Oyo Invests N1.35 Billion In Sugarcane Processing Plant to Boost Job Creation Valued At N4.9 billion
Oyo State Executive Council has allocated N850 million for investment in the Oyo Sugarcane Processors Limited in Iseyin, through Pacesetter Holdings Limited, a State-owned enterprise.
By: Abdulwasiu Akintunde
The Oyo State Executive Council has allocated N850 million for investment in the Oyo Sugarcane Processors Limited in Iseyin, through Pacesetter Holdings Limited, a State-owned enterprise.
As gathered by OPEN TELEVISION Naija (OTN) News, these decisions were part of the outcomes from the council's weekly meeting, as announced in a briefing by the Commissioner for Information, Dotun Oyelade, and the Commissioner for Education, Science and Technology, Saliu Adelabu, at the Secretariat in Agodi, Ibadan, on Tuesday.
Additionally, the council approved a capital grant of N500 million for Abiola Ajimobi Technical University, Ibadan.
This grant is intended to support the accreditation of the University's new and existing programs for the 2024/2025 academic session by the National Universities Commission.
Oyelade revealed that the Government has also increased the number of vehicles for Operation Burst to 60 by acquiring 40 new security vehicles for the agency. Other security agencies, including the army, police, and civil defense, also received additional vehicles.
He highlighted that the State's Amotekun corps already operates with 150 security vehicles, has a workforce of around 2,000 personnel, and is the best-paid security outfit in southwest Nigeria.
"The sugar plant, currently valued at N4.9 billion, is 90% complete and is expected to be fully operational next year. This investment is anticipated to inject 3,000 direct and indirect jobs into the State’s economy," Oyelade stated.
Furthermore, OTN News recalls that the Government approved over N900 million as a counterpart fund to collaborate with the World Bank, which had previously donated N1 billion to the State through the Better Education Service Delivery for All (BESDA) initiative.
These funds will be used to improve educational infrastructure, reduce the number of out-of-school children, and enhance overall educational development in the State.
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