ECONOMIC DIVERSIFICATION: BAYELSA CONCESSIONS PALM ESTATE, PARTNERS CBN ON RICE FARMING

According to Bayelsa State Government, it has concluded plans to commercialize the state-owned palm estate at Elebele to generate N150 million, as a part its drive to diversify the economy of the State as well as boost the internally generated revenue profile. The State commissioners of Information, Education and Agriculture, after the 63rd State Executive Council Meeting at Executive Council Chambers, Government House, Yenagoa, explained that, the Bayelsa Palm Estate has been concessioned to the Manufacturing and Marketing Company of Nigeria Limited (MAMCON), after a moratorium of six months with a concession fee of N150m for ten years.Agriculture Commissioner, Doodei Week also stated that the government has also decided to partner with the Central Bank of Nigeria on the funding of aqua-culture projects like the 4,000 hectare rice farm at Isampou in the Kolokuma Opokuma Local Government Area of the state.Other projects include, the Epie fish farm to be replicated in all the local government areas of the state and a central fish processing centre for both local and internal markets.He further explained that, a plantain and Banana plantation will soon start, with an approval of 1000 hectare land to be acquired for the purpose.“In the commercialisation agreement, there will be a concession fee of N150 payable to the Bayelsa State government after a six-month moratorium. MAMCON agreed with the government to invest and revitalise the existing palm estate, to put in more infrastructure”. Also speaking, the Commissioner for Education, Deacon Markson Fefegha disclosed that, the state government has sent a bill; known as the ‘Bayelsa Higher Education Loan Financing scheme’ to the House of Assembly for passage into law.According to Deacon Fefegha the purpose of the bill is to enable Bayelsans within Nigeria and abroad have access to a revolving loan that will be interest free, to further their higher educational careers and refund same, when ever they get employed.In his remarks, the Commissioner for Information and Orientation, Hon. Jonathan Obuebite explained that, the higher education revolving loan is for both under graduate and post graduate students of Bayelsa origin.