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The Central Bank of Nigeria (CBN) has moved to crash the price of rice across the country as the apex bank and the Rice Farmers Association of Nigeria (RIFAN) have concluded plans to distribute 27,000 metric tonnes of rice paddies directly to millers nationwide on Thursday.
The move is part of the measures initiated by the CBN to help address the rising cost of food prices in the Nigerian market, according to Punch.
READ: CBN blames herdsmen and bandits for galloping inflation rate
According to a statement from the CBN on Tuesday, the direct allocation from RIFAN warehouses across 16 states of the federation was sequel to the earlier sale of paddy aggregated as loan repayment under the Anchor Borrowers’ Programme to millers from the rice pyramids unveiled in Niger, Kebbi, Gombe and Ekiti states.
Other News
The acting Director, Corporate Communications Department, CBN, Osita Nwanisobi, said Kaduna State had been selected as the key location for the paddy allocation exercise, which would be done simultaneously in the states that recorded the highest quality of rice harvests during the last farming season.
READ: CBN Governor discloses how government hopes to reduce import bill by 35%
The CBN Spokesman explained that the new strategy was in line with the bank’s mandate of ensuring price stability and its focus of being a people-centred central bank.
He was optimistic that the allocation of the paddies would lead to a decline in the prices of rice in the Nigerian market, boost availability, and ultimately check the activities of middlemen seeking to create artificial scarcity along the supply chains.
READ: CBN to start printing currency for The Gambia – Emefiele
What you should know
- The price of rice has been on the increase since the Federal Government banned the importation of rice through the land borders in a bid to boost local production and stop revenue leakage.
- The CBN introduced Anchor Borrowers’ Program (ABP) to create a linkage between anchor companies involved in the processing of the required key agricultural commodities through the provision of farm inputs in kind and cash (for farm labour) to smallholder farmers. The move is to boost the production of these commodities, stabilize inputs supply to agro-processors and address the country’s negative balance of payments on food.
- The CBN recently launched pyramids of rice paddies in Niger, Kebbi, Gombe and Ekiti state, with similar exercise expected in the Federal Capital Territory, Ebonyi and Cross River in the coming weeks.
- This is part of its contribution to ensuring self-sustenance in food production as well as food security in Nigeria.
- It will be recalled that the CBN, working with relevant agencies, in January 2021, had triggered the release of about 300,000 metric tonnes of maize from strategic anchors under the ABP which forced down the prices of maize.
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Not only rice, all foods available for the masses are too expensive!
And while the leaders don’t even bother about the masses. Their own is to stop importation of rice and others into country. Only GOD will come for our rescue in these country!!!
Asaminu644@gmil
IM NEED IT
It better they do so
I pray that the price of rice should reduce, that poor masses could afford to buy. This is my earnest prayer ?
I just pray that, one day God will rescue us, we the poor masses from the hands of our bad leaders
I see people praying to God for rescue. Even Isreal fights its war using drones and missiles. God will not come down and help us oh.
Are the Isrealis fighting themselves or there leaders?
? WISDOM
It’s will be nice to see the resultan effect of the CBN, and also the other farm input as the rate of fertilizer, top feeds, and various foods items in the market is alarming. This administration is the WORST ever. Ban on importation or closing borders is not the issue. PROVISION should have been in place before. Any other thing if at all. But, one thing is sure, the hardship this administration posed on the masses in this government posterity will not forgive Buhari, BOKO, Bandit, and all this administration has brought to the Country.
Our God will never forgive our leaders even their generation for what they have turn this country into ,I know their day’s are numbered
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