Oyo State government has signed a memorandum of understanding (MoU) worth $1.3 billion with a Canadian agricultural company for the development of its agricultural sector.

CEOAFRICA gathered that the Canadian firm is committing $1.3 billion towards the development of agriculture in Oyo state and it include the production of tomatoes, vegetable, fruits, chicken as well as wind solar system.

According to Governor Ajimobi who said at the signing ceremony in Ibadan, that the MoU is part of landmark achievement of his administration in the area of agriculture, the project is expected to commence in the next months, while full scale production commences in the next two years.

He explained that the investment would not only enhance food security but also provide job opportunity for the teeming unemployed youth in the state, producing the second to none in the annals of agriculture in Africa, and also benefit the people of Oyo and all its neighboring states as well as Canada.

Ajimobi however commended the firm, SGNTT, for its commitment to the development of agriculture and for its readiness to invest in the state’s agricultural sector.