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CBN, RIFAN To Crash Rice Prices by quickberry(m): 4:01pm On Dec 27, 2017 |
The National President, Rice
Farmers Association, Alhaji
Aminu Goronyo, has assured
Nigerians that the market
prices of locally produced rice
will soon crash.
Goronyo said in Abuja on
Wednesday that the price of a
50kg-bag of locally produced
rice would plummet from
N18,000 to between N6,500
and N7000 by April 2018.
He said that the price-
reduction plans would be
achieved under a joint
programme of RIFAN and the
Anchor Borrowers Programme
of the Central Bank of Nigeria,
which would be launched in
Abuja on Jan. 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.
He said that the new initiative
would double the
achievements of the earlier
edition of ABP, which was
launched on Nov. 17, 2015 in
Kebbi, with a target to
produce additional 2.5 million
tonnes of paddy rice.
He said that in 2015, Nigerians
spent not less than N1bn daily
on rice consumption, adding
that while the spending had
reduced drastically, rice
consumption had increased
significantly because of the
increase in local production of
rice.
Goronyo said that the available
statistics indicated that the
rice consumption rate in the
country now had increased
from 7.9 million tonnes to over
8 million tonnes, while the
volume of rice production had
increased from 5.8 million
tonnes to 6.9 million tonnes
per annum.
He, however, noted that
several efforts had been put in
place to cut down the price of
rice, adding that some of the
efforts included collaborations
with Competitive African Rice
Initiative (CARI) and other
African countries to boost rice
production and exports in
Africa.
Goronyo stressed that rice
prices would further drop, as
there were currently bumper
harvests in rice farms across
the country, while RIFAN was
collaborating with rice millers
on the pricing of the
commodity.
Besides, the RIFAN president
said that RIFAN had signed a
Memorandum of
Understanding with the
Nigeria Customs Service on
how to contain rice smuggling
into the country through the
land borders.
Goronyo said that the efforts
being put in place and the
current economic situation in
the country had made it
somewhat difficult for people
to import rice into the country
and make profit.
“The landing cost of a 50kg.-
bag of imported rice is now
N19, 500; then, how much
should the 50 kg.-bag of rice
be sold?
“The smuggled rice that
comes into Nigeria is just five
per cent of what we consume,
and the rice comes in through
the informal sector,’’ he said.
The ABP, which was launched
by President Muhammadu
Buhari on Nov. 17, 2015, is
aimed at creating linkages
between companies involved
in rice processing. Source: http://punchng.com/cbn-rifan-to-crash-rice-prices/ |
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