Access Bank partners Lagos, Kebbi on rice mill project, as Wigwe affirms commitment to diversification of economy


The group managing director of Access Bank, Herbert Wigwe has affirmed the Bank’s commitment to support the Federal Government’s aspiration to uplift the Nigerian economy by making meaningful contributions to the reforms agenda especially in agriculture and other non-oil sectors.

Access Bank has been bullish in partnering with key stakeholders that are embarking on series of capital projects that are targeted to rejig the economy, create employment opportunities and ultimately enhance the income level of the average Nigerian.  

Recall that the Bank has been quite visible as the lead financial institution to major projects such as the Eko Atlantic City, and lately, the proposed Fourth Mainland ridge.

According to Wigwe, the Bank remains committed to its corporate philosophy of delivering sustainable economic growth that is profitable, environmentally responsible and socially relevant.

For instance, Access Bank is currently collaborating with the Lagos, Kebbi States governments and a Mexican farming conglomerate, San Carlos, a company that has the requisite experience and modern technology for processing and milling of rice in commercial quantity.

It is expected that this would serve as a booster to the Federal Government’s reforms agenda especially in agriculture and save Nigeria as much as $3bn yearly by way of import substitution. The rice milling project has the capacity to process and mill twenty (20) tons of rice per hour.

Commenting on the development, Wigwe said the project would help to boost the diversification of the Nigerian economy especially now that the Federal Government is working hard to develop other sectors of the economy as substitute to oil production.

“We are supporting the rice milling project by Lagos and Kebbi States because of the potential benefits especially in promotion of food sufficiency, import substitution and foreign exchange earnings from exportation of the produce. We need to develop other economic sectors and be less dependent on oil as the sole foreign exchange earner for the country,” he noted.

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