Investors to stake fresh n250bn in nigeria rice production

Here's a summary of the article:

Title: Investors to Stake Fresh N250bn in Nigeria Rice Production

Summary: The Nigerian government has announced plans to attract fresh investments of N250 billion (approximately $670 million) from local and international investors to boost rice production in the country. The investment is expected to increase rice production and reduce the country's reliance on imported rice.

Key Points:

  1. The Nigerian government has set a target to increase rice production to 7 million metric tons by 2025, up from the current 5.5 million metric tons.
  2. The government plans to achieve this target through the development of new rice mills, irrigation schemes, and the provision of credit facilities to farmers.
  3. The N250 billion investment is expected to create over 100,000 jobs and increase rice production by 30% annually.
  4. The investment will also help to reduce the country's rice import bill, which currently stands at over $1 billion annually.
  5. The government has identified several areas of investment, including rice processing, storage, and transportation, as well as the development of rice-based industries such as rice flour, rice noodles, and rice-based animal feed.
  6. The government has also announced plans to establish a rice processing zone in each of the six geo-political zones of the country to promote local rice production and processing.

Impact:

  1. The investment is expected to increase rice production and reduce the country's reliance on imported rice, which currently accounts for over 70% of the country's rice consumption.
  2. The investment will also help to create jobs and stimulate economic growth in rural areas where rice farming is a significant source of employment.
  3. The development of rice-based industries will also help to diversify the country's economy and reduce its dependence on oil exports.

Conclusion:

The investment of N250 billion in Nigeria's rice production is a significant step towards achieving the country's goal of increasing rice production and reducing its reliance on imported rice. The investment is expected to create jobs, stimulate economic growth, and promote local rice production and processing.