The Rice Farmers Association of Nigeria says it will reduce the price of locally produced rice from 18,000 naira per 50 kilogram per bag to 6,000 naira within the next few months.
The National President of the Association Aminu Goronyo, said this during a meeting with Rice Processors Association of Nigeria and the Minister of Agriculture and Rural Development, Audu Ogbeh, in Abuja.
Goronyo said that although the two Association had agreed to fix the current price of 50 kilorams bag of rice at between 13,000 and 13,500 naira the price would further crash to 6,000 naira within the next few months if there were bumper harvests and low cost of production.
He said that the drastic reduction in the price would be made feasible if the cost of rice production was cut through the Federal Government’s support to rice farmers.
Speaking during the meeting, the minister Ogbeh commended the associations for their decision to slash the price of locally produced rice.