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C’River releases multibillion naira cocoa plant on concession

By Anietie Akpan, Calabar
22 September 2022   |   2:34 am
Multibillion naira Cross River State ultra-modern cocoa processing plant at Ikom has been released on concession to boost the economy of the state.

Multibillion naira Cross River State ultra-modern cocoa processing plant at Ikom has been released on concession to boost the economy of the state.

At the handover, yesterday, to AA Universal, owned by a business mogul and an indigene of the state, Chief Chris Agara, the state Governor, Senator Ben Ayade, said the handover of the company was part of the deliberate effort of his administration to recalibrate the economy of the state.

Speaking during ceremony at the Conference Hall of the Governor’s Office, the governor expressed optimism that AAU would swing into action and get the cocoa processing plant to commence production of chocolate bars within three months, warning that failure to do so would result in the revocation of the concession.

He said: “This cocoa-processing plant is one of the industries established by our administration as part of our industrialisation policy and its concessioning today is geared towards recalibrating and growing Cross River’s economy; the concessioning is dictated by economic realities and not friendship.”

Earlier, Agara said he was proud to be part of the success of the industrialisation policy of the governor, assuring that the cocoa plant will commence production immediately.