3 Months after Buhari Unveiled Largest Rice Pyramid in Africa, Nigeria Resumes Rice Import From Neighbours

• Media reports have revealed that millers in the country have resumed the importation of rice from neighbouring countries to meet operation demands
• This is coming three months after President Muhammdu Buhari unveiled the tallest rice pyramids in Africa in a fanfare ceremony in Abuja
• CBN currently has a ban on rice importation and has pumped billions to farmers to improve production

According to various reports, it seems the road to rice self-sufficiency for Nigeria is still very far as, despite increased production, it is not enough to meet demands.

BusinessDay reports that Nigerian rice millers have said they are importing paddy from some neighbouring West African countries to keep their mills running.

A development that runs counter to the claim by the Federal Government that the country has achieved self-sufficiency in the production of the grain.

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Recall that on January 18, President Muhammadu Buhari unveiled 13 rice pyramids stacked with a total of about 1.2 million bags of paddy, which was described as the largest in the World.

The Gap

BusinessDay reported noted that the inability of some rice millers to get enough paddies had forced them to import from neighbouring countries.

According to the Guardian, Nigerians consume 6.95 (almost 7.0) million metric tonnes of Rice but total production is at 5.000MMTs leaving a deficit of approximately 2.00 million metric tonnes.

To close the gap, the report noted that millers were forced to smuggle rice into the country due to the importation ban of CBN.

Cost of Rice

This huge gap means the effort by CBN in committing billions of Naira to the hands of farmers through the Anchor Borrowers’ Programme (ABP) is yet to have the required effect.

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A recent market survey carried out by Legit.ng shows the cost price of rice of a foreign rice bag sells at N30,000, while a bag of local rice (stone-free) sells from 27,000 upwards and the ones with stone from, N24,000.

Lagos trader gives 1 major reason he won't vote Atiku, Tinubu

Whilst Nigerians at home and abroad are looking forward to electing a new leader in 2023, traders in the market are seeking a figure that would change the leadership style of the country.

In a chat with Legit.ng, a trader who sells foodstuff items at the market told our correspondent that the leadership system of Nigeria is like a cycle, it’s static and nothing has changed so far.

According to him, the political parties in Nigeria keep bringing the same people over and over again, with the same mandates and at the end of the day, they assume office and effect nothing positively.

Source: Legit.ng