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Home Business News

Dangote Rice Ready By December 2017

Onome Ohwovoriole by Onome Ohwovoriole
March 31, 2017
in Business News, Company News
Dangote Group Excited Over Oil Discovery In Lagos State
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Nairametrics| The director in charge of the Dangote Group for the South East, Mr Tunde Mabogunje, announced that the Dangote Rice would be ready by December this year. He made this statement at the launching of a one-stop shop for the group’s products in the south-east.

The move marks an expansion of the company’s foray into staple food production in the country. The group is already involved in the production of sugar, salt, flour and tomato paste. With their experience, scale and financial resources, there is likely to be a crash in market prices of rice across the country.

The move is also in line with the Buhari’s administration’s policy of being self-sufficient in food production. The Central Bank of Nigeria (CBN) has given loans, running into billions of Naira, to farmers with its anchor borrowers’ scheme. The company may also end up setting the price of rice in the market.

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Dangote cement is currently the dominant cement manufacturer in the country. The same applies in the market for salt production, where the firm operates at an almost near monopoly. Some analysts believe the group has become overly dominant in Nigeria and may crowd out small businesses.

Anti-competition laws in the country are quite weak. As a result, the Dangote group may continue to have a field day.

Tags: CBN NigeriaConsumer GoodsDangote GroupManufacturingMuhammadu Buhari
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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