C/River, Canadian Firm Sign Agreement on $150m Bio-Diesel Plant
- By Ekaette Okon
- Published July 2nd, 2009
- News
- Unrated
THE Cross River State government and Tolao Energy
Limited, a Canadian firm, have signed an agreement to invest about $150 million in the production of bio diesel in the state. This development will place the state at a vantage position to meet the increasing demand for renewable energy sources and the opportunities that come with it having been the first state in the country to do so.
Mr. Adesoji Adesugba, director of investment promotion, Nigerian Investment Promotion Commission (NIPC), said the decision was arrived at after a meeting with the State’s Investment Promotion Bureau which culminated in his visit to Tolao Energy Limited.
Adesugba said another factor for locating the plant in Cross River is because it is environmentally friendly. He congratulated Cross River for being one of the two states and indeed the first to establish an Investment Bureau which creates avenue for investment promotion, saying that NIPC also engages in building capacity and works hard to evolve strategies to accelerate economic development.
Mr. Adewale Jonathan, chief executive officer of Tolao Energy Limited, noted that it was a privilege and rewarding working with NIPC and the State Investment Promotion Bureau on the establishment of the Bio-diesel plant in Cross River.
Governor Liyel Imoke of Cross River State, restated the state’s position to partner the private sector to create opportunities for job and wealth for its citizenry while commending the Canadian firm for finding the state conducive for investment.
Imoke noted that there is need to key into the bio-diesel project because of the challenges in the energy sector due to high demand, assuring that the state is committed to the project, as it will create an enabling environment for the project to succeed.
Mr. Adesoji Adesugba, director of investment promotion, Nigerian Investment Promotion Commission (NIPC), said the decision was arrived at after a meeting with the State’s Investment Promotion Bureau which culminated in his visit to Tolao Energy Limited.
Adesugba said another factor for locating the plant in Cross River is because it is environmentally friendly. He congratulated Cross River for being one of the two states and indeed the first to establish an Investment Bureau which creates avenue for investment promotion, saying that NIPC also engages in building capacity and works hard to evolve strategies to accelerate economic development.
Mr. Adewale Jonathan, chief executive officer of Tolao Energy Limited, noted that it was a privilege and rewarding working with NIPC and the State Investment Promotion Bureau on the establishment of the Bio-diesel plant in Cross River.
Governor Liyel Imoke of Cross River State, restated the state’s position to partner the private sector to create opportunities for job and wealth for its citizenry while commending the Canadian firm for finding the state conducive for investment.
Imoke noted that there is need to key into the bio-diesel project because of the challenges in the energy sector due to high demand, assuring that the state is committed to the project, as it will create an enabling environment for the project to succeed.
