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Business News

Price of rice will be N9,000 soon – RIFAN

Rice farmers have given an assurance to the General public that a 50kg bag of rice will sell for N9,000 in three weeks’ time.

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Rice, RIFAN, Rice will be abundant this Christmas, RFAN says

Rice farmers have given the general public an assurance that a 50kg bag of rice will sell for N9,000 in three weeks’ time, after recording a bumper harvest this year. They also promised that more rice would flood the market thereby forcing market prices downward, against the continual hoarding that raised the price to about N26,000.

Aminu Goronyo, the President, Rice Farmers Association of Nigeria (RIFAN), confirmed this development, saying, “We have a bumper harvest that we never had before. We have never had the type of bumper harvests that we recorded this year.”

[READ ALSO: Scarcity of imported rice hits major markets, as dealers pack local rice in foreign bags]

The Details: He expressed his unhappiness at the actions of unscrupulous middlemen who used the border closure to create widespread scarcity for selfish reasons. He also promised that the increase in the prices of rice will no longer persist.

There are enemies of this country who buy and store this commodity just because they want to create artificial scarcity. But let me tell you, our harvest is coming up in the next two to three weeks, and the paddy coming to the mills, our millers cannot even mill it.

No matter who is trying to hoard or create artificial scarcity as seen in certain locations, such persons will be disappointed,” he said.

Rice, RIFAN

Findings by Nairametrics Household Survey showed that various brands of locally made rice witnessed a significant 12.9% increase in price, from an initial average of N18,000 to N19,500. Also, imported rice is now being sold at an average of N26,000.

As a means to stop artificial scarcity and reduce the price of rice, Goronyo said RIFAN members had resolved to stop selling rice paddies to individuals who were not millers.

We’ve noticed that there are people who move into the market to buy paddy rice and who are not even millers. We don’t know where they come from. They are enemies of this country because they just want to put Nigeria in a situation where we have artificially induced rice scarcity.

We are now taking steps to address this by ensuring that no paddy rice buyer will come to the farmers directly and buy unless he identifies himself. There should be a broker who will verify the buyer to know whether he is a miller or not. So that is what we are trying to do now.

Our promise is that Nigerians will continue to get this commodity at an affordable price and it will be available. And like I said to you, we are still selling at N7,500 per bag of paddy and millers are officially selling at N14,000.

I don’t think the price will go up, rather the only thing we hope is that the price will continue to come down and definitely it will. Some of our millers sell at N12,000 and we hope that Nigerians will buy a 50kg milled rice at between N9,000 and N10,000,” Goronyo added.

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Coronavirus

Update: Health Minister states side effects of COVID-19 vaccines

Dr. Osagie Ehanire has disclosed the side effect of the COVID-19 vaccines.

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Nigeria to vaccinate 20 million people against Covid-19. Chinese Engineering firm donates medical supplies to Nigeria

Minister of Health, Dr. Osagie Ehanire has stated the side effects of the COVID-19 vaccines, which he said is mild.

The minister disclosed this during the live broadcast when President Muhammadu Buhari took his vaccine shot on Saturday.

According to the Minister, the reactions are usually mild and only few people had complained of mild pain in the part of the body they got the shot.

He said, “It is not everybody that complained of reactions/side effects but few had complained of mild pain at the part of the body they got the shot.

”Usually manufacturing vaccines take not less than 4 years but this only took about 1 year, which is the reason some people are apprehensive about the vaccines. This was manufactured in the United Kingdom and has been certified.”

Ehanire, explained that the jab is painless as a narrow gauge syringe was used with a small quantity injected in the upper arm.

He added that the after-effects are mild but accompanied by little discomfort in the area that was injected.

Present at the brief ceremony were the Secretary to the Government of the Federation (SGF) Mr Boss Mustapha; Minister of Information and Culture, Alhaji Lai Mohammed; the Chief of Staff to the President, Professor Ibrahim Gambari and other members of the Presidential Task Force (PTF) on COVID-19, senior government officials and journalists.

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Coronavirus

Update: President Buhari, VP Osinbajo get COVID-19 vaccine shots

President Buhari and VP Osinbajo have been vaccinated against COVID-19 on Saturday at the State House, Abuja.

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President Muhammadu Buhari and Vice President Yemi Osinbajo have been vaccinated against COVID-19 on Saturday at the State House, Abuja.

President Buhari and VP, who received his COVID-19 vaccine shot on Live TV broadcast, urged Nigerians to emulate him and do the same to curb the pandemic in the most populous black nation.

 

Both were administered their jabs, on Saturday morning, at the Banquet Hall of the presidential villa, Abuja at a ceremony broadcast live on national television.

Their inoculation followed their e-registration and filling out of their vaccination cards by the Executive Director of the National Primary Health Care Development Agency (NPHCDA), Faisal Shuaib.

Vaccination of Buhari was done by Chief Personal Physician to the President, Dr Suhayb Rafindadi.

Osinbajo was also vaccinated by his personal physician, Dr Nicholas Audifferen.

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