The Abia State Government has completed the purchase of Afro Beverages from the Asset Management Corporation of Nigeria (AMCON), in what it describes as another milestone in its drive to revive local industries.Governor Alex Otti announced the development on Friday during the February edition of his monthly media briefing held at the Government House in Umuahia.
Afro Beverages is one of five inactive industries earmarked for revival by the current administration as part of efforts to increase manufacturing activities and expand employment opportunities in the state.Addressing journalists, Otti said the acquisition process had been finalised and that discussions with potential investors were already underway.
He explained that the government had begun receiving expressions of interest from prospective investors for Afro Beverages. He added that similar interest had been shown in Star Paper Mill in Owerrinta, noting that the administration prefers capable private sector operators to manage the companies in a sustainable manner. According to the governor, the goal is to restore full production, create jobs and ensure the long-term viability of the firms under professional management.
The state had earlier unveiled plans to revive five dormant industries, most of them located in Aba, the commercial centre of the state. The companies include Star Paper Mill, Textile Mills, International Equitable Associates, Afro Beverages and Ogwe Golden Chicken.At the inception of the current administration, a policy framework was introduced to rehabilitate abandoned industries and reposition the state as a leading manufacturing hub.
The government previously completed the reacquisition of Star Paper Mill in Aba from AMCON through a buyback deal worth N2.5 billion. Additionally, N500 million was paid during preliminary negotiations to facilitate the takeover and resuscitation of Afro Beverages. Beyond the industrial acquisitions, Otti also announced approval for the establishment of an SME Village and Innovation Hub in Aba aimed at supporting small and medium-sized enterprises.
He said the hub would function as a centre for productivity, innovation and technology services, including computer and mobile phone sales and repairs. The initiative is expected to strengthen the capabilities of local entrepreneurs, with planned collaboration involving the Export Group Lab at Ogbonnaya Onu Polytechnic. The governor stated that the government has taken a firm decision to support SMEs and confirmed that land has already been secured for the project.
On power supply, Otti disclosed that efforts are ongoing to restore electricity in Ohafia, Bende and Ukwa East local government areas. He also revealed that the state is considering acquiring a majority stake in Enugu Electricity Distribution Company (EEDC) to facilitate electricity wheeling from Geometric Power into Umuahia, similar to the transition carried out by the Etche Community in Rivers State from Port Harcourt DisCo to Geometric Power supply.
In December last year, the state enacted new legislation aimed at positioning Abia as a technology and innovation hub in southeastern Nigeria.The administration is equally advancing plans to introduce electric buses as part of a broader initiative to promote cleaner urban transport and modernise the state’s economic infrastructure.
Source: https://nairametrics.com/
