News in brief:
–  Niger State Government has partnered TGI Group to generate an estimated â¦1 trillion ($2.4 billion) in annual revenue from agricultural yields within the next five years.
– The collaboration involves the government overseeing cultivation and sales, while TGI Group handles logistics and purchasing, aiming to produce 600,000 to 1 million tons of food annually and engage over 100,000 farmers.
In a move to transform its agricultural sector, the Niger State Government has partnered with Tropical General Investments (TGI Group) to generate an estimated â¦1 trillion ($2.4 billion) in annual revenue from agricultural yields within the next five years.
The plan outlines a framework agreement for commodities off-take, aiming to improve food security and diversify the state’s economy.
It also involves collaborative efforts between the Niger Food Security and Logistics Company and TGI Group, a leading agribusiness conglomerate, as well as other instituations like Union Bank, Wacot Rice, Wasil, and Chi Group.
Furthermore, this partnership will focus on the production, processing, and marketing of key agricultural commodities like rice paddy, soybeans, maize, and sesame seeds.
In a statement to pressmen, by the Special Adviser on Digital Media and Strategy to the Governor, Abdullberqy Usman Ebbo, the government reveals that it will assume the role of producer, overseeing cultivation, harvesting, aggregation, and sales of these crops.
TGI Group, on the other hand, will act as an off-taker, responsible for logistics, transportation, and purchasing the farm produce.
Meantime, the projected production target is substantial, aiming for 600,000 to 1 million tons of food annually over the next five years. This scale is expected to generate significant employment opportunities by engaging more than 100,000 farmers cultivating 100,000 hectares of land within the state.
Commenting on the initiative, Niger state governor, Mohammed Umar Bago, said the partnership is a crucial step towards unlocking the immense potential of Niger State’s agricultural sector.
He added that by leveraging TGI Group’s expertise and market reach, it will not only enhance food security for citizens but also inject over â¦1 trillion annually into the state’s economy, while fostering sustainable development. The partnership marks a significant development in Niger State’s economic diversification efforts.
