Price Of Rice In Nigeria To Crash To N9000 In 3 Weeks, As Rice Farmers Record 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. -@MobilePunch

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

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. –@MobilePunch

Instead of paying 25,000 for “Foreign” Nigerian Rice, you will now have extra ₦16,000 towards other needs
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— Lauretta Onochie (@Laurestar) October 21, 2019

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.