Prices Of Local Rice To Fall To N6,500 In 2018

Alhaji Aminu Goronyo, the National President, Rice Farmers Association (RIFAN), has assured Nigerians that the market prices of locally produced rice will soon crash. Goronyo revealed in Abuja on Wednesday that the price a 50kg-bag of locally produced rice would plummet from N18,000 to between N6,500 and N7,000 by April 2018.

He said that the price-reduction plans would be achieved under a joint programme of RIFAN and the Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria (CBN), which would be launched in Abuja on January 13, 2018.

Goronyo said that 12 million rice farmers in the country would benefit from the one-year partnership, adding, however, that 300,000 rice farmers from 20 states would be supported at the beginning of the programme in January.

He said that under the new initiative, the CBN had modified the programme to facilitate its direct relations with RIFAN so as to ensure timely disbursement and full repayment of loans, unlike what obtained in the past.

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Author: see naija

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