Nigerian Farmers Reach Agreement to Start Exporting Local Rice to Egypt, CBN Will Be Proud

• Nigerian farmers will start exporting rice when the Central Bank of Nigeria intervenes
• Rifan farmers signed an arrangement with Egypt to sell part of their manufactured in Nigeria rice
• Over the years, the CBN has invested billions of Naira in increasing Nigeria's domestic rice output through different interventions

The Rice Farmers Association of Nigeria has struck an agreement with Tiamin Rice Company to process and sell rice

Aliyu Ibrahim, the Deputy Managing Director of Tiamin Rice Company, made the announcement in Abuja, according to the Cable.

In the statement, Aliyu stated that RIFAN's program intended to plant high-quality rice paddy, which Tiamin then processes and packages using cutting-edge milling equipment for sale locally and worldwide, notably in Egypt.

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Details of the agreement

According to Aliyu, the MoU, which would be operational for a period of two years, was signed at the company’s 600-metric tonnes per hour capacity mill in Bauchi State.

He said:

“RIFAN and Tiamin share a common agenda in the area of rice farming and milling.

“This is to ensure a sustainable supply chain management of rice under a partnership that seeks to produce, mill and package processed rice of the highest quality for export and local trading.

“With a combined capacity of 920 tonnes per hour from its two mills in Kano and Bauchi states, Tiamin Rice is one of the largest producers of rice in Nigeria.

Aliyu also said that the company's 10,000-hectare rice farm in Udubo, Bauchi State will make it easy to fulfil the agreement.

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CBN interventions

The Punch reports that Aliu revealed added that Tiamin Rice Company benefited from six different development finance interventions of the Central Bank of Nigeria.

He said the intervention was to the tune of over N20 billion, adding that the company had successfully repaid four of the intervention funds.

Aliyu further revealed that Tiamin Rice Company was the first corporate entity to access the CBN's funds for the Private Sector-Lead Accelerated Agricultural Development Scheme.

Legit.ng weekly price check: Traders, buyers complain bitterly as bag of rice sells for N50,000 in Bayelsa

Meanwhile, as Nigerians continue to lament the severe impact of flooding across the country, traders and buyers in Bayelsa state have decried the hike in the cost price of major goods in the state.

This is as a bag of rice now sells for N50,000 in Bayelsa state and a cup now sells for N200.

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While residents of the state are struggling daily to get over the impact of the flood, traders in the state lament bitterly over the hike in the cost price of goods which has led to the reduction in buyers' purchasing power.

Source: Legit.ng