Benue State Secures $2 Billion PPP for Agriculture

Benue State has entered into a $2 billion public-private partnership (PPP) with KAOTHEEM Energy and TAICOP Capital. This ambitious initiative aims to bolster the state's economy through a 10-year development plan, targeting a GDP growth from an estimated $2 billion to $20 billion and raising per capita income to $5,000.

The partnership is expected to create one million jobs, focusing on revitalizing the agricultural value chain, which has been underutilized due to weak infrastructure. Tom Iseghohi, chairman of KAOTHEEM Energy Services, announced the consortium's commitment to invest $2 billion in the first year without requiring a sovereign guarantee from the state government.

This investment is anticipated to enhance security, expand internal revenue, increase VAT generation, and attract broadband technology infrastructure, alongside establishing a world-class agro-processing hub to drive industrialization in Benue State.