Saudi Arabian company to invest $100m in agriculture in Katsina

Nigerian Compass | 22 June 2010

A SAUDI Arabian company, Foras International Investment Company, plans to invest $100 million in the agricultural sector in Katsina State.

A representative of the company, Mr Salim Lalani, made the announcement yesterday in Katsina while briefing newsmen shortly after signing a Memorandum of Understanding (MoU) with the state government.

He said that the company might go beyond the investment capital in the agricultural sector, depending on the potential on the ground.

Lalani said the company would develop large hectares of land to be provided by government to grow specific crops, which would be of interest to both the company, government and people of the state.

He said he and other officials of the company were in the state at the instance of the government, and that the company would use its experts from Australia and Asia to grow crops that would be of benefit to the people.

The Special Adviser to the Governor on Resource Development, Alhaji Musa Na-Shuni, said that under the MoU, the state would provide 1,000 hectares of land to the company.

He said the state governments would also provide other logistic support to boost the company’s investment in the agricultural sector.

The MoU also covers housing and development of infrastructure, in which the company may invest 160 million dollars and 100 million dollars respectively.

Na-Shuni signed the MoU on behalf of the government, while Lalani signed for Foras International Investment Company.
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