Union Bank to invest N50 billion in partnership with Niger Food -Executive Chairman —Production will employ over 100,000 farmers

The Union Bank of Nigeria is investing N50 billion into partnership with Niger Foods which would kickstart the production in January 2024.

Executive Chairman, Niger Food, Sammy Adigun, stated this in a statement made available in Osogbo, the Osun State capital.

He stressed that the Governor of Niger State, Mohammed Umaru Bago, had signed a Framework Agreement for Commodities Off-take between Niger Food Security and Logistics Company – a state-based limited liability company, and Tropical General Investments – a privately-owned company, to boost efforts towards food security and promote economic diversification in Niger State.

According to Adigun “in the agreement, the Niger State Government, the producer, shall be responsible for the cultivation, harvesting, aggregation and sales of rice paddy, soya beans, maize, sesame seeds to the Off-taker, Tropical General Investments, who shall be responsible for the transportation, logistics, and purchase of farm produce.”

“Tropical General Investments is part of the conglomerate that includes Union Bank, Wacot Rice, Wasil, and Chi groups”, he said.

The Chairman noted that: “This transaction involves the production of 600,000 – 1 million tons of food per year over the next five years.”

“The production will employ over 100,000 farmers, cropping on over 100,000 hectares across Niger State. This will bring over 1 trillion Naira a year to the Niger State economy annually.”

For a better society.