Food insecurity: Entrepreneur ventures into rice production

CFL Group, a Nigerian conglomerate, has announced plans to diversify into premium rice production under the brand name “Omotola Rice” as part of its strategy to tackle food insecurity.

This was disclosed by the Group Managing Director and Chief Executive Officer, Engr. Lai Omotola, during a media briefing in Lagos to mark the company’s end-of-year economic performance.

Speaking on the venture, Omotola revealed that the rice brand is undergoing test runs and will compete with imported varieties in quality. He further announced the development of an Agric Mall at Mile 12, aimed at strengthening Nigeria’s agricultural value chain.

“For us, we believe that successful entrepreneurs can lift Nigeria’s economy to greater heights. Entrepreneurs need to collaborate with governments in critical sectors like energy, aviation, agriculture, and infrastructure,” Omotola emphasised.

In addition to the rice initiative, CFL Group unveiled an ambitious project tagged “The Grace Project,” which aims to construct one million houses across Nigeria over the next decade.

Omotola explained that the company has laid the groundwork for this development and will partner with various stakeholders to achieve this goal.

Highlighting the role of entrepreneurs in national development, Omotola urged the government to create an enabling environment for businesses to thrive, stressing that the private sector holds the key to reducing unemployment and driving economic growth.

“Government cannot build one million houses. They have never done it before, and they will not do it. Entrepreneurs will have to collaborate with the government. Governments cannot provide the jobs required to address unemployment; entrepreneurs must step in to drive productivity,” he said.

Omotola called on the banking sector to innovate and support entrepreneurial ventures, noting that financial institutions play a pivotal role in stimulating economic activity.

He also emphasised the importance of transparency and people-oriented policies, urging the government to rebuild citizens’ trust through inclusive governance.

“On the side of the government, they need to work harder to gain the trust of the citizens. Transparency and people-oriented programmes remain important,” Omotola added.

With these initiatives, CFL Group aims to significantly contribute to Nigeria’s economic growth by addressing food insecurity, housing deficits, and productivity challenges in collaboration with the public and private sectors.