The Nigeria federal Government has announce that rice price in Nigeria will fall down by November 2016, these declaration was made on monday october 10, 2016 stating it clear that rice price will start seeing it falling in price by November.
Rice price in Nigeria Will Start falling by November 2016
According to report it was stated that more Nigerians had returned to their various farms, adding that at the next harvesting season next month, rice price in Nigeria could start to crash.
The government said that the delay in the approval of the 2016 budget had made it impossible to implement the capital expenditure in the agricultural sector.
It was reported that the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, while addressing members of the Senate Committee on Agriculture and Rural Development in Abuja stated that the Nigeria government could not get involved in the importation of rice as speculated in some quarters, he stressed that his ministry would not encourage rice importation because it would be detrimental to local production.
He included that the Federal Government was against rice smuggling and noted that the Seme border had become a notorious route for the smuggling of contraband products into Nigeria.
Here is his speech “We will not encourage rice importation and there is no way our ministry or government can be involved in importing rice when we are working hard to be self-sufficient in local production. By November when the full-scale harvest starts, rice prices in Nigeria will fall,”
We understand that early last month, Nigeria government warned that the price of rice might hit N40,000 a bag. And now is currently being sold N18,500 to N20,000.
In addition the Minister of State for Agriculture and Rural Development, Senator Heineken Lokpobiri, note that the $22bn annual food import bill had led to the astronomical rise in the price of rice and other commodities.
At same time he stressed that if Nigerians failed to produce some of the items being imported before December, the price of rice could hit the N40,000 per bag.
Ogbeh said, “It is about now that the capital expenditure is beginning. One of the reasons why money is not circulating is that we need to follow the due process on issues of procurement, advertisement and others.”
According to Ogbeh his ministry has spent just N882.58m, representing four per cent of the N21bn budgeted for it in the 2016 Appropriation Act.
In addition he said, “You may be surprised to know that only six to seven states in Nigeria are showing enthusiasm in agriculture. Some by nature don’t seem interested, while others just can’t connect with whatever we are doing at the federal level.”
Ogbeh further stated that his ministry inherited N67bn debt when the present administration came on board, but added that N20bn had been paid to agro-dealers and distributed 900 million oil palm seedlings to farmers across the country.