FEC approves setting up of 100 rice mills nationwide – Agric Minister

The Federal Executive Council (FEC) on Wednesday approved the setting up of 100 large scale integrated rice mills across the country in the next 12 to 18 months. The Minister of Agriculture, Dr. Akinwumi Adeshina, disclosed this to State House Correspondents after the Council meeting, which was presided over by President Goodluck Jonathan at the State House.
Adeshina said the decision was taken in line with the Federal Government’s fiscal policy of achieving self-sufficiency in rice production by 2015. The minister said at present, the country imported 2.1 million metric tons of milled rice, but that government had taken pro-active steps to reverse the trend.
Specifically, Adeshina said a team of Federal Government delegation to China led by the Minister of Finance, Dr. Ngozi Okonjo Iweala, and four other cabinet ministers including himself, had sealed a deal with the Chinese government on the setting up of the rice mills.
He said an agreement was reached with the Chinese government and investors on accessing “low interest, highly concessionary long-term financing” to acquire the rice mills, which he explained, would be private sector driven.