Business

Price Of Rice Per Bag To Go For N6, 000

The Rice Farmers Association of Nigeria says it will reduce the price of locally produced rice from N18,000 per 50kg bag to N6,000 within the next few months.

Aminu Goronyo, the National President of RIFAN, said this during a meeting with Rice Processors Association of Nigeria (RIPAN) and the Minister of Agriculture and Rural Development, Audu Ogbeh, in Abuja on Wednesday.

Mr. Goronyo said although RIFAN and RIPAN had agreed to fix the current price of 50 kg bag of rice at between N13,000 and N13,500, the price would further crash to N6,000 within the next few months if there were bumper harvests and low cost of production.

He said the drastic reduction in the price would be made feasible if the cost of rice production was cut through the Federal Government’s support to rice farmers.

“This is just the beginning. The actual price will still come down because we are expecting a bumper harvest this year; we have sat down with the millers and agreed that we will work together for the interest of Nigerians.

“At one time, people were buying a bag of rice at the cost of N18,000 but they are now buying it at between N13,000 and N15,000. The price is coming down.

“In the next few months, God willing, the price of a 50kg bag of rice will come down to N6,000. It is achievable, it will be a reality,’’ he said.

Mohammed Abubakar, the Chairman, Rice Processors Association of Nigeria (RIPAN), said that the associations had signed a Memorandum of Understanding (MoU) to slash the prices of both paddy and processed rice.

“We have agreed at N110,000 per tonne of paddy. In the market, rice will come around N13,000 to N13,500 per 50kg bag.

“Before now, we were buying paddy at N140,000 and N150,000 per tonne and we are selling our rice at N16,000 per 50kg bag.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Quick News Africa is an integrated media solutions provider.

The company also provides solutions for web based communications, marketing and advertising.

Currently operating on a multiple – location system with correspondents in all nooks and crannies of Africa.

Copyright © 2018 Quick News Africa.

To Top