Nigerian farmers set to cut rice price to N6, 000 per bag.

Nigerian farmers set to cut rice price to N6, 000 per bag. The Rice Farmers Association of Nigeria says it will reduce the price of locally produced rice from N18,000 per 50kg bag to N6,000 within the next few months. Aminu Goronyo, the National President of RIFAN, said this during a meeting with Rice Processors Association of Nigeria (RIPAN) and the Minister of Agriculture and Rural Development, Audu Ogbeh, in Abuja Mr. Goronyo said although RIFAN and RIPAN had agreed to fix the current price of 50 kg bag of rice at between N13,000 and N13,500, the price would further crash to N6,000 within the next few months if there were bumper harvests and low cost of production. He said 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.