YOLA -Â Adamawa State Investment and Properties Ltd, in conjunction with the Sugar Development Council and Adamawa University, Mubi is to establish a sugar blending plant at a cost of N1 billion.
Already, a feasibility study for the project has been completed and approved by the state government.
Managing Director of the investment company, Alhaji Mustafa Bello Belel, told correspondents in an interactive session in his officeÂ that the establishment of the sugar plant was part of his companyâ€™s drive to boost the economic base of the state.
He said under the tripartite agreement entered into by the three organisations, Sugar Development Council is to provide funds and equipment for the factory, Adamawa State University is to cater for the sugar cane out growers while his organisation is to acquire land and personnel to run the plant.
The Managing Director added that already, hundreds of hectares of land had been acquired for the project at Loko, a swampy town in Song Local Government Area of the state.
He maintained that Adamawa Investment was presently waiting for the Sugar Development Council to honour its part of the agreement, which he confirmed was at the final stages of processing by relevant organisations like the Due Process Office and the Federal Ministry of Finance.
Belel maintained that as soon due processes were completed, construction and installation of equipment would commence before the year runs out.
The Managing Director who lamented that project promotion and execution was tedious in Nigeria, however, called on well-to-do from the state to come back home and invest for the state to catch up with others in the Federation.