Dangote Group Signs an MOU with Nigeria's Ministry of Agriculture Aimed at Boosting Rice Production in the country.
12th Aug 2014 He has conquered cement, is taking over Sugar and now it seems that Africa’s richest man has set his sights firmly on dominating rice.
According to ThisDay Live, the Dangote Group plans to invest N165 billion for rice cultivation in five states across the federation, according to a Memorandum of Understanding (MoU) signed with the federal ministry of Agriculture. The project is estimated to create thousands of jobs as well as produce food and boost agriculture.
The project will see the corporation establish two large-scale rice mills each with a capacity to mill 120,000 metric tonnes of rice and with plans to double capacity within two years. When this happens, the project will become the largest single investment ever made in rice production in Africa.
The rice plant is estimated to produce 960,000 metric tonnes of milled rice, which is equal to 46 per cent of the rice imported into Nigeria.