Akwa Ibom needs $8m Loan facility to complete coconut refinery

Gov. Udom Emmanuel of Akwa Ibom, says the State Government needs about eight million dollar loan facility to complete a coconut refinery located at Mkpat Enin Local Government Area of the state.

Emmanuel stated this at a Lunch he organised for officials of the Nigeria Sovereign Investment Authority, (NSIA) at the Government House in Uyo on Sunday.

He said that the Coconut refinery was another mega buck investment given the price of coconut oil in the International market.

The News Agency of Nigeria (NAN) recalls that work on the project was flagged off by the governor on May 24, 2017.

Emmanuel said, “about eight million dollar loan facility for  the refinery project will soon be ready and the credit is to be repaid within five years.“Coconut refinery project is a major industrial investment by Akwa Ibom government through the ministry of Agriculture and Food Sufficiency.

”He called on the NSIA to facilitate the process of completing the project and also help in the development of other areas of investment in the state.

The governor explained that Akwa Ibom is the best destination for investment in the country, given its enormous natural and human resources.Emmanuel said that there are several industries designed by the government and requested for serious partnership with the investment agency.

“With viable gateways such as Water, Air, Land and good roads infrastructure across the state, there is no business that cannot thrive in Akwa Ibom given its serene and secured ambience,” the governor said.

Emmanuel who added that over 150 megawatts of electricity was generated by the Independent Power Plant in Ikot Abasi, said that a fraction of the generated power was consumed within the state.

“We are giving the power infrastructure in our state a major boost with provision of standard substations to ensure power stability and enhance the development of small and medium scale enterprise,” he said Emmanuel while appreciating the NSIA officials for the choice of the state for their retreat, highlighted some of the development strides recorded by government in Healthcare, Agriculture, Education and Industrial sector of the economy.

He said the state had invested in the power sector to ensure that every citizen has access to electricity by ensuring that digital meters, now being produced in the state,  were installed in every home for proper billings.Emmanuel also said that the state has invested in sports development and the gains are beginning to manifest in the field of Soccer and Athletics.

Responding, Mr Hide Zietlin, the Chairman, Board of the Nigeria Sovereign Investment Authority, applauded the Governor for the foresights in exploring the investment potential of the state and the bold steps taken to make Akwa Ibom an investors haven.

According to him, this informed the choice of the state for the retreat and assured that the team would explore the state and make recommendations on areas for partnership.

NAN reports that the coconut refinery is sited at Ikot Akpan Okopido Village in Mkpat Enin Local Government Area on a 7.78 hectares of land. (NAN)