The Federal Executive Council (FEC) on Wednesday approved concessioning of twenty silos in the country.
The Minister of Agriculture, Audu Ogbeh briefed State House correspondents at the end of FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.
According to him, the government stands to get revenue of N6 billion in the first 10 years of the concessioning.
Each of the twenty silos, he said, has 100,000 tonnes capacity.
While stating that concessioning the silos will not affect food security in Nigeria negatively, he said that it would boost storage and export of agricultural produce.
He said that the government however remains the owner of the silos.
According to him, the concession agreement would be revoked if not properly managed.