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File photo of rice farming.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, recently visited WACOT Rice Limited’s advanced 250,000 metric tonnes rice processing facility in Argungu, Kebbi State, where he reiterated the Federal Government’s resolve to sustain the growth in the agricultural sector.
In a statement made available to our correspondent on Sunday, the visit underscored President Bola Ahmed Tinubu’s commitment to strengthening local economies and addressing natural disaster challenges.
Accompanied by Kebbi State Governor, Nasir Idris, and the Minister of Budget and Economic Planning, Senator Atiku Bagudu, Edun toured the state-of-the-art facility to inspect the rice production processes in preparation for the upcoming wet season harvest.
He praised WACOT Rice for its significant contribution to Nigeria’s economy, stating, “WACOT Rice has played a pivotal role in supporting thousands of farmers and contributing significantly to our national economy. This facility represents a crucial part of our agricultural infrastructure.”
The Chairman of WACOT Rice and Vice Chairman of TGI Group, Farouk Gumel, expressed appreciation for the visit, highlighting that it coincided with the near-completion of the second phase of their rice mills.
He added that this expansion increased their capacity from 120,000MT to 250,000MT.
“We are humbled by the ministers’ visit. It reaffirms the government’s recognition of the agricultural value chain’s critical role in Nigeria’s economic development. The second phase of our rice mills significantly enhances our ability to support local farmers and contribute to food security, ” Gumel said.
Edun emphasized the Federal Government’s proactive measures to address challenges in the sector, including a N3bn allocation to each of the 36 states and the Federal Capital Territory by the National Economic Council.
“The recent floods have had a severe impact on our agricultural sector. The allocation of N3bn to each state is a vital step in combating and mitigating these effects. We are committed to supporting our farmers and safeguarding our agricultural sector as we approach the 2024 rainy season.” Edun stated.
