Investor Applauds FG, Says Nigeria Can be Self-sufficient in Rice Production

Kemi Olaitan in Ibadan

The Chief Executive Officer, Titan Multibusiness Investment Limited, owners of Titan Farms, Chief Gbenga Eyiolawi, has lauded the federal government in its efforts to stop importation of rice, saying the country is capable to be self-sufficient in rice production.

This is just as he assured distributors of Titan Farms, that supply of rice would now be in abundance while promising investors of constant returns after the company suffers a shortfall in supply for sometime now.

Eyiolawi while speaking with journalists in Ibadan, said why the closure of borders to stop illegal importation of goods such as rice may bring hardship to the people, the long term effect will be for the benefit of every Nigerian, stating that local producers are doing their best to flood the markets with rice.

According to him, “I am very optimistic that very soon Nigerians would start enjoying the positive sides of the closure of our borders, I know that Titan Farms and other rice producers are working towards the country achieving self-sufficiency in rice production.”

On the underperformance recorded recently by the organisation, he attributed it to the adverse effect of the COVID-19 pandemic on the economy, which has grossly affected the business climate as well as the illegal influx of foreign rice and the recent insecurity challenge rocking the country.

“While appreciating the shareholders, stakeholders, investors, distributors and employees for their immense support since the beginning of our operation, the effects of COVID-19 pandemic on the country and the illegal influx of foreign rice coupled with the recent insecurity within the country have negatively affected operations drastically, reduced production rate which also affected ability to pay investors as and when due.

“In recent time, it has been difficult reaching a business compromise with our out-growers (paddy suppliers) because of the high inflation which is against our standing agreement. We have not been able to optimally produce and later halted production in the past two months. However, in the past weeks, we were able to reach an agreement with our production partners after a lengthy negotiation and production is expected to start fully as soon as possible.

“We are soliciting the patience and support of our esteemed investors at this difficult time in order to fulfill our contractual obligations within a reasonable specified timeframe.

An investor-relations board has already been inaugurated to work with the management to give strategic guidance to avoid future occurrence, ”he said.