Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Government

Federal government takes meaningful steps to alleviate rice poverty

Benita OrumabyBenita Oruma
March 21, 2024
in Government
0
Federal government takes meaningful steps to alleviate rice poverty
Share on FacebookShare on TwitterShare on Whatsapp

In an effort to alleviate hunger and tackle food scarcity in Nigeria, the Federal Government entered into a Four-part memorandum of understanding (MoU) with Lagos Commodities and Futures Exchange (LCFE), Niger Food Security Systems & Logistics Company Limited (NIGER FOODS), Lagos State Rice Company Limited (LASRICO), and Commodity Tradenet Limited.

This collaboration stems from a recent agreement between the Lagos and Niger State Governments aimed at addressing food security challenges nationwide.

Governor Umar Bago of Niger State expressed his satisfaction with the agreement, emphasizing its alignment with President Tinubu’s food security agenda. He also affirmed his commitment to engaging with other states for mutual benefits and private sector growth.

Federal government takes meaningful steps to alleviate rice poverty

Key Points of the Agreement:

  1. – LCFE will act as the designated platform for trading Paddy Rice and other relevant commodities.
  2. – LASRICO will provide storage facilities such as warehouses and silos, registered on LCFE, for storing paddy rice and processing it into finished rice products.
  3. – Niger Foods will ensure the delivery of specified quantity and quality of paddy rice to designated locations for processing, as well as supply other commodities like soya, sorghum, cotton, and sesame for trading on LCFE.
  4. – Commodity Tradenet will facilitate liquidity flow through partnered financial institutions in the sales and purchase of commodities covered by the agreement.
  5. – LCFE plans to raise a N100 billion food security fund from the capital market in the medium to long term to support the Niger State Commodity ecosystem.

The agreement aims to increase the supply of Paddy Rice to the Lagos Rice Mill in Imota and bolster food security nationwide. Niger Foods, established as a Special Purpose Vehicle by the Niger State Government and Sammya Nigeria Limited, will oversee production, aggregation, processing, conditioning, and storage facilities across local government councils in the state, covering a vast land area.

LASRICO, a Special Purpose Vehicle of the Lagos State Government responsible for operating the Lagos Rice Mill in Imota, and Tradenet, a subsidiary of LCFE, are also integral to the agreement.

Akin Akeredolu-Ale, Managing Director and Chief Executive Officer of LCFE, commented on the MoU, stating, “The Lagos Commodities Exchange is committed to facilitating capital injection for food security through the capital market in the medium to long term. Our focus is on strengthening the Niger State Commodity ecosystem, fostering sustainable agricultural growth, and contributing to the development of the Nigerian Economy.”

Tags: federal characterfederal government takes meaningful steps to alleviate rice povertygovernmentNewsNigeria
Benita Oruma

Benita Oruma

Benita Oruma is a lawyer in training, a 400 level student in the university of Ibadan. She is a content writer with interest in corporate affairs and the marketplace.

Related Posts

A Mayor, a Stabbing, and a Country on Edge: What’s Going On in Germany?
Government

A Mayor, a Stabbing, and a Country on Edge: What’s Going On in Germany?

October 7, 2025
Trump’s 100% Tariffs On Drugs is Killing Americans
Government

Trump’s 100% Tariffs On Drugs is Killing Americans

October 7, 2025
Did UK Government Policy Cause a Major National Security Trial to Collapse?
Government

Did UK Government Policy Cause a Major National Security Trial to Collapse?

October 6, 2025
Next Post
Nigerian Stock Market experiences its first boost this week

Nigerian Stock Market experiences its first boost this week

Stock markets soar as central banks play wait-and-see with interest rates

Stock markets soar as central banks play wait-and-see with interest rates

Communal clash in Eastern Chad claim 42 lives

Communal clash in Eastern Chad claim 42 lives

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Lamine Yamal's No. 10 Shirt is Barcelona’s Fastest-Selling Jersey Ever by a Mile

Lamine Yamal Makes Champions League History in Barcelona Win

7 months ago
Burkina Faso Junta Thwarts an Attempted Coup

Burkina Faso Junta Thwarts an Attempted Coup

2 years ago
The Apple Enigma: How a Rebel Became the Establishment

The Apple Enigma: How a Rebel Became the Establishment

1 year ago
Cavaliers Extend Unbeaten Run with Stunning Comeback Win Over Brooklyn Nets

MLS Title Dream Over for Messi as Atlanta United Stuns Inter Miami in Playoff Exit

11 months ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Could 50% EU Tariffs Create the “Biggest Ever Crisis” for UK Steel?

Arsenal Draw Up £500m Emirates Expansion, May Temporarily Relocate to Wembley

Movie Review: “In the Name of Love” – Charming but Slightly Predictable

Did Taylor Swift Feel Jealous of Selena Gomez wedding? Here’s What She Says

He Threatened Her Over Charlie Kirk, Then Killed Them

Trump’s 100% Tariffs On Drugs is Killing Americans

Trending

BBNaija S10: Imisi Receives ₦80m Cash Prize, Brand-New SUV
Entertainment

BBNaija S10: Imisi Receives ₦80m Cash Prize, Brand-New SUV

byAyobami Owolabi
October 7, 2025
0

BBNaija Season 10 winner, Imisi Ayanwale, has officially claimed her grand prize, which includes ₦80 million in...

A Mayor, a Stabbing, and a Country on Edge: What’s Going On in Germany?

A Mayor, a Stabbing, and a Country on Edge: What’s Going On in Germany?

October 7, 2025
Ready to Pay with Your Face? India's UPI Gets Biometric Authentication

Ready to Pay with Your Face? India’s UPI Gets Biometric Authentication

October 7, 2025
Could 50% EU Tariffs Create the "Biggest Ever Crisis" for UK Steel?

Could 50% EU Tariffs Create the “Biggest Ever Crisis” for UK Steel?

October 7, 2025
Arsenal Draw Up £500m Emirates Expansion, May Temporarily Relocate to Wembley

Arsenal Draw Up £500m Emirates Expansion, May Temporarily Relocate to Wembley

October 7, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • BBNaija S10: Imisi Receives ₦80m Cash Prize, Brand-New SUV
  • A Mayor, a Stabbing, and a Country on Edge: What’s Going On in Germany?
  • Ready to Pay with Your Face? India’s UPI Gets Biometric Authentication

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com