The Niger State Government, in collaboration with Lagos Rice Company and Lagos Commodity Future Exchange, has finalized a significant Memorandum of Understanding (MoU) to enhance rice production.

The agreement was sealed at the Government House Minna, where the Chairman Niger Foods Security Systems and Logistics Company, Sammy Adigun, signed on behalf of the State Government while the CEO of Lagos Rice Company, Dr Oluwarotimi Fashola and the CEO of Lagos Commodity and Future Exchange, Dr Akinsola Akeredolu signed on behalf of the Lagos State Government.

1.⁠ ⁠Under the terms of the agreement, 900,000 tons of rice will be produced annually on 50,000 hectares of farmlands across Niger State,

2.⁠ ⁠240,000 tons will be sent to Imota Rice Mills in Lagos, and the rest will be for the Lagos market, as Lagos requires over 2m tons of rice to meet its market demand.

3.⁠ ⁠The Lagos Commodities Exchange will raise 350 billion from the capital market in the medium to long-term funds to finance equipment, infrastructure, and working capital to support establishing the 50,000-hectare rice commercial farms.

4.⁠ ⁠The is expected to significantly strengthen Niger State’s revenue and create over 50,000 direct jobs and 250,000 indirect employment opportunities.

5.⁠ ⁠Farmer Governor Umaru Bago hailed the agreement as unprecedented and aligned with President Tinubu’s food security agenda, expressing readiness to engage other states for mutual benefits and private sector growth.