In a few months from now, Nigerians will benefit from cheap rice as the price of the commodity stabilizes to favour both farmers and consumers.
This is according to Abubakar Atiku Bagudu, Kebbi State governor who expressed optimism that the price of rice will stabilize to favourable both farmers and consumers upon the completion of the expanded 120,000-ton mill of WACOT rice in 15 months from now.
With the support of First Bank, the company is currently doubling the capacity of the rice mill which was commissioned by the Vice President, Prof. Yemi Osinbajo in 2017.
Bagudu commended WACOT Rice Limited for transforming the economic landscape of Kebbi State. According to him, the current expansion of the firm from its initial installed capacity of 120,000 metric tonnes to 240,000 metric tonnes was an indication of the tremendous confidence it had in the economy of Kebbi State and of Nigeria.
He added that the company was also expressing confidence in the policies of the current administration aimed at bolstering food production, especially rice, noting that the company has been making tremendous contributions to Kebbi State under its corporate social responsibility projects, including assisting over 300 women to participate in its value chain.
The governor said, “WACOT in addition to doubling capacity has been of tremendous assistance to Kebbi. They have supported Argungu Fishing Festival, and a lot of our other festivals, they have done a lot of corporate social responsibility. These efforts of WACOT are showing how much Nigeria has and more companies are following suit.”
Reiterating the company’s commitment to the economic development of Kebbi State and Nigeria, Farouk Gumel, Chairman of WACOT Rice said the company will recruit and train more Kebbi indigenes to beef up its workforce once the project is completed.
NewsBeatng reports that WACOT Rice Limited is a member of the Tropical General Investments (TGI) Group, a global conglomerate with investments focused on driving inclusivity and value addition using locally sourced raw materials, state-of-the-art manufacturing facilities as well as a highly-skilled workforce to produce world-class products that are consumed both locally and exported to global markets.This is amid the launch of the one million bags of rice paddy stacked as pyramids in Abuja. The development by the central bank in collaboration with Rice Millers Association of Nigeria (RIFAN) is expected to see the price of rice subsequently sold at discounted prices.