Consequently, Nigeria is ranked second-largest importer of rice in the world, incurring an average import bill of N730 billion yearly. The implication is that we are using our money to support foreign countries, this is despite the fact that over half of Nigeria’s 82 million hectares of arable land is lying uncultivated.
To boost rice production in Nigeria, the Federal Government has put a total ban on imports. The immediate effect is that prices have skyrocketed and a bag of rice, which was about N14,000, is now between N17,000 and N20,000. Apparently, scarcity of rice paddy has hit the market, and the inability of rice processors to get paddy is a major cause of the price increase.
To bridge the gap, Green Eagles Agribusiness Solutions Ltd. has pioneered Naija Rice Project, a project to stir increased investment in rice production. The investment is structured to give 40% returns (ROI) on capital every six months, insurance inclusive. With over 2,000 hectares of rice-land secured in Kebbi and Osun States, their objective is to create a steady source of rice paddy for milling to meet their market demand, while helping their compatriots make residual income in the process.
According to a source from the company: “Rice fever is in town and it’s been impossible to meet the demand of our distributors. On the evidence of the pre-launch requests, we are certain the available lots will be sold out very quickly.”
The Company will lease and manage the farm on behalf of investors (in collaboration with some of the best rice experts in the industry) while investors earn residual income twice a year. Cost of cultivation is ₦265,000.00 per acre and ₦45,000.00 per plot.
Obviously, the federal government of Nigeria is now resolute in the closure of our land borders against the importation of goods. Though this policy has subjected Nigerians to hardship, yet, we can make it momentary if we will all arise and make it our time for rice-independence. Apart from national pride, steady returns await investors. Naija Rice Project (powered by Green Eagles Agribusiness Solutions) is an excellent initiative in our quest to achieve self-sufficiency in rice production. We should all support it.