Dangote moves to crash the price of rice in Nigeria

The Nigerian market should expect a new entrant into the rice market as the Dangote Group has commenced the harvest of its first tranche.

Sources within the organization say that with the entrance of their project the price of rice would crash from its current price of N20,000 per bag.

“We are really excited about the progress so far recorded in this our rice projects. Once we commence the sales of our rice, I can authoritatively tell you that the price of rice will crash in the country as we should have enough in the next few years to make importation of rice non-attractive again into the country,” the source said.

Earlier in the year, Dangote inaugurated its 8,000-hectare Rice Out-growers’ Scheme in Hadejia, Jigawa State, with the distribution of rice seedlings to farmers.

According to a statement by the group, the scheme, which is part of its partnership with government at all levels to reduce Nigeria’s food imports, has the potential to provide 10,000 direct and indirect jobs.

It said the rice project being executed by the Dangote Rice Limited would be replicated in six other states of the federation.

The project is a fallout of a Memorandum of Understanding signed between Dangote and the Federal Government, on the one hand, and the Jigawa State Government on the other.

Dangote Industries Limited (DIL) recently signed a Memorandum of Understanding (MoU) with Federal Ministry of Agriculture and Rural Development (FMARD) to invest $1 Billion (N165 billion) for the establishment of fully integrated rice production and processing operations across Nigeria. Former President Goodluck Ebele Jonathan presided over the signing of the MoU then.

One comment

  1. Baba steady milking our money in the right way.

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