Nigeria aims for rice self-sufficiency by 2018

Nigeria's Vice President Yemi Osinbajo recently announced the country's ambitious target of achieving self-sufficiency in rice production by the end of 2018. This move is aimed at saving scarce foreign exchange spent on importing the staple food. To delve deeper into this topic, Cola Masha, Managing Director of Babban Gona, joined CNBC Africa via Skype from Atlanta to share insights on the progress and challenges in Nigeria's endeavor to boost rice production. As of November last year, Nigeria's rice production stood at 3.7 million tons, with a target set at 7 million tons by the end of 2018. Masha emphasized the importance of transitioning from traditional subsidized approaches to strategic engagement with the private sector to catalyze growth. While the government has taken significant steps, such as distributing 110 rice milling machines to farmers and attracting private sector investments, Masha highlighted the need for sustainable initiatives to enhance productivity and competitiveness in the sector. He emphasized the importance of increasing rice productivity, accessing quality inputs, and providing efficient financing mechanisms to enable farmers to boost production. Additionally, Masha underscored the significance of incentivizing processing and protecting the industry from smuggling to foster long-term growth. Despite the federal government's agriculture transformation agenda, Masha stressed the necessity of creating a sustainable ecosystem that supports private sector investments for lasting impact. The journey towards rice self-sufficiency in Nigeria requires a multi-faceted approach that combines government interventions with private sector participation to drive innovation, productivity, and competitiveness in the rice farming sector.