Consolidated Farming Limited, has announced it will be setting up a large -scale palm oil processing industry in Luapula Province this year.
Company Director Essof Alloo has disclosed that the firm will invest US$ 200 million in the project which will have a 10 thousand hectares anchor farm and an out-grower scheme.
Mr. Alloo said the company will be producing palm oil as edible oil for both the local and Great Lakes markets.
Mr. Alloo said this when Luapula Province Minister Nickson Chilangwa toured Kafue Sugar, a sister company in Lusaka’s Makeni area.
He said that the company will initially set up a 100 hectares oil palm nursery in Mbereshi area before the 2019/20 rainy season.
Mr. Alloo said the company will be planting 2000 hectares every year for the next five years to create 10,000 hectares.
And Mr. Chilangwa is confident that the project will succeed owing to the favourable climatic conditions that supports the growth of oil palms.
He cited the Luapula River valley as the best place that will support the plantation.
Mr Chilangwa has since assured Mr. Alloo of the Provincial Administration’s support to fulfill his company’s mission.
And Luapula Province Investments Coordinator Joseph Maopu has disclosed that the coming of the Consolidated Farming Limited brings the number of all investors to 105.