CBN moves to crash rice price with sales of 9m tons paddy to millers

In an effort to provide adequate food for Nigerians and crash the price of rice, the Central Bank of Nigeria (CBN) and Rice Farmers Association of Nigeria, have flagged-off sales of nine million tons of subsidized rice paddy to millers.

The CBN Governor, Godwin Emefiele while flagging-off the sales and commencement of the wet season farming in Kaduna said, the apex bank is ever ready to finance agriculture.

Represented by the Kaduna branch of CBN, Ahmed Mohammed the programme is aimed at selling rice to the millers and processors at subsidized rate with the intention of reducing the price for the benefit of a common man in Nigeria and beyond.

The CBN Governor said, the Bank is ever ready to ensure food security and improve rice farming in the country.

According to him, “this programme is a nationwide program with an intention to provide food on a common man’s table, that is why Central Bank is always ready to ensure there is funds for farmers.”

Representative of the Director Development Finance of the CBN, Mr. Chika Nwaja, said that the Bank has the intention to remove the issue of middlemen from the sales of rice to processors for Nigerians to buy at cheaper prices.

“Because the marketers are people of the country, with this, Nigerian citizens must get it at affordable price. There is a reduction between the market price and the price that the CBN is giving out to processors, now we are sailing at N190, 000 against the market price that there is a difference of 35,000 Naira.”

In his speech, the National President of the Rice farmers Association of Nigeria (RIFAN), Alhaji Aminu Goronyo, said that all that is taking place at the venue is the CBN that approved it just to move the country forward.

According to him, “despite the security challenges, rice farmers are trying to provide rice to the country.”

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