By: Kazeem Biriowo
An agriculture firm, Santuscom Agro Hub on Thursday, called for massive investments in rice farming through its crowd funding initiative to mitigate against food insecurity.
The firm made the call in a statement by its Chief Executive Officer Ofana Paul, signed by the Media Consultant, Ebriku John Friday.
Ofana said, the rice value chain called “Ogoja Rice” has over 300 out-growers and it is a movement to make Nigeria rice sufficient.
He said:”….we are making it known to people that investing in Ogoja Rice, in particular, is far profitable than businesses like crude oil, bitcoin, cryptocurrency, bets, and others”.
In his explanation, he said the target for the 2020 cropping season is 5,000 hectares as the firm is currently doing 30 tonnes per day.
“OGOJA RICE is of the cali55 rice specie and our rice field currently sits on 1, 000 hectares of land in Santuscom Agro Park in Ogoja, Cross River State.
“Right now we are already expanding to 3, 000 hectares because of the increasing demand for the commodity. Currently, we are producing 30 tonnes daily,” he said.
Also, he said the Central Bank of Nigeria(CBN) under the Anchors Borrower Scheme, is supporting its 25,000 hectares expansion plan.
He said with the investment, investors are assured of 40percent returns on their investment which would also create job opportunities in the value chain.
“We decided to embark on massive investment in the rice value chain and called our brand OGOJA RICE to compete in the market and have a large grasp of the entire market in Nigeria, West and Central African countries.
“We are assuring potential investors that we have signed a Memorandum of Understanding, MOU, with a reputable insurance giant, Royal Exchange Insurance Plc., to cover all investors and investments made for the period of investment, which investors have nothing to fear in case of any eventuality,” he added.