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Sunday, April 14, 2024

Rice Production : WACOT Announces Multi Million Dollars Investment In Kebbi 

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The West African Cotton Company (WACOT), has assured of its readiness to invest in Kebbi State.
The company, WACOT has been part of the socio –  economic development drive of the state and Nigeria in general.
The new investments include the second phase of the mega rice mill at Argungu, where the first phase of the large scale rice mill was established five years ago .
The second phase of the rice mill, is a multi million dollars new investment by WACOT in Kebbi State, which according to the Chairman, the current installed capacity is 120,000 metric tonnes which are operating at 95 per cent capacity.
A statement signed by the Special Adviser on Media to the state Governor, Yahaya Sarki disclosed that the new investments shall double the capacity to 240,000 metric tonnes making it about the largest in Africa.
Farouk Gumel, the chairman of WACOT reiterated the company’s commitment during the visit of the Kebbi State Governor, Abubakar Atiku Bagudu and the Managing Director of First Bank Nig Plc, Dr. Adeshola Adedotun to the company.
According to the Chairman, the decision of the company to invest in the state followed the robust economic policies of the state and Federal Government.
Gumel noted that the funds for the second phase of the rice mill has been secured from First Bank.
The WACOT Boss described the bank as an active partner of the company.
The Governor, while responding to questions from Journalists, said, Nigeria is now an investments hub and investors’ choice globally occasioned by Federal Government’s economic policies.
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