Executive summary: wemsagro/WEMS%20EXECUTIVE%20SUMMARY.pdf The Opportunity Rice is the most important staple crop in the world and feeds over half the world’s population. Rice growing and consumption historically has been based in South East Asia, where most of the world’s rice is still grown. The fastest growing market is in sub-Saharan Africa (SSA) where rice production falls far below consumption and where the FAO forecasts that rice will be the largest staple food in Africa by 2030. Nigeria’s per capita consumption is estimated to be 78 kgs per capital giving a total consumption of 6.1m tonnes for 2014. Half of this, 3 million tonnes, is imported at N356billion per year, and is accepted as a heavy burden on the Nigerian balance of payments. The Minister of Agriculture has stated that there is no reason why Nigeria cannot produce all its rice consumption and infact become a net exporter of rice. The retail price per tonne of imported rice in Nigeria is about N240,000 (USD 1,454). This compares to the world commodity price of rice per tonne at USD 4705. Wems Agro Companies Limited intends to take advantage of this market opportunity and help Nigeria become self sufficient in rice, and to develop a profitable agricultural industry in Ondo State. There is no history of rice production in Ondo State although the weather and soil conditions are suitable. Wems Agro will be introducing rice production having found suitable available land in Akotogbo, Irele LGA of Ondo State. This will bring employment and social benefit, introduce a new agricultural technology to the state, act as an economic centre and be profitable to all concerned. There is estimated 25,000 hectares of land for this project at Akotogbo and Wems Agro Companies Limited has secured a long-term holding agreement with the landowners. Rice production will be based on the sustainable System of Rice Intensification (SRI) methodology, together with a 2- year rotation, where the rice is grown for two seasons in one year. Followed by one year green manure fertility building crop.
Posted on: Sat, 27 Sep 2014 06:26:17 +0000
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