50kg bag of rice to sell for N6,500 in 2018- Rice farmers

The National President, Rice Farmers Association, Aminu Goronyo, Wednesday in Abuja promised Nigerians that the price of a 50kg bag of locally produced rice would crash from N18,000 to between N6,500 and N7000 by April 2018.

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

He revealed 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.

Under the new initiative, Goronyo said, the CBN had modified the programme to allow for 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 November 17, 2015 in Kebbi, with a target to produce additional 2.5 million tonnes of paddy rice.

The RIFAN president said that in 2015, Nigerians spent about 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 noted that several efforts had been put in place to reduce the price of rice including collaborations with Competitive African Rice Initiative (CARI) and other African countries to boost rice production and exports in Africa.