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Dangote to revive local production of rice with N50bn

Source: pointblanknews.com
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Nigeria's foremost conglomerate, Dangote Industries Ltd is to invest $300

million (N50 billion) in rice production to make the country, self

sufficient in rice production and also stop importation of the product

into the country.
 
The President of the Group, Aliko Dangote last week at the World Economic

Forum (WEF), Davos Switzerland said his Group's planned investment in the

agriculture sector will create additional 180,000 jobs in the economy.

 
Explaining his Group's foray into agriculture, Dangote said. “If I dreamt

five years ago that I would invest in Agriculture, I will write it off as

bad dream or nightmare but today, we're investing $2.3 billion in

Agriculture, $2 billion in sugar, and $300 million in rice. In Nigeria, we

have one of the most attractive investment policies through framework that

the government has put in place to help businesses succeed.”

 
It is expected that the planned investment will effectively enable the

country become self-sufficient in food production as it did in cement

sector. Dangote Group ended cement importation with three plants located

at Obajana, Gboko and Ibese meeting domestic demand for cement. The Group

through massive investment in sugar cultivation as part of the national

sugar master plan will put Nigeria on the world sugar map and end

importation of raw sugar.
 
Dangote Sugar, a subsidiary of the Group is a front line player in the

sugar backward integration policy. The company is working towards

producing One million tons of white sugar by 2015, cultivating 100,000

hectares in about six states of Sokoto, Kebbi, Jigawa, Taraba, Kogi and

Kwara State.
 
Also, the investment in rice cultivation will boost local production and

in years to come end the nation's dependence on imported rice. The Group

is investing heavily in agricultural sector principally because it is

motivated by the desire to create jobs, empower Nigerians, and owing to a

friendlier agricultural policy of the federal government. Reputed to be

the single largest private sector employer of labour in Nigeria, the Group

is currently investing in fertilizer plant in order to boost

agriculture.