Sample BIP (Business Investment Plan) for Rice Production
Nigeria currently consumes about 7.9 million metric tons of rice annually while production is currently at 5.8 million metric tons. Before the boarder closure, Nigeria spends over N356 billion annually on the importation of rice to make up for the shortfall in production. Rice is cultivated on about 3.7 million hectares of land, representing approximately 10.6% of the 35 million hectares of land under cultivation, out of a total arable land area of 70 million hectares in Nigeria. Being a staple food and considering population increase, the demand gap for rice cannot be over emphasized.
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