A Spanish Company, Valsolar on Tuesday said that it has identified five locations to site its rice project. The company in collaboration with the Kwara state government is seeking to invest N70 Billion in the rice project.
According to a statement released by the Kwara state government, the locations for the project are Shonga, Patigi, Lafiagi, Bacita and Share.
The statement said that 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 the Memorandum of Understanding between the state government and the company last January.
The Kwara state government said that the rice project would be cultivated on 20, 000 hectares of land and that the Spanish farmers would cultivate 5000 hectares of land in each location per annum over the next four years.
The statement added that the processing factory which would also serve as storage and distribution location is to be sited in Share and that in addition to the test results, the five locations were chosen for their proximity to each other and to the 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.
The company said that its advance team of surveyor engineers is expected to arrive Shonga, the take-off location for the project in May and will commence operations shortly after.
The Kwara state government signed an an agreement with Valsolar of Spain in February 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.
The governor of the state, Abdulfatah Ahmed had 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.