Price of Rice will fall by November- Ogbeh

                                    

The Federal Government of Nigeria have declared that the price of rice would start to fall from November this year.

It stated that more Nigerians had returned to their various farms, adding that at the next harvesting season next month, the price of rice would start to crash.

This came as 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.

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, said this while addressing members of the Senate Committee on Agriculture and Rural Development at the headquarters of the ministry in Abuja.

Ogbeh, who stated that the government could not be involved in the importation of rice as speculated in some quarters, stressed that his ministry would not encourage rice importation because it would be detrimental to local production.

He said 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 the country.

“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 will fall,” the minister said.

Early last month, the government 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, Senator Heineken Lokpobiri, 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 Nigerians failed to produce some of the items being imported before December, the price of rice could skyrocket to N40,000 a bag.