Price Of Bag Of Rice Will Fall By November – Federal Government

import-riceThe Federal has declared that the price of would start to fall from November this year. Minister of Agriculture and Rural Development, Chief Audu Ogbeh, said this in Abuja yesterday while addressing members of the Senate Committee on Agriculture and Rural Development.

According to him, more have returned to their various farms and by the next harvesting season next month, the price of would start to crash.

Ogbeh who also stressed that his ministry would not encourage because it would be detrimental to local production said:

“We will not encourage and there is no way our ministry or can be involved in importing when we are working hard to be self-sufficient in local production. By November when the full-scale harvest starts, prices will fall,” the minister said.

Early last month, the had warned that the price of rice might hit N40,000 a bag. It is currently being sold around N20,000.

The Minister of State for Agriculture and Rural Development, , had said that the $22bn annual food import bill had led to the astronomical rise in the price of rice and other commodities.

He stressed that if failed to produce some of the items being imported before December, the price of rice could skyrocket to N40,000 a bag.

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