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February 01, 2012

Nigerian regional government in rice cultivation deal with Spanish investors

The government of Kwara State in Nigeria has signed a Memorandum of Understanding with investors from Spain to develop rice cultivation, processing and packaging. The deal is said to be 'worth 70 billion Nigerian Naira' (1US$ = 163₦ ).'

The state government is to provide 30 per cent of the total cost, including 20, 000 hectares of land. The Spanish investors are to provide the remaining 70 per cent of the total cost of the investment for the period of four years.

The Spanish company and the representatives of Kwara state government agreed that the investment will be in stages. The company is to invest 70 million Euros annually for the period of four years, making a total investment of 280 million Euros. Based on the agreement, the state government will allocate 5,000 hectares of land for the process for each stage.It is expected that each stage of 5,000 hectares of land is expected to yield 40,000 tonnes of rice annually.

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