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CBN, farmers intervene as price of rice is set to drop across the country

Chike Olisah by Chike Olisah
June 23, 2021
in Business News, Spotlight
Buhari food Items, Prices of major food items continue to rise in major markets as border closure remains , Household Survey: Nigerians dump imported rice, others, as prices jump high 
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The Central Bank of Nigeria (CBN) has moved to crash the price of rice across the country as the apex bank and the Rice Farmers Association of Nigeria (RIFAN) have concluded plans to distribute 27,000 metric tonnes of rice paddies directly to millers nationwide on Thursday.

The move is part of the measures initiated by the CBN to help address the rising cost of food prices in the Nigerian market, according to Punch.

READ: CBN blames herdsmen and bandits for galloping inflation rate

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According to a statement from the CBN on Tuesday, the direct allocation from RIFAN warehouses across 16 states of the federation was sequel to the earlier sale of paddy aggregated as loan repayment under the Anchor Borrowers’ Programme to millers from the rice pyramids unveiled in Niger, Kebbi, Gombe and Ekiti states.

The acting Director, Corporate Communications Department, CBN, Osita Nwanisobi, said Kaduna State had been selected as the key location for the paddy allocation exercise, which would be done simultaneously in the states that recorded the highest quality of rice harvests during the last farming season.

READ: CBN Governor discloses how government hopes to reduce import bill by 35%

The CBN Spokesman explained that the new strategy was in line with the bank’s mandate of ensuring price stability and its focus of being a people-centred central bank.

He was optimistic that the allocation of the paddies would lead to a decline in the prices of rice in the Nigerian market, boost availability, and ultimately check the activities of middlemen seeking to create artificial scarcity along the supply chains.

READ: CBN to start printing currency for The Gambia – Emefiele

What you should know

  • The price of rice has been on the increase since the Federal Government banned the importation of rice through the land borders in a bid to boost local production and stop revenue leakage.
  • The CBN introduced Anchor Borrowers’ Program (ABP) to create a linkage between anchor companies involved in the processing of the required key agricultural commodities through the provision of farm inputs in kind and cash (for farm labour) to smallholder farmers. The move is to boost the production of these commodities, stabilize inputs supply to agro-processors and address the country’s negative balance of payments on food.
  • The CBN recently launched pyramids of rice paddies in Niger, Kebbi, Gombe and Ekiti state, with similar exercise expected in the Federal Capital Territory, Ebonyi and Cross River in the coming weeks.
  • This is part of its contribution to ensuring self-sustenance in food production as well as food security in Nigeria.
  • It will be recalled that the CBN, working with relevant agencies, in January 2021, had triggered the release of about 300,000 metric tonnes of maize from strategic anchors under the ABP which forced down the prices of maize.

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Tags: Anchor Borrowers’ ProgramCBNCentral Bank of NigeriaRice Farmers Association of NigeriaRIFAN
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 18

  1. Bidecx says:
    June 23, 2021 at 5:36 pm

    Not only rice, all foods available for the masses are too expensive!

    Reply
  2. Derico says:
    June 23, 2021 at 7:14 pm

    And while the leaders don’t even bother about the masses. Their own is to stop importation of rice and others into country. Only GOD will come for our rescue in these country!!!

    Reply
  3. Saminu adamu says:
    June 23, 2021 at 9:15 pm

    Asaminu644@gmil

    Reply
  4. GARBA SAMAILA says:
    June 24, 2021 at 12:30 am

    IM NEED IT

    Reply
  5. Anonymous says:
    June 24, 2021 at 7:09 am

    It better they do so

    Reply
  6. Eric Nnabuike Pascal says:
    June 24, 2021 at 7:35 am

    I pray that the price of rice should reduce, that poor masses could afford to buy. This is my earnest prayer ?

    Reply
  7. Suraj says:
    June 24, 2021 at 10:58 am

    I just pray that, one day God will rescue us, we the poor masses from the hands of our bad leaders

    Reply
  8. Olusegun Mabawonku says:
    June 24, 2021 at 2:37 pm

    I see people praying to God for rescue. Even Isreal fights its war using drones and missiles. God will not come down and help us oh.

    Reply
    • Anonymous says:
      June 25, 2021 at 2:45 pm

      Are the Isrealis fighting themselves or there leaders?

      Reply
      • OCHUKO says:
        June 26, 2021 at 5:44 pm

        ? WISDOM

        Reply
  9. Samuel Adogbeji says:
    June 24, 2021 at 2:51 pm

    It’s will be nice to see the resultan effect of the CBN, and also the other farm input as the rate of fertilizer, top feeds, and various foods items in the market is alarming. This administration is the WORST ever. Ban on importation or closing borders is not the issue. PROVISION should have been in place before. Any other thing if at all. But, one thing is sure, the hardship this administration posed on the masses in this government posterity will not forgive Buhari, BOKO, Bandit, and all this administration has brought to the Country.

    Reply
  10. Mathew bassey says:
    June 24, 2021 at 7:24 pm

    Our God will never forgive our leaders even their generation for what they have turn this country into ,I know their day’s are numbered

    Reply
  11. Sakina says:
    June 25, 2021 at 1:50 am

    It has been long we eat rice in our house I pray it happens my family we be happy and please not only rice all food is gotten out of hand

    Reply
    • Literally, every consumption is cost,and every materials are says:
      June 26, 2021 at 3:59 am

      Literally every consumptions are cost and every materials are also cost.if the govt can also lift banned of too much taxes on some production company in Nigeria,it will go a long way in Nigeria economy.

      Reply
  12. Anonymous says:
    June 26, 2021 at 2:54 am

    This news ? is regard as political statement
    How can this be if the allocation is been given only to the northerns
    Why not FG use there hands and buy the foreign rice ? and sell to the citizens at the rate of ten thousand 10k per bag

    Reply
  13. Kizito says:
    June 26, 2021 at 2:58 am

    This news ? is regard as political statement
    How can this be if the allocation is been given only to the northerns
    Why not FG use there hands and buy the foreign rice ? and sell to the citizens at the rate of ten thousand 10k per bag

    Reply
  14. Petra says:
    June 26, 2021 at 4:00 am

    Literally every consumptions are cost and every materials are also cost.if the govt can also lift banned of too much taxes on some production company in Nigeria,it will go a long way in Nigeria economy.

    Reply
  15. Wasili Muhammad says:
    July 1, 2021 at 3:48 pm

    Whomsoever controls the volume of money in any country is absolute master of all industry and commerce and when you realize that the entire system is very easily controlled, one way or another. CBN plan on deflation of rice price is good but it has to be transparent and accountable in all it policies and processes.

    Reply

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