Business ManagementFunding

FG Reaffirms Commitment to Agricultural Growth

FG Reiterates Its Focus on Advancing Agriculture

FG Pledges Continued Support for Agricultural Growth

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed the Federal Government’s commitment to sustaining growth in the agricultural sector during his recent visit to WACOT Rice Limited’s 250,000 metric tonnes rice processing facility in Argungu, Kebbi State.

In a statement released on Sunday, the visit emphasized President Bola Ahmed Tinubu’s dedication to bolstering local economies and addressing natural disaster challenges.

Edun, accompanied by Kebbi State Governor Nasir Idris and Minister of Budget and Economic Planning, Senator Atiku Bagudu, toured the cutting-edge facility to assess rice production processes ahead of the wet season harvest.

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Praising WACOT Rice for its contributions to the economy, Edun remarked, “WACOT Rice has been instrumental in supporting thousands of farmers and significantly contributing to our national economy. This facility is a vital part of our agricultural infrastructure.”

Farouk Gumel, Chairman of WACOT Rice and Vice Chairman of TGI Group, expressed gratitude for the visit, noting that it coincided with the near-completion of the second phase of their rice mills, which expands their capacity from 120,000MT to 250,000MT.

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“We are honored by the ministers’ visit, as it reaffirms the government’s acknowledgment of the agricultural value chain’s importance in Nigeria’s economic development. The expansion of our rice mills greatly enhances our ability to support local farmers and contribute to food security,” Gumel said.

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Edun also highlighted the Federal Government’s proactive efforts to address sector challenges, including a N3 billion allocation to each of the 36 states and the Federal Capital Territory by the National Economic Council.

“The recent floods have severely impacted our agricultural sector. The N3 billion allocation per state is crucial in mitigating these effects. We are dedicated to supporting our farmers and safeguarding the agricultural sector as we approach the 2024 rainy season,” Edun stated.

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