Minister says price of rice will drop in June

The Federal Government has assured Nigerians of a decline in the price of locally produced rice by next month.

Audu Ogbeh, the Minister of Agriculture disclosed this while speaking at the mid-term town hall meeting in Abuja on Tuesday, May 16, 2017.

The minister noted that the cost of importing a bag of rice from Thailand, Vietnam or India stands at N13,000 per bag, while locally produced rice cost N16,000 per bag.

The minister also blamed the high cost of rice on Nigeria’s interest rate.

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“Thailand subsidises the export of rice,” Ogbeh said.

“Our interest rates in this country is higher that the interest rate in most parts of the world.

“Diesel went from N180 per litre to N300.

“The federal government was very concerned about the high cost of local rice and. I will be having a meeting with and to discuss rice prices among other matters.

“In the next one month, you’ll have Nigerian rice in the shop at the best price we’ve ever had,” the minister said.

Billions have been invested through the Anchor Borrowers Programme which aims at assisting mainly local rice farmers in the country.