President Muhammadu Buhari has asked Nigerians to be patient because the price of rice in the Nigerian market is expected to fall as the country recently launched 13 pyramids of rice paddy. The President on Tuesday in Abuja said the growing food production in the country, especially expansion in rice farming, will eventually bring down prices of food, making it more affordable for all.
He spoke at the official commissioning ceremony of the Central Bank of Nigeria (CBN)/Rice Farmers Association of Nigeria (RIFAN) Rice Paddy Pyramids at the Abuja International Trade Fair Complex. “Today rice production in Nigeria has increased to over 7.5 million metric tons annually. Prior to the introduction of the Anchor Borrowers Programme (APB), the average production in Nigeria between 1999 to 2015 was less than 4 metric tons annually.
“I am aware that the bags of paddy will be moving straight from here to rice milling plants across Nigeria, which lead to the release of processed rice to the markets by the rice millers. The measure will aid our efforts at reducing the price of rice in Nigeria.
“Before this administration launched the ABP, there were only 15 standard Rice mills in Nigeria. As at today, we have over 50 Standard and integrated Rice mills creating jobs and reducing unemployment. We expect additional significant output when two new mills are started in Lagos and Katsina,’’ he said.
