Lexington Foods Company Explores Investment Opportunities in Sierra Leone
6 Jul 2021
The Lexington Foods Company, has embarked on a one-month trade and investment scoping mission in Sierra Leone. The mission which spans from the 1st -30th June 2021, started with a maiden engagement with the Sierra Leone Investment and Export Promotion Agency (SLIEPA) and ended with site visits in the provinces.
Lexington Foods is a global sustainable palm oil company headquartered in United State of America with transnational operations or processing facilities in West Africa. It has a corporate intent to dominate the palm oil production and processing industry in Sub-Saharan Africa to be able to supply not only Africa but to as well export it globally with the primary aim of reducing Africa’s dependency on the importation of palm oil.
During the courtesy visit to the Chief Executive officer of SLIEPA Mr Sheku Lexmond Koroma at the SLIEPA Head office at Tower Hill Freetown, The Chief Executive Officer of Lexington Foods Company, Mr. Uche Akpa disclosed that, they have interest to invest in the agricultural sector; mainly the oil palm, its by-products and sugar production. He said that, they are looking at Sierra Leone as a suitable environment to establish their business which will create more jobs and contribute to the development of the national economy. Among other things, Mr. Akpa, stated that, their company will work with small farm holders and cooperatives as a way of promoting the sector. The CEO of SLIEPA, Mr Koroma assured Mr Uche Akpa that SLIEPA will facilitate his investment into the country and will be ready to work with his company even after the company’s establishment by providing an effective aftercare services for his company.
The SLIEPA Manager of Investment Promotion, Mr. Hardy Jalloh highlighted the different investment opportunities in the country; ranging from agriculture, mining, education, health, tourism, manufacturing etc. He assured them of opportunities in the palm oil and sugar cane industries, saying that the country has a vast arable land with a ready workforce to be utilized. Furthermore, Mr. Jalloh, briefed them about the market opportunities considering the proximity of the country to bigger markets around the globe and giving the fact that almost every household in the country consumes oil palm every day.
Further to their visit in the country they visited various line Ministries, Departments and Agencies (MDAs) for further discussions on their interested areas followed by site visits to Magbass Sugar facility (sugar cane farm, factory and irrigation site) in Rochain Village and Yele Village where they also had an introductory engagement with community stakeholders. At the Magbass sugar facility they were taken on a conducted tour of all the facilities and machinery within the complex. During the meetings, the SLIEPA Acting Director of Investment Promotion, Mr. Victor Bangura, reminded the community people that taking Lexington Foods to them was a fulfilment of their request made to SLIEPA during a meeting with them in November 2020. SLIEPA made it very clear that this visit is a scoping mission meaning the company will make decision on investing at Magbass dependent on their engagement with the community stakeholders and government officials.
In appreciation to SLIEPA’s facilitation, the community people, including the Paramount Chiefs and land owners expressed profound gratitude to SLIEPA for keeping to their promise. They were profoundly happy for the interest of the investors in their communities. They pleaded with Lexington Foods Company to start operation anytime soon.