BUSINESS: Transcorp signs MOU for large scale commercial farming with Benue State
Nairametrics
Transnational Corporation of Nigeria Plc (Transcorp) Plc is concluding arrangements to establish a large-scale commercial farming business in Benue State as part of efforts to further expand the group’s agricultural business.
Teragro Commodities Limited, the agricultural subsidiary of Transcorp, has already signed a memorandum of understanding (MoU) with the Benue State government to lease land to establish citrus farms in Ushongo, Benue.
Benue State’s Commissioner for Agriculture and Natural Resources, Donald Gbugho signed on behalf of the State Government alongside Permanent Secretary to the Minister of Agriculture Dr. Neeyum Tsavnum.
The MoU represented an expansion of Teragro’s current operations in Benue State, which have previously been focused in Makurdi. Teragro has been functioning as an industrial operation processing oranges and mangoes into concentrates for local consumption.
Over time, Teragro has grown and expanded its footprint and now produces concentrate that meets the most rigorous global standards for purchase by multinational corporations, including a leading international beverage manufacturer.
Managing director, Teragro Commodities Limited, Dupe Olusola said Teragro would continue to contribute to the growth of a diversified economy by exploring opportunities in the agriculture sector.
