Another Billionaire Moves to Crash Rice Price after Rabiu's Pledge

• Nigeria is on the path to achieving self-sufficiency in rice production, which is set to bring down the current price of rice
• Africa's richest man, Aliko Dangote, has committed to rice investment, partnering with the Nigerian government
• The chairman of BUA Group, Abdul Samad Rabiu, has also expressed readiness to continue lowering rice prices

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends

Nigeria’s efforts to reduce food prices has received another major boost as Africa’s richest man, Aliko Dangote, unveiled a multi-billion naira rice production initiative in Niger state.

This is coming days after fellow billionaire Abdul Samad Rabiu vowed to continue crashing rice prices across the country.

Dangote moves to crash rice prices

Speaking at the opening of the 2025 Niger National Trade Fair in Minna, Fatima Abdurrahman, senior special adviser to the president of Dangote Group, said the conglomerate is developing a 32-metric-tonnes-per-hour rice mill on a 30-hectare site in Wushishi.

She stated that the project forms part of the Niger Food Initiative, an agricultural development programme launched by the state government in collaboration with the private sector.

The Dangote official said:

“As part of our commitment to advancing agriculture, we plan to establish one of the largest rice mills here in Niger State."

Abdurrahman explained that the high-capacity mill would significantly boost rice production and storage in the state, describing it as a cutting-edge facility that incorporates the latest innovations in rice milling technology.

She added:

“This state-of-the-art facility ensures high efficiency, minimal waste, and premium-quality output.

“Once operational, it will not only boost local rice production but also strengthen the entire agricultural value chain, from farm to market.”

Further, Abdurrahman noted that the mill would be supported by 32 silos, each with a capacity of 2,500 metric tonnes of paddy rice, and would include a captive power generation facility producing 5.8 megawatts of electricity, Punch reports.

She noted:

“The project aligns with broader efforts to reduce reliance on the national grid."

Niger govt excited about the rice project

Representing Governor Muhammed Bago, Niger state commissioner for Trade, Investment and Industry, Aminu Takuma, said the state is fully open to large-scale agricultural investment.

He praised the Dangote Group for its initiative and encouraged the conglomerate to leverage the state’s investor-friendly policies.

The minister of State for Agriculture and Food Security, Sabi Abdullahi, represented by Dr. Suleiman Ladan, reiterated the federal government’s commitment to promoting commercial agriculture, describing it as a cornerstone of President Bola Tinubu’s economic recovery agenda.

Takuma further revealed that the state government is taking steps to elevate the Niger Trade Fair to an international standard.

Meanwhile, Bisi Adeniyi, President of the Niger Chamber of Commerce, Industry, Mines and Agriculture has urged private sector players to tap into the state’s immense agricultural potential.

BUA promises to crash rice prices

Earlier, Legit.ng reported that Abdul Samad Rabiu, the chairman of the BUA Group, promised to reduce further the cost of rice and other food goods, which he said had already dropped in the previous 12 months.

He said President Bola Tinubu's "foresight" contributed to the country's food price collapse and praised him for waiving import duties.

The Tinubu administration announced in July 2024 that customs charges on imported food goods would be suspended to combat food inflation.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng