Spanish firm, Vaoslar Consortium, will, in the next four years, invest 280million Euros (about N70 billion) in the production of rice in Kwara State.

The firm and the state government yesterday in Ilorin, the state capital, signed a Memorandum of Understanding (MOU) on the four-year investment on large scale production of rice on the alluvial arable land of the state.

Under the agreement, 70 million Euros would be spent yearly over the period.

Spokesperson of the consortium Reuben Gome said the topography of the proposed site could produce 40,000 tonnes of rice annually.

It was learnt that Guaranty Trust Bank (GTB) Plc would provide the financial backing for the government.

Gome said: “The surface area of Kwara is similar to a particular state in Spain where we plant rice in large quantity. About 40 years ago, we carried out an agrarian revolution in that state in Spain. What is amazing in the whole event is that before the revolution of rice plantation, people were migrating from the state. But few years later, when the boom started, they rushed back.

“In Kwara, the land is good and agric practices here are not toxic to the environment. These practices will unite the people and provide employment as well. But it is worrisome that the potentials have not been fully tapped. One other thing we are going to do is eliminate intermediaries. They are not good in modern agriculture.”

Governor Abdulfatah Ahmed said Kwara State, in line with the content of the MOU, would provide 500,000 hectares of arable land along the settlements of River Niger. The catchments local government areas are: Pategi, Edu and parts of Ifelodun.

According to him, it is in the interest of his administration not to deviate from his predecessor’s agricultural path.

The governor added that the benefits from large-scale agriculture would, among others, reduce unemployment in Nigeria.

Ahmed said the project would impact local farmers with “modern farming skills” that could turn them into commercial farmers from their present subsistence farming.

He urged traditional rulers to maintain peace in their domains to enable the residents enjoy the benefits in the investment.

Ahmed said: “It is our vision to key ourselves into the programmes of our predecessor, especially in the area of commercial agriculture. Seventy per cent of our people live in rural areas and mainly practise subsistence farming. We, therefore, sought the support of the consortium to assist us in moving the sector forward beyond the point we met it.”