Saudi's Foras to invest US$100million in Nigeria's agri sector

A Saudi Arabian firm, Foras International Investment Company, plans to invest US$100 million in the agricultural sector in Katsina state in northern Nigeria.

A representative of the company, Salim Lalani, told journalists on Monday (Jun 21) in Katsina shortly after signing an MOU with the Katsina state government 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 the government to grow specific crops, which would be of interest to both the company, the government and people of the state.

He said that the company would use its experts from Australia and Asia to grow crops that would benefit the people of the state.

The Special Adviser to the Katsina state Governor on Resource Development, Alhaji Musa Na-Shuni, said that under the MOU, the state government would provide 1,000 hectares of land to the company. He said the government would also provide other logistical support to boost the company's investment in the agricultural sector.

The MOU also covered housing and development of infrastructure in which the company may invest US$160 million and US$100 million respectively. Na-Shuni signed the MOU on behalf of the state government, while Lalani signed for Foras International Investment Company.