Nigerian business conglomerate Dangote Industries has announced plans to invest around $1bn in rice production and processing operations across the country.
A memorandum of understanding to this effect was signed between Dangote and the Federal Ministry of Agriculture and Rural Development.
The investment amount will be used in the establishment of two advanced integrated rice mills, which will have a combined capacity to mill120,000 metric tons of rice per day.
Additionally, the company has acquired 150,000 hectares of farmland for the commercial production of rice paddy.
Dangote Industries president Jonathan said: "It takes a lot of hardwork, commitment and discipline to achieve the feat, accomplished by Aliko Dangote. Today is a great day for Nigeria, and this investment is worth the risk. The country is capable of producing rice that can feed the whole of West African sub-region."
