Plateau, CONTEC Global Sign MoU to Establish Bio-Fuel Plant

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December 29, 2020

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(This Day) … The Government of Plateau State in North Central region of Nigeria has signed a Memorandum of Understanding (MoU) with CONTEC Global Limited to establish a cassava biofuel plant in the state.

At the signing ceremony during the weekend in Jos, the Capital of Plateau State, the Governor of the state, Mr. Simon Lalong, expressed appreciation and optimism that the partnership would open a new frontier in driving the state economy.

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Dr. Berry (founder and Chairman of CONTEC Global, Dr. Benoy Berry) said: “It will not just produce cassava-based fuel, it will also produce some products such as animal feed, bio-fertilizer, bio-gas and it will facilitate recovery of Carbon dioxide (Co2) as dry ice.

“Apart from farmers, it would generate employment as youths would be involved in the processes of production, transportation and distribution.

“About 3000 people will be engaged directly and because of the multiplier effect, it will give a lot of opportunities to many other people indirectly.”

According to him, CONTEC will generate electricity for the plant which will also be available for the community. He also said that the plant would need a lot of water and that the water would also be made available for the community’s use.

“The project has been envisioned with equity funding through commercial banks with time line of over 15 years with CONTEC Global giving 51% as a majority shareholder, while the state expected to pull the balance with the equity funding.

He said: “The ownership of the company will be based on the amount of money that will be contributed by a partner and the revenue will be shared as such,” he said.

The State Commissioner for Commerce and Industry, Mr Abe Aku, who signed the MoU on behalf of the state, said that the initiative was part of a strategic economic policy of the state government.

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“The fundamental thing is that we are looking inward to generate revenue because of the global economic crisis that affected the price of oil.” (State Commissioner for Commerce and Industry, Mr Abe Aku) READ MORE

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