The Farmer Governor of Niger State, Mohammed Umaru Bago, signed a Framework Agreement for Commodities Off-take between Niger Food Security & Logistics Company – a state-based limited liability company, and Tropical General Investments – a privately-owned company, to boost efforts towards food security and promote economic diversification in Niger State.
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 – 1 million 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.
Union Bank of Nigeria is investing 50 billion Naira into this partnership with Niger Foods to kickstart the production starting January 2024.
