Already, the state government has signed a Memorandum of Understanding to formalise documentation of its 40 percent stake in the company, while IML Ltd, a consortium of private local investors will hold the remaining 60 percent equity stake in the company.
Speaking at the signing of the MoU, Managing Director of Sokoto Investment Company, Alhaji Aliyu Bala, said already, construction of the plant has been completed, while finishing touches are being put on auxiliary structures that will support the main plant.
“Signing of the MoU is an important step in realising the objectives of setting up of the plant. If you may recall, the State Executive Council recently gave approval for us to acquire equity share in the company and hold same in trust on behalf of the people of Sokoto State. Today’s event is in keeping with that mandate.
“When fully on stream, this factory will create direct and indirect jobs to almost 20,000 people. It will provide job opportunities to both skilled and unskilled professionals, thereby reducing unemployment in the state,” the MD said.
According to him, the government opted for a Public Private Partnership (PPP) model in order to ensure sustainability of the project, and at the same allow private investors to complement state efforts.
Aliyu added that more investment opportunities are being explored by the state government, saying local and foreign investors have shown interest in investing in various sectors of the state.
While Alhaji Bilya Sanda signed the MoU on behalf of IML Ltd, both the Secretary to the State Government (SSG) and the state Attorney General and Commissioner of Justice signed on behalf of the state government.