The Federal Government says it has approved the concessioning of 20 out of the 33 silos across the country.
Minister of Agriculture and Rural Development, Audu Ogbeh made this known during an interview with journalists after Wednesday’s Federal Executive Meeting in Abuja.
Ogbeh said the silos would generate six billion Naira for government within the 10 year period.
According to him “In 2014 the government decided to privatise or concession some of these Silos so that the private sector can help, use them for a fee to the Federal Government.
“The process was carried out by World Bank, the concession committee of the government, NGOs, the private sector and the Ministry of Agriculture.
“Today we presented a memo to the Council seeking approval to concession the silos which have been built in different parts of the country over the last 10 years.”
He stated that “A total of 33 silos exist with the capacity of 1,360,000 metric tons of grains and they are spread almost evenly through the six geopolitical zones of the country. Most of the 20 concessions have the capacity of storing 100, 000 tons of grain each.”
The Minister, however, stated that at the end of 10years, they will renew, revoke or take over the silos as there are rules that will guide the management of the silos.