Africa’s richest man, Aliko Dangote has signed a memorandum of understanding with the Federal Government of Nigeria to invest $1 billion in commercial rice farming and modern integrated rice mills in Nigeria.
Mr. Dangote made the announcement this past Friday during a visit to Nigeria’s Minister of Agriculture, Mr. Akinwumi Adesina. According to him, the new investment will support the Nigerian Government’s plan to become a net exporter of rice within the next four years.
According to President Goodluck Jonathan of Nigeria, the Dangote Group’s investment is the single largest investment ever made in rice production in Africa.
The Dangote Group’s investment in rice is expected to cover five states in the country and is projected to contribute an additional 1.4 million metric tonnes of Paddy rice.
Aliko Dangote is the 23rd richest man in the world and is worth an estimated $25 billion from his investments in Africa.