June 17, 2024

Why rice price is decreasing in Nigeria – Millers

The Association of Rice Millers has said the reopening of the Nigeria-Niger border is responsible for declining rice prices nationwide.

Jonathan Joshua, chairman at African Rice Millers in Nasarawa, disclosed this in a statement.

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.

“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,” he said.

DAILY POST reports that rice prices decreased by 19 per cent despite rising inflation which stood at 33.20 per cent in March 2024.

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