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Price Of Rice In Nigeria To Crash To N9000 In 3 Weeks, As Rice Farmers Record A Bumper Harvest

Farmers and millers of rice say they will soon flood the markets with the commodity and drastically cut the price following a bumper harvest.

Lauretta Onochie, an aide to President Muhammadu Buhari on social media, has announced that rice buyers should expect a crash in the commodity’s price to about N9,000 per 50kg bag in three weeks’ time as rice farmers record a bumper harvest.

The presidential aide made reference to a report published by The Punch where the pesident, Rice Farmers Association of Nigeria (RIFAN), Aminu Goronyo, promised to crash the price of the commodity as they recorded a “bumper harvest”.

“We have a bumper harvest that we never had before. We have never had the type of bumper harvests that we recorded this year,” Goronyo said.

In a tweet, Onochie quoted RIFAN president, saying farmers and millers of rice will soon flood the markets with the commodity and drastically cut the prices. She wrote:

Rice addicts like me, should expect a crash in the commodity’s price to about ₦9,000 per 50kg bag in 3 weeks, as rice farmers record a bumper harvest. [email protected]

Instead of paying 25,000 for “Foreign” Nigerian Rice, you will now have extra ₦16,000 towards other needs.”

This is coming after months of hike in rice prices occasioned by the closure of the nation’s land borders preventing foreign rice from coming through such channels.

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