AgegePulse Magazine
Rice buyers should expect a crash in the commodity’s price to about N9,000 per 50kg bag in three weeks’ time as rice farmers record a bumper harvest, OKECHUKWU NNODIM reports
Farmers and millers of rice say they will soon flood the markets with the commodity and drastically cut the price following a bumper harvest.
This is coming after months of hike in rice prices occasioned by the closure of the nation’s land borders preventing foreign rice from coming through such channels.
Since the Federal Government closed the borders, some persons have reportedly been engaging in hoarding, buying and storing both rice paddy and milled rice.
Farmers, who confirmed that the hike in rice prices was largely caused by this act, told our correspondent on Saturday that they just recorded bumper harvests and this would warrant a crash in local rice price in about three months’ time.
In an interview with The PUNCH in Abuja on Saturday, the President, Rice Farmers Association of Nigeria, Aminu Goronyo, said, “We have a bumper harvest that we never had before. We have never had the type of bumper harvests that we recorded this year.”
Punch
No comments:
Post a Comment