Dangote to invest $1 billion in rice farming in Nigeria
Africa’s richest man Aliko Dangote yesterday signed a $1 billion Rice Investment Memorandum of
Understanding (MoU) with the Nigerian government.
In an event at the State House in Abuja, the Minister of Agriculture, Adewunmi Adesina, signed on behalf of the government while Aliko Dangote signed on behalf of the Dangote group. This new investment, which is coming on the heels of Olam’s recent multibillion naira investment in rice farming and milling, will drive Nigeria towards rice self-sufficiency.
The Dangote group’s rice investment is the largest of its kind in Africa, with 150,000 hectares of rice farms in five Nigerian states of Edo, Jigawa, Kebbi, Kwara and Niger. The company will also set-up two rice mills with an installed capacity of 240,000 metric tons of rice per day.