Nigeria’s Economy To Receive Boost As Firm Targets $1.6bn Food Processing Factory, Over 12,000 Direct Jobs
A firm, Tingo Foods, is set to establish a $1.6bn food processing factory at Ishiekpe village, Onicha Ugbo Aniocha North Local Government Area of Delta State, creating no fewer than 12,000 direct jobs in the country.
Tingo, a subsidiary of Tingo International Holdings Inc, is expected to the production of rice, tea, coffee, chocolate, biscuits, edible oil, cashew milk, millet-based cereal, beer, mineral water, fizzy drinks, pasta, and noodles once the factory is completed.
Neha Mehta, the firm’s CEO, in a statement, said the factory would begin operation before January 2024, adding that when built it would help expand the Nigerian economy and contribute to the United Nations’ Sustainable Development Goals.
He added that the foundation laying ceremony for the facility will hold on Thursday, February 9, 2023.
He said, “The facility, with a project cost of 1.6 billion USD, aims to save Africa from paying foreign exchange to import finished food products, export made-in-Africa foods to the world, enhance inter-Africa trade via the Africa Continental Free Trade Agreement, and sell high-quality and nutritious food products in Nigeria.
The project is expected to begin operations in the next 18 to 24 months.” Tingo International founder, Dozy Mmobuosi, said he is excited to be a part of the project.
He said, “As the founder of Tingo International Holdings, I am thrilled to be a part of this project, which I believe will play a significant role in helping Africa feed itself. This facility represents a major step towards building a sustainable future for Africa and creating a food-secure world.”