Nigeria to earn billions of Naira annually from silo concession.

Nigeria is set to earn 9 billion Naira annually, from the concession of 19 silos out of the 33 owned by Nigerian government, through Public Private Partnership.

The government has already earned 1.3 trillion Naira for upfront fee paid by the concessionaires and will continue to earn fix annual fee of 3 billion Naira for the silos as well as a minimum of 6 billion Naira annually on profit shared.

This was disclosed at the handing over ceremony of the silos to successful concessionaires in Abuja Nigeria’s capital.

Out of the 19 Silos 2 are 100,000 metric tons capacity while the rest are 25,000 metric tons capacity each.

The minister of Agriculture and Rural Development Mr. Audu Ogbeh while urging the concessionaires to maintain the silos to advised concessionaires on the importance of proper storage to prevent aflatoxins which leads to financial loses .

He said manufacturing companies don’t buy grains contaminated by aflatoxin which is a huge loss to storage owners and farmers.

The Director General of the Infrastructure Concession Regulatory Commission ICRC Engineer Chidi Izuwah said the agency will be on ground to ensure proper management of the concession silos.

Engineer Izuwah said the silos which were initially abandoned will now be an asset that Nigerians will benefit from as it will generate revenue for the country.

He said the ICRC will take charge of the agreement between the government and the concessionaires to ensure complete compliance with it.

Mr. Guido Firetti of Matriville emphasized the importance of private sector investment in agriculture saying that it’s key to achieving economic diversification, rural employment and poverty reduction.

Mr. Firetti lauded the efforts of the current government in the agriculture sector as the positive impact it made can be seen across the country.

The successful concessionaires are Agro Universal Consortium with 8 silos, Matrixville Consortium with 5, Flour Mills limited with 3, Ebony Agro Industries Limited with 1, Neon Farms Africa Consortium with 1 and Coscharis farms Limited with 1,bringing to a total of 19 Silos concession.

Source: Voice of Nigeria

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