Stallion Group, one the largest regional conglomerates in West Africa, has started a major rice farming project that entails an indigenous production and milling of 2.25 million tonnes of rice per annum in Nigeria and a further 500,000 tonnes per annum in Ghana.
The investment also covers investment towards a 700,000 tonnes fertiliser plant, farming equipment, tractors and transportation vehicles assembly plant, rice milling machinery, logistics infrastructure and all other accessories related to rice production and milling. The project value is expected to be around $1.20 billion and is being developed under the auspices of the ministry of agriculture and water resources.
The venture that has been promoted in partnership with the Federal Government is seen as a progressive initiative by the Yar'Adua government in facing the instabilities caused in recent times due to escalation of prices of rice globally, leading to a potential famine-like situation in poorer African nations.