Dangote, Africa’s richest man, announced on this Friday at the headquarters of the Federal Ministry of Agriculture and Rural Development in Abuja, during an interaction with the Minister of Agriculture.

Five states namely Edo, Jigawa, Kebbi, Kwara and Niger states have been selected for the project in the Nigeria.

Aliko Dangote, President Dangote Industries Limited
Aliko Dangote, President Dangote Industries Limited

Aliko Dangote, president of Dangote Industries Limited announced on Friday that his company would invest U.S. $1 billion in modern integrated rice projects and commercial rice farming in above  five states in Nigeria.

According to Dangote , his company has purchased land in the above five states making a total of  150,000 hectares of land for the production of paddy crops in the Nigeria.

According to him they will have two state of art large scale rice mills having capacity of producing 120,000 metric tonnes of paddy rice each  making a total capacity of 240,000bmetric tonnes, with plans to double capacity within two years.

The Dangote Farms and the mills are expected to significantly boost smallholder rice production in the regions through a nucleus and out-grower farm model, thereby transforming livelihoods in rural areas in Nigeria.

This will also let the country to export rice as these mills will make the country self sufficient.

Dangote, Africa’s richest man, expressed his renewed commitment to developing Nigeria’s economy through investment in  agriculture to boost employment generation and wealth creation for the citizenry.