The Central Bank of Nigeria, CBN, and the Rice Farmers Association of Nigeria, RIFAN, have stepped up efforts to reduce the price of rice, in the face of growing food inflation in the country, under President Muhammadu Buhari’s watch, .
The CBN said in a statement on Tuesday night, that it has completed preparations to distribute 27,000 metric tonnes of rice paddy straight to Millers throughout the nation, on Thursday, June 24, in a new attempt to reduce the increasing food prices in the Nigerian Market.
The Acting Director, Corporate Communications Department at the CBN, Osita Nwanisobi, noted that Kaduna State has been selected as the key location for the paddy allocation exercise, which will be done simultaneously in the States that recorded the highest quality of rice harvests during the last farming season.He said:
“The direct delivery to RIFAN warehouses throughout 16 Federation States, follows the previous sale of paddy aggregated as debt payback under the Anchor Borrowers’ Programme, ABP, to Millers, from rice pyramids unveiled in Niger, Kebbi, Gombe, and Ekiti States.
”He stated that the new policy is consistent with the Bank’s objective of maintaining price stability, and its focus on becoming a people-centered Central Bank.He also expressed confidence that the distribution of the fields will result in a decrease in rice prices in the Nigerian Market, increased availability, and eventually, a check on the activities of intermediaries attempting to create artificial scarcity throughout supply chains.
The CBN recently unveiled rice paddie pyramids in Niger, Kebbi, Gombe, and Ekiti States, with the Federal Capital Territory, FCT, Ebonyi and Cross River States, set to follow suit in the following weeks, as part of the Bank’s effort to ensuring self-sufficiency in food production and food security in Nigeria.
Recall, that in January 2021, the CBN in collaboration with appropriate authorities, initiated the release of about 300,000 metric tonnes of maize from key Anchors under the Anchor Borrowers’ Programme, driving maize prices down from N180,000 per metric tonne.More news later…