Benue’s Taraku Oil Mills revival, led by the Benue Investment and Property Company Limited (BIPC), is projected to generate 1,500 direct jobs and over 5,000 indirect positions, alongside an annual turnover of N8.2 billion at full capacity, according to BIPC Group Managing Director Raymond Asemakaha. The project, responding to Iyorwuese Hagher’s inquiry on the mill’s rehabilitation, aims to reduce Nigeria’s edible oil imports by $2.5 million annually while offering Benue soybean farmers N620,000 per tonne—18% above middlemen prices. Asemakaha highlighted that 47 professionals, including 18 engineers and 29 operators, have been hired, with the first phase of rehabilitation 83% complete. The mill, with a 200 metric tonnes per day capacity, is undergoing test runs and targets SON/NAFDAC certification before launching Golden Oil in October/November 2026.
To address historical energy costs that previously hindered operations, BIPC has adopted Low Pour Fuel Oil (LPFO), cutting production expenses by 40% compared to diesel. The company is also finalizing a 2-megawatt power supply, which could reduce costs by an additional 22%. A 5,000 KVA transformer currently provides up to 16 hours of daily power. Over 100 trucks of soybeans are ready for processing, with 2,847 farmers registered across 12 local government areas (LGAs) and three aggregation centers in Taraku, Gboko, and Otukpo, featuring 3,000MT of combined storage. Sustaining 100 metric tonnes per day requires 18,000 hectares annually, with BIPC supplying improved seeds for the next season. Current water reserves from boreholes can process over 200 trucks of soybeans.
A 2024 Root Cause Analysis revealed that prior non-debt leases of Taraku and other assets later became public debt, prompting BIPC to prioritize rehabilitation and viability proof before exploring Public-Private Partnerships. The company has partnered with COFCO Engineering for technical management, deploying five engineering teams to the site. Asemakaha invited Senator Hagher and the public to BIPC’s Open Factory Day from October 1 to 30 to observe Golden Oil production. The project’s success hinges on securing 18,000 hectares annually for soybean cultivation, with BIPC emphasizing its role in boosting local agriculture and economic resilience. The mill’s revival underscores efforts to revitalize Nigeria’s agro-industrial sector while addressing regional employment and food security challenges.
The Taraku Mills revival reflects broader strategies to leverage state assets for economic growth. By integrating modern energy solutions, farmer partnerships, and technical expertise, BIPC aims to transform the facility into a sustainable model for industrial development. The project’s emphasis on transparency, as highlighted by the 2024 Root Cause Analysis, underscores a shift toward accountability in public-private collaborations. With a focus on reducing import dependency and empowering local communities, the initiative aligns with national goals to strengthen food sovereignty and create livelihoods in Benue and beyond.