The Rice Farmers, Millers and Processors on Wednesday announced that the price of a 50kg bag of rice will fall to as low as N6,000 in the next few months.
Speaking on the sidelines of a meeting between Rice Farmers/Processors and the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, at the ministry’s headquarters, in Abuja, the National President, Rice Farmers Association of Nigeria, Mr. Aminu Goronyo, told journalists that operators had resolved to currently reduce price of rice to N13,000 per 50kg, but stressed that the price would further drop to N6,000 in a few months.
According to them, the current market price of rice, which is about N15,000 per 50kg bag, will drop to between N6,000 and N7,000 in a couple of months, going by the bumper wet season harvest by rice farmers.
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