Singaporean Firm Invests N7.6bn In Rice Farming

The President of Olam International, Mr. Jajreev Raina has said that his company was set to commence large-scale cultivalion and processing of rice by the last quarter  of 2012.

The Singaporean Company which announced this in Nasarawa State, the nation’s major rice growing state said that it would invest $49.2m in rice farming and milling in the state.

Mr. Raina who was speaking to newsmen recently said the investment which would establish a 6,000 hectres of irrigated paddy farms and rice milling projects was the company’s first venture in rice production in the country.

He said when operational, the project would provide 60,000 tones of paddy annually to the processing facility which would then be converted into 36,000 tones of milled rice.

Mr. Raina reveal that globally, land under rice cultivation has remained stagnant around 150 million hectres over the last 30 years.

Olam which is a leading rice trader globally has been working with several rice farms across the county but does not own any of them.

Industry analysts have described the project as a big boost for the Federal Government’s drive to raise agricultural production towards food security for the rising population.