Africa's richest man, Nigeria's Aliko Dangote, says his firm plans to produce one million tonnes of rice within the next five years in the West African state, Reuters news agency reports.
Nigeria so far imports 2.8 million tonnes of rice annually, most of which is smuggled into the country, he said during an economic summit in the main city, Lagos.
"Our projects are mainly import substitution," he said. "We are working to be self-sufficient."
Dangote's main interest is in cement, oil, food and sugar business.
The billionaire businessman also says he wants to buy phosphate from Morocco and potash from Congo-Brazzaville to feed a planned fertilizer plant.
Mr Dangote said his firm was close to signing a deal with a Moroccan firm to supply phosphate, without giving details, Reuters reports.
Dangote Group has raised a $3.3bn loan to develop a $9bn oil refinery and petrochemical complex in Nigeria, Africa's biggest economy and top oil producer. It has invested $3.5bn of its own equity.
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