HAPPENING NOW: 50KG Bag Of Rice Set To Drop To A Shocking New Low Price – Agriculture Minister Breaks Good News Nationwide

By Post-Nigeria October 2, 2017 18:35

HAPPENING NOW: 50KG Bag Of Rice Set To Drop To A Shocking New Low Price – Agriculture Minister Breaks Good News Nationwide

In a bid to end widespread hunger around the country, President Muhammadu Buhari has assured Nigerians that the price of rice would soon crash in the market.

Post-Nigeria independently gathered that at present, a 50kg bag of rice costs between N17,000 and N18,000.

However, the Minister of Agriculture and Rural Development, Audu Ogbeh, is optimistic that the price will sell for N13,000 in the next few months.

Ogbeh told Newsmen in Abuja, that efforts were on to see how millers could procure paddy at a lower price.

“In July 2015, one tonne of rice sold for N65,000. Last year June, one tonne of rice went to N150,000”, he said.

“So, the millers said as long as they were buying for N150,000 for a tonne of paddy and milling, they could not sell for less than N17,000 for a bag of 50kg after milling.

“So, we called a meeting between millers and farmers, and we are brokering an arrangement now where the price of paddy would drop reasonably to N120,000 per tonne of paddy.

“And the millers say that if they buy at N120,000, they can sell rice at the rate of N13,000 per 50kg.”

 

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