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Buhari assures Nigerians of reduction in prices of food

The President, Major General Muhammadu Buhari, has urged Nigerians to exercise patience as the growing food production in the country, especially the expansion in rice farming, will eventually bring down prices of food.

Buhari said this at the official commissioning ceremony of Central Bank of Nigeria Rice Paddy Pyramids at the Abuja International Trade Fair Complex, on Tuesday, as disclosed in a statement signed by the Special Adviser to the President on Media and Publicity, Femi Adesina.

According to the statement, President Buhari said that the bags of paddy will be moving straight from the complex to rice milling plants across Nigeria, which will lead to the release of processed rice to the markets by the rice millers. He added that the measure will aid the government efforts at reducing the price of rice in Nigeria.

Buhari said, “Today rice production in Nigeria has increased to over 7.5 million metric tons annually. Prior to the introduction of Anchor Borrowers Programme (APB), the average production in Nigeria between 1999 to 2015 was less than 4 metric tons annually.

“I am aware that the bags of paddy will be moving straight from here to rice milling plants across Nigeria, which lead to the release of processed rice to the markets by the rice millers. The measure will aid our efforts at reducing the price of rice in Nigeria.

“Before this administration launched the ABP, there were only 15 standard Rice mills in Nigeria. As at today, we have over 50 Standard and integrated Rice mills creating jobs and reducing unemployment. We expect additional significant output when two new mills are started in Lagos and Katsina,’’ he said.

“Fellow Nigerians, our gathering here today, is no doubt a testament to the fact that the Anchor Borrowers’ Programme is working. Indeed, these sky-high pyramids which we are gathered here to commission are part of our commitment at achieving national food security and economic diversification through home-grown policies targeted at securing food for all Nigerians.” He added.

The President said the large margins in the business of rice had also encouraged more people to show interest in investing in agribusiness.

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