NEPAD Business Group-Nigeria [NBGN] in partnership with the Nigerian Economic Summit Group, (NESG); the Presidency; other representatives of private sector bodies in the rice sector and relevant government ministries and departments, will, in the next two weeks, assemble providers of credit and inputs as well as business development corporations, processors, farmers and state government officials in order to create opportunities/openings that would lead to setting up of rice production and processing projects in Nigeria and West Africa.

Over 300 participants, including six governors of rice producing states, are expected to converge in Abuja for the Nigeria Rice Investment Forum on November 24, 2008, at Transcorp Hilton Hotel. Vice President Goodluck Jonathan will declare open the event with the theme: "Nigeria Rice Investment Forum (NIRIF) 2008- Creating the Enabling Environment for Increased Rice Production in Nigeria and West Africa." The event's sub-theme is "Increasing Opportunities for Production and Processing of Rice by Small and Medium Enterprises (SMEs)."

According to a press statement signed by Ms. Sweet Giwa-Osagie, Executive Secretary, NEPAD Business Group Nigeria (NBGN), the United Nations-Economic Commission for Africa Forum on Rice Production and Marketing in West Africa( Mali 2008)jumpstarted the quest for solutions to the food crisis prevalent in the countries of the sub-region by encouraging the private and public sectors to establish a more meaningful partnership on rice processing and marketing at national and regional levels. This is believed and expected, will help reduce uncertainties which have limited private initiatives and investment in the sector.

A cursory industry statistics put household consumption of par-boiled rice at 5 million tons per annum amounting to an average per capita consumption of 30kg per person in Nigeria. The story is the same in the West African sub-region. Senegal for instance has per capita consumption of 90kg per person. A significant part of these consumptions are imported from Asia, notably Thailand, India, Vietnam and China. Other important sources of supply of rice to Nigeria and the West African sub-region are the United States and Europe.

The Central Bank of Nigeria (CBN) estimated that about US$800 million is spent annually to meet this import bill. Besides the drain in foreign exchange, rice imports have weakened domestic rice production.

Given the foregoing, the statement continued, the vital objective would aim at increasing the local (national and sub-regional) rice production by promoting more private sector investments in production, processing and service provision. The low competitiveness of the local industry have been attributed to poor access to inputs and output markets resulting from inadequate modern processing facilities and productivity enhancing services targeted at the farm level.

"Besides limited private sector provision of services, another major constraint is the absence of public goods - irrigation, rural roads, and the enabling environment needed to support intensive production in the rice producing states as well as those with the potential to produce", it said.

The event's focus would demonstrate how public-private partnership can work in the rice sector to complement and support achievement of Nigerian Government's rice production target for 2008 and 2009 through facilitation of the private sector's involvement. The Federal Ministry of Agriculture and Water Resources have announced a target of 2.8 m tons of paddy rice production in 2009 to 2011. Achieving this target will require involvement of the private sector but with the public sector creating the enabling environment as necessary stimulant.

There will be three technical paper presentation sessions. A key highlight of the event is a high profile panel discussion session involving Governors of rice producing states and senior level private sector rice operators. Participants will also have opportunity to network and enter exchange relationships that will promote production and productivity in the rice sector.