Ondo state governor, Rotimi Akeredolu flagged off an egg factory at Emule-Ile in Owo Local Government Area of the state.
The factory named “Sunshine Food Processing Concept Ltd is expected to create jobs for unemployed youths in the state.
This is the second time, the project will be flagged off.
The take off of the project was initially stalled by the inability of the private company to fullfil its side of the agreement.
Governor Akeredolu why flagging off the factory has come to stay after the initial hicups.
He explained that the factory if completed would be of immense benefits to Nigeria.
According to him, the factory when completed will save the Federal Government about $30 billion being used to import powderised egg factory on yearly basis.
He noted that 500,000 eggs will be needed per day for the operation of the industry.
He said, “The Federal Government will have to ban importation of powderised eggs when the industry starts operation.
“The factory will be the biggest ever in the state when completed and so i ask farmers to start investing in poultry farming”
Speaking at the event, the Chairman of Board of Directors of the company, Akinboye Oyewumi explained that the investors are Imperial Capital with 45 per cent stake while the state government has 55 per cent shares.
Oyewumi added that the state government would sell its shares when the company became full operation.
He said that the project would be completed within 12 months, explaining that both partners provided the money for the company’s take off which he said was in a bank already.
Similarly, Pastor Akin Olotu, the Special Adviser on Agriculture and Agric. Business to the state governor, said that the benefits inherent in the investment were not only meant for the state but the country.
Olotu explained that it would have great effect on Nigeria’s foreign exchange by reducing pressure on dollars, saying that the investment would also address annual challenges being faced by poultry farmers.
