The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, has entered into a memorandum of understanding (MoU) with China Overseas Energy Development Technology Limited, a Chinese firm, in a bid to generate 50,000 employment opportunities in the region.

This partnership aims to focus on agriculture, green energy, and the exploration of mineral resources like gold and lithium in Ile-Ife and the broader Osun state.

During the MoU signing event, Osun State Governor, Senator Ademola Adeleke, was in attendance.

The Chinese company plans to invest in a cocoa processing plant and engage in farming activities across 20,000 hectares of land, as well as generate green energy using solar power.

In his statement, the Ooni of Ife stated, “The partnership we are signing today with China Overseas Technology Development Company Limited is going to give over 50,000 employment opportunities to Osun indigenes.

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These people would first invest in agriculture whereby they would set up a cocoa processing plant in Ife where they are going to have their agricultural hub.

They will farm on over 20,000 hectares of land, generate green energy using solar which is starting from this palace, this palace will be powered by solar 100 per cent within the next 30 to 60 days when it’s already completed.”

Governor Adeleke welcomed the foreign investors and commended the Ooni for his vision and initiative in bringing this project to fruition.

Recent research has shown that Chinese companies are significantly increasing their ownership of overseas mines containing critical minerals required for the global energy transition.

Chinese investments and new contracts in the metals and mining sector have seen substantial growth, exceeding $10 billion during the first half of 2023, marking a 131% increase compared to the same period the previous year, as reported by the Green Finance and Development Center, a research center based at Fudan University in Shanghai.