Bag of rice to fall to N15,000 soon - Official
- The minister of agriculture and rural development, Audu Ogbeh, has said that the price of rice would fall to N15,000 soon
- Ogbeh said efforts were being made to ensure that miller could be able to procure a paddy at lower price
- He also said a meeting has been scheduled between the millers and the farmers by the federal government
The federal government has assured Nigerians that the price for a bag of rice would soon crash in the market.
The minister of agriculture and rural development, Audu Ogbeh while speaking to journalists in Abuja said rice would sell for N13,000 within a few months.
Ogbeh said he is optimistic that a 50kg bag of rice which is currently between N17,000 and N18,000 would crash to N15,000 and N13,000.
READ ALSO: Fani-Kayode reveals what he alleged as 'top secret' about President Buhari
The minister said efforts were being made to ensure that miller could be able to procure a paddy at lower price.
Ogbeh said: "In July, 2015, one tonne of rice sold for N65,000. Last year June, one tonne of rice went to N150,000."
“So, the millers said as long as they were buying for N150,000 for a tonne of paddy and milling, they couldn’t sell for less than N17,000 for a bag of 50 kg after milling.
READ ALSO: Release Nnamdi Kanu to Nigeria or we will take serious action against you - Group warns UK
“So, we called a meeting between millers and farmers and we are brokering an arrangement now where the price of paddy would drop reasonably to N120,000 per tonne of paddy.
“And the millers say that if they buy at N120,000, they can sell rice at the rate of N13,000 per 50kg," Obeh said.
PAY ATTENTION: Read the news on Nigeria’s #1 new app
Legit.ng previously reported that local rice farmers announced that the price of rice will go for as low as N6,000.
The farmers said they were keying into the Central Bank of Nigeria borrowers' programme to increase production of rice in the country.
The farmers also said the demand for local rice has also increased across Nigeria.
Market Survey: Traders say recession almost over as prices are gradually dropping - on Legit.ng TV.
Source: Legit.ng
