Aminu Takuma, deputy director at the Nigerian Investment Promotion Council, says the country plans to establish a $1 billion crop-processing park in Niger state.
The senior official said the aim of the park is to improve the value of agricultural produce and boost exports.
The facility, Badeggi Crop Processing Zone, is expected to start in June 2018 with an initial investment of $250 million.
The investor, which was not mentioned for confidentiality purpose, will further provide $800 million and operate the park while owning 60% of the establishment.
“The facility will process more than 750,000 metric tons of crops including rice, maize, yam, cassava, groundnuts and peas every year, according to the agency. The government plans to set up 15 similar crop zones across the country of more than 180 million people,” a report by Bloomberg read.
Takuma said goods from the crop processing zone will be transported to Baro inland port on the Niger River and transported down the coast for export.
The Muhammadu Buhari-led administration has said it is determined to diversify the economy by reducing dependence on oil, which has been the country’s major source of revenue for decades.
Hence, the government has introduced various programmes and encouraged mass participation in agriculture.
It also signed the Ease of Doing Business act into law in a bid to encourage entrepreneurs and investors. On Tuesday, Nigeria moved up 24 places in on the World Bank’s Doing Business ranking from 169 to stand at 145.