Food Industrial Park Limited has inked a Memorandum of Understanding (MoU) with Best Engineering Technologies of Hyderabad, India, for the annual offtake of $100 million worth of essential oils in a move set to bolster Nigeria’s non-oil export sector.
The agreement, which covers over 500 tons of essential oils derived from various plants and spices annually, promises a substantial boost to the agricultural value chain in Nigeria, creating jobs and empowering local communities.
Speaking after an inspection of facilities in selected Nigerian locations, Mr. Pavan Kumar of Best Engineering Technologies, expressed optimism about the venture. “We have visited Abeokuta, Tede, Ofodo, and Lokoja.
I am really impressed by the readiness of our partners here in Nigeria, and I believe the results will be great,” Kumar stated. He added that his company’s commitment extends beyond just purchasing the oils; they will also provide crucial technical expertise and training to local partners.
Chief Executive Officer for Food Industrial Park Limited, Michael Anibi, attributed the success of the partnership to the collaborative efforts and strategic alliances forged among several indigenous Nigerian companies, including farmers, processors, and technical professionals.
According to Anibi, the initiative will see the cultivation of 3,000 hectares of aromatic plants and crops across three states of Ogun, Oyo, and Kogi. This agricultural undertaking is projected to engage 1,250 youths and women across the value chain, with each individual earning over N1 million annually. Key crops and plants earmarked for cultivation include lemongrass, basil, thyme, ginger, and turmeric.
Preliminary work for the project has already commenced at Food Industrial Park Abeokuta (FIPA), Tede Agri Industrial Cluster (TAIC), and Food Industrial Park Lokoja (FIPAL), indicating rapid progress towards implementation.
Director of Business Analysis for Nardus Limited, Abisola Keke,a key stakeholder, voiced confidence in the alliance’s ability to achieve its objectives of significant returns on investment, substantial employment generation, and a more prosperous value chain for all involved. “We have successfully processed lemongrass, basil, bamboo leaves, and water hyacinth in the past. And we are scaling up as the distillation equipment is expected by mid-year,” she confirmed.
Keke also highlighted that Nardus Limited has already developed over six natural products, including fragrance, soap, body powder, haircare oil, shampoo, and body cream, all derived from essential oils, showcasing the potential for further value addition within Nigeria.
