Food Security: Union Bank To Partner Niger Food In N50bn Investment

The Union Bank of Nigeria in partnership with Niger Foods is to invest N50 billion to boost food production in Nigeria.

A statement made available to LEADERSHIP in Osogbo and signed by the Executive Chairman, Niger Food, Sammy Adigun stated that production would commence in January 2024.

Adigun noted that the Governor of Niger State, Mohammed Umaru Bago, had signed a Framework Agreement for Commodities Off-take between Niger Food Security and Logistics Company, a state-based limited liability company, and Tropical General Investments, a privately-owned company in an effort towards boosting food security and promote economic diversification in Niger State.

According to him “In the agreement, the Niger State government, the producer, shall be responsible for the cultivation, harvesting, aggregation, and sales of rice paddy, soya beans, maize, sesame seeds to the Off-taker, Tropical General Investments, who shall be responsible for the transportation, logistics, and purchase of farm produce.”

“Tropical General Investments is part of the conglomerate that includes Union Bank, Wacot Rice, Wasil and Chi groups. This transaction involves the production of 600,000 to 1million tons of food per year over the next 5 years.”

“The production will employ over 100,000 farmers, cropping on over 100,000 hectares across Niger state. This will bring over 1 trillion Naira a year to the Niger state economy annually” the statement added.