Please note: you are viewing an old version of this deal. The current version can be found here: Deal #4775

Deal #4775 Version #69385

Nigeria

Created at

2015-09-16

Last update

2020-11-30

Last full update

2024-02-27

Land area

Size under contract (leased or purchased area)

[2014, current] 20000.0 ha

Intention of investment

[2014, current] Biomass for biofuels (20000.0 ha)

Nature of the deal

Lease

Negotiation status

[2014] Intended (Memorandum of understanding)
[2020, current] Failed (Negotiations failed)

Comment on negotiation status

Obax and Sunbird don't mention this project on their websites anymore in 2020. Total investment of around $150 million for the plantation.

Implementation status

Comment on implementation status

The MOU signed gives a time limit for the investors to develop a substantial part of the land or the investor faces forfeiture on any undeveloped part of the land.

Leasing fees

Annual leasing fee

2 000

₦

per ha

Comment on leasing fee

The state government will collect it and pay part of it to the communities or provide infrastructures for the communities. Data from official source.

Contract farming

Yes

Not on leased / purchased (out-grower)

Yes

Comment on contract farming

The company will guarantee a market for the produce. They will also assist the outgrowers in terms of provision of quality seedlings.