The Federal Government has concluded plans with Obax World Limited, a private firm owned by Nigerian investors, to site a fertilizer plant and a 350 megawatt power generating plant, estimated at N121 billion at Ologbo, in Ikpoba Okhai Local Government Area of Edo State.
Chairman and Chief Executive Officer of Obax World Limited, Mr Patrick Obasuyi, made the disclosure shortly after a meeting with members of the host community at Ologbo a border town between Edo and Delta states.
He revealed that the N121 billion investment was part of the local content policy of the Federal Government.
Obasuyi explained that his decision to invest in Nigeria, alongside his partners in the United States of America and China, was to take advantage of the conducive environment that had been put in place by the Federal Government.
“So, we are building our first fertilizer plant in Nigeria and the second thing that we are building is a power generation plant.
“The plant that we are planning to build is going to cost us $250 million while the power plant will cost about $300 million. It is a new day in Ologbo.
“We are going to build this new plant, we are not looking for any money because we have the money to build the plants.
“The only thing that we are asking from the community is to cooperate with us, work with us so we can employ over 600 people in this community,” he said.
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