Lagos State Government has signed a Memorandum of Understanding (MOU) with WACOT to provide technical support for Imota Rice Mill.
The much anticipated Imota Rice Mill is located in the Ikorodu area of Lagos State. It has a production capacity of 32 metric tons per hour.
In a short ceremony which was witnessed by other government officials and representatives from Wacot Rice Limited, Lagos State Governor, Babajide Sanwolu said he will hand over the rice mill in the next few months, after which it would commence commercial operation.
Investors King learnt that ‘Wacot’ will provide operational support and manage the mill for nine months in the first instance through Joint Venture. Subsequently, the partnership could be subject to renewal.
According to Special Adviser (SA) on Agriculture to the Governor on Rice Initiative, Mr Rotimi Fashola, the need to produce quality and competitive rice for Lagosians necessitated the partnership with Wacot Rice Limited.
Additionally, Imota Rice Mill will be completed by December 2022 as stated by the special adviser.
At full operation, Imota Rice Mill will employ and empower thousands of people both directly and indirectly. Imota Rice Mill is built to produce quality rice and also influence price mechanisms.
“There is a need for the Government to put the rice mill on the path of sustainability. We need to give it to a handler that will project quality.
We sourced to have a partnership in the rice production business that has a stable brand and an eye for efficiency. This brings forth this Joint Venture and technical support agreement with WACOT”.
Meanwhile, Group Managing Director of TGI Group, Rahul Savara, said Lagos Government found a great partner in the firm. WACOT Rice Limited is a subsidiary of TGI Group.
He pledged that the company would be deploying standard technology and services in managing the rice mill.
