ENUGU, NIGERIA — Inactive since 1985, state-owned Sunrise Flour Mills in Enugu, Nigeria, will be revitalized through a N40 billion ($24.4 million) deal signed by the Enugu State government and Jelfah Nigeria Ltd., an integrated agro-investment company based in Nigeria.

Jelfah will acquire a 60% stake in Sunrise Flour Mills and is expected to invest N24 billion ($14.6 million) in the facility, which closed just two years after it was commissioned in 1983. The Enugu State government will retain 40% of the company, based on existing assets.

The deal was signed Sept. 17 at the Government House in Enugu. Speaking at the brief signing ceremony, Governor Peter Mbah said the agreement, coming on the heels of the N100 billion ($61 million) deal to revive Enugu United Palm Products Ltd. (UPPL), exemplify his administration’s goal of private sector investment in the state’s economic growth.

“The special purpose vehicle is also going to own 10,000 hectares of farmland, where we are going to cultivate the inputs for the flour mills such as cassava and grain,” Mbah said. “This is a testament that when we say Enugu State is open for business, we are truly committed to it. We understand how to make a win-win deal, both for the investors and for the people of Enugu State.”

Moses Saromi, chairman of Jelfah Group, said his company was anxious get started on reopening the flour mills, and activity at the site would be noticeable in the coming months as revitalization ramps up.

“This acquisition of 60% equity not only aligns with Jelfah’s long-term vision, but also furthers the governor’s ambition of empowering the people, revitalizing moribund assets, and ensuring sustainable development,” Saromi said. “And together with our consortium partners, our goal is to transform Sunrise Four Mills into a center of excellence, harnessing our collective expertise to drive growth and value creation.”