Olam, IFAD, Benue farmers sign MOU for N1billion investment


The Olam group has signed a tripartite Memorandum of Understanding, MOU, with Benue rice farmers and the International Fund for Agricultural Development, IFAD, to invest about N1billion in quality rice production and repurchase from farmers in the state.


The Vice President of Olam, Mr. Regi George, made this known weekend, at the Flag off of the distribution of inputs to rice farmers by Olam under the auspices of the IFAD-Value Chain Development Programme, at Tse-Terzar in Guma Local Government Area of the state.

George said as off takers, Olam would be providing rice farmers under the IFAD-VCDP in the state with inputs and needed assistance after which the company would buy off the yield from the rice farms.

He said "It's going to be a huge investment and the projection is about N1billion. We laud the Federal government for providing this platform which should go a long way to boost rice production in the country."

Speaking, the State Project Coordinate of IFAD-VCDP, Mr. Emmanuel Igbaukum who commended Olam for partnering the programme, stated that Benue was the first under the programme to embark on dry season rice farming which was already being harvested.

Igbaukum who stated that the programme had provided many idle youths opportunities to embrace agriculture as means of livelihood said the programme was working hard to meet the target of its off takers.

In his speech the Benue state Commissioner for Agriculture Mr. James Ambua who was represent by his Director, Mr. James Kerr lauded Olam for the investment and intervention in the programme.


He said, "this programmes is all about encouraging farmers to boost food production and to ensure that everyone on the value chain did not record or suffer losses."

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