Rice Millers Confirm Drop In Price, Give Reason
The Association of Rice Millers has confirmed that the reopening the Nigeria-Niger border is responsible for declining rice prices nationwide.
Naija News reports that rice prices decreased by 19 per cent despite rising inflation, which stood at 33.20 per cent in March 2024.
In a statement issued by the chairman of African Rice Millers in Nasarawa, Jonathan Joshua, he disclosed that mills earlier shut down production due to the scarcity of paddy rice.
Joshua, who doubles as the national president of the Association of Small-Scale Agro Producers in Nigeria, noted that the price of rice is expected to drop further in the next two months upon the commencement of harvest.
He said, “Some mills that shut down production owing to the scarcity of paddy last year and early this year are now reopening as they can quickly source the grain from neighbouring countries due to the reopening of the Nigeria-Niger border.
“We expect paddy prices to drop further when farmers commence harvesting in two months.”
Prices Of Rice, Spaghetti, Beans, Other Foodstuffs Drop
Meanwhile, a recent survey has revealed a significant drop in the prices of staple food items in Adamawa, Borno, and Yobe states.
This development is a welcome relief for residents in these states, who have been grappling with high food prices in recent months.
In Yola Central Market, a 50kg bag of foreign rice, which previously sold for between N80,000 and N85,000, now costs between N57,000 and N58,000. This represents a significant decrease of over 30% in just two months, News Agency of Nigeria (NAN) reports.
Similarly, a 100kg bag of beans, which sold for N110,000, now costs N100,000, while a 100kg bag of guinea corn, another staple food in Adamawa, now goes for N55,000, down from N60,000.
Suleiman Adamu, a trader in the market who deals in pasta, attributed the decrease in prices to the recent rise in the value of the naira.
The post Rice Millers Confirm Drop In Price, Give Reason appeared first on Naija News.
