Date: 2012-03-20

All is now set for the take- off Kwara State’s N70b rice joint venture with Valsolar of Spain as the project partners have decided to site the projects in Shonga, Patigi, Lafiagi, Bacita and Share. The decision comes as the joint venture company for the project has been incorporated by the Corporate Affairs Commission (CAC).

According to a phased implementation programme released by the Kwara State government, the five project sites were selected following the results of soil and water tests as well as topographical studies conducted by Valsolar sequel to the signing of MoU between the state government and the company last January.

In a statement issued in Ilorin, the state government explained that the rice project would be cultivated on 20, 000 hectares of land adding that the Spanish farmers would farm 5000 hectares of land in each location per annum over the next four years. The government added that the processing factory which would also serve as storage and distribution location is to be sited in Share, stressing that in addition to the test results, the five locations were chosen for their proximity to each other and to riverine areas.

Meanwhile, the joint venture company for the rice project, Valsolar-Kwara Company Limited, has been incorporated by the Corporate Affairs Commission as the company prepares to commence operations in the state. Already, Valsolar’s advance team of surveyors, engineers and is expected to arrive Shonga, the take-off location for the project in May and will commence operations shortly after.

It will be recalled that the state government signed an MoU with Valsolar of Spain last month to set up rice cultivation, processing and packaging project in the state. Under the terms, Valsolar is to invest N70 billion in the project over four years while the state government is to make available 20, 000 hectares of land. In return the Spanish company will hold seventy per cent equity in the company while the remaining thirty per cent will be held by the state government.

Speaking at the signing, Governor Ahmed announced that the project is expected to generate a minimum 12, 000 jobs across the value chain while accelerating economic development in the state in line with his administration’s Shared Prosperity agenda. 20/03/2012