Lagos Govt to partner LCFE on Imote Rice Mill
Lagos State Government has announced its preparedness to partner a Pan African Exchange – Lagos Commodities and Futures Exchange (LCFE) on Imote Rice Mill which is currently under installation at Ikorodu, Lagos, to align the Agriculture Company with the Nigerian commodities ecosystem.
Lagos State has always been on the front lane of investment in Agriculture to boost food production, create employment opportunities, expand export base and grow the Nigerian Gross Domestic Product (GDP).
Lagos State Government has set up Imote Rice Mill at Ikorodu, in Lagos State. A team of top officials of Lagos Commodities and Futures Exchange (LCFE) and Commodities Brokers had last week made a facility tour to Imote Rice Mill as part of LCFE’s strategic move to create awareness on the nexus between the commodities ecosystem and agriculture.
“Certainly, this visit is well appreciated. The Lagos State Government will like to partner Lagos Commodities and Futures Exchange (LCFE). The Exchange is a major stakeholder in the commodities space. The Installation of Imote Rice Mill is the first step towards our partnership. The Rice Mill, is a legacy project. After completion, the Rice Mill is expected to commence with over 700 employees apart from about 100 engineers.
“Installation of Imota Rice Mill is under the Buhler Company, a German company with branches in Indian. The Mill is supported by experts to ensure installation is properly done. Every department has a specialist that supervises. The Rice Mill would commence operation soon with over 700 staff. Already, 36 Engineers are on ground. Another 50 Engineers will be employed in the next three weeks.
“Having a rice mill in Lagos State is a comparative advantage. We are at the market centre. Smuggling was one of the challenges affecting rice business in the past but high cost of food items is another issue currently,” said Dr Oluwarotimi Fashola, Special Adviser on Rice, Lagos State.
The Managing Director LCFE, Mr Akin Akeredolu-Ale said, “the significance of facility is to reinforce partnership with Lagos State Government, a private and public sector respectively. Lagos State Government so much believes in the private sector. Another visit is coming up in Akure. We shall visit one of the major cocoa processing institutions that control about 40 per cent of cocoa market in Nigeria for our dealing members.
“Government has done a lot by creating commodities ecosystem. I am happy that Securities Exchange Commission SEC, which is a government institution is at the forefront of implementing how commodity ecosystem and commodity exchanges will drive the economy,” Akeredolu-Ale said.
Imota Rice Mill comprises major sections, including boiler house, Water Storage and treatment, Truck park, Administrative building with offices, clinic and meeting room.
Others are rice production factory, fire station, Storage warehouse (6000m2) and storage silos among others.
