By John Ighodaro
CALABARâ€”Cross River State has signed an agreement with a Canadian firm, Tolao Energy Limited, on the production of bio diesel in the state, making it the first state to do so.
According to the Director, Investment Promotion, Nigerian Investment Promotion Commission (NIPC), Mr. Adesoji Adesugba, the decision was arrived at after a meeting with the stateâ€™s Investment Promotion Bureau (IPB)which culminated in his visit to
Tolao Energy Limited. He explained that another factor for locating the plant in Cross River is because it is environmentally friendly and will be sustained.
Adesugba congratulated Cross River for being one of the two states and indeed the first to establish an Investment Bureau which creates avenue for investment promotion, saying that NIPC also engages in building capacity and works hard to evolve strategies to accelerate economic development and that it intends to work with the state Investment Promotion Bureau to ensure the duo succeed.
The director disclosed that the Canadian firm has pulled $150 million funds for investment from North America and Asia and is willing to invest in the project.
The Chief Executive Officer, Tolao Energy Limited, Mr. Adewale Jonathan, saidÂ another area the company would want to invest is in the area of carbon credit which the state has potentials to tap into, bearing in mind its vast forest resources, explaining that it was an energy venture with huge potentials which Nigeria is yet to key into.