The Oyo State Government on Thursday signed a memorandum of understanding (MOU) with a Canadian Agricultural Company involving a sum of $1.3 billion for the development of its agricultural sector.
The State Governor, Senator Abiola ajimobi, at the signing ceremony held at the Executive Council Chamber of the Governor's Office, described the MoU as a landmark achievement of his administration in the area of Agriculture, stressing that it was the outcome of his various investment trips abroad.
He said that the investment would not only enhance food security but also provide job opportunity for the teeming unemployed youth in the State.
The Governor also said that the investment would be second to none in the annals of Agriculture in Africa, pointing out that it would benefit the people of Oyo and all its adjoining States as well as Canada.
"The MoU is a milestone; it is a legacy that will stand the test of time; it will be second to none in terms of the opportunities available in Agriculture,'' he said.
Governor Ajimobi commended the firm, SGNTT, for its commitment to the development of agriculture and for its readiness to invest in the State's Agricultural Sector.
In his remarks, the Leader of the Team, Edward Ndububa said that the group would commit the sum of $1.3 billion towards the development of Agriculture in the State which he said would include the production of tomatoes, vegetables, fruits, chicken as well as wind solar system.
He explained that the project, which would be located in Itesiwaju and Afijio Local Government Areas, would commence in the next three months, while full scale production would commence in the next two years.
Source: Oyo, Canadian firm sign $1.3b pact on Mechanized Agric. (http://www.oyostate.gov.ng/oyo-canadian-firm-sign-1-3b-pact-on-mechanized-agric/)