities in the State.
The Edo State Commissioner for Mining and Energy, Ojiefoh Enaholo expressed the readiness of the state government in positioning Edo as an enabler and a major player in the mining sector.
Speaking on behalf of the international investors, the Vice President of Uranium One, Andrey Mineev, expressed his gratitude on the warm reception, expressing the group’s readiness to embark on the partnership with the Edo State Government, as they are trying to find new corporations.
