Nigerian agribusiness firm Ellah Lakes Plc plans to invest $400 million in capital over the next two years to execute its crop processing zone strategy within a Special Economic Zone. The company also intends to raise $3.8 million on the Nigerian Stock Exchange to support its initiatives. Ellah Lakes is applying for Special Economic Zone status for its core operating locations, which would provide various benefits, including a tax holiday, duty-free imports, and full repatriation of capital and profits. The company also aims to reduce its carbon footprint by using renewable energy and is exploring carbon sequestration projects.
Ellah Lakes aims to establish crop processing zones within a Special Economic Zone (SEZ) in Nigeria. This strategic move aligns with the company's ambition to improve the country's food security and boost its export potential. The firm also plans to construct storage silos with a capacity of up to 10,000 metric tons for soybeans and maize, supporting both its operations and third-party growers. With these initiatives, Ellah Lakes is poised to play a significant role in enhancing Nigeria's agricultural and industrial sectors.