In the next few months, a 50kg bag of rice would be sold at the rate of N6000, says the National President of Rice Farmers Association of Nigeria, Aminu Goronyo, on Wednesday.
Goronyo made this known during a meeting between rice farmers, processors and the minister of agriculture, Audu Ogbeh, at the ministry’s headquarters in Abuja.
According to him, the anticipated crash in prices is due to wet season bumper harvest by farmers.
He added that operators have resolved to reduce the price of a 50kg bag of rice, which is currently priced within the range of N15,000 to N17,000, to N13,000.
“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 will come down to N6,000. It is achievable, it will be a reality,’’ he said.
On his own part, Mohammed Abubakar, chairman, Rice Processors Association of Nigeria (RIPAN), said 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,” he said.
“Before now, we were buying paddy at N140,000 and N150,000 per tonne and we are selling our products at N16,000 per 50kg bag.
“If this MoU works, we hope to sell a bag of rice at N13, 000 to N13, 500, depending on where you are in the country.”
Ogbeh lauded the associations for their decision to slash the price of locally produced rice.
The minister, who noted that the biggest challenge facing rice farmers in the country was smuggling, said the move would aid efforts to stamp out rice smuggling into the country.