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President Buhari Appeals To Nigerians To Be Patient, Saying That Rice Prices Will Fall With The Launch Of The Pyramids.

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Buhari Appeals To Nigerians To Be Patient, Saying That Rice Prices Will Fall With The Launch Of The Pyramids.

On Tuesday in Abuja, after the launch of rice pyramid. President Muhammadu Buhari stated that the country's expanding food output, particularly development in rice farming, will eventually lower food prices, making it more affordable to all.

He addressed at the Abuja International Trade Fair Complex during the formal commissioning ceremony of the Central Bank of Nigeria (CBN) and Rice Farmers Association of Nigeria (RIFAN) Rice Paddy Pyramids.

Nigerian rice production has risen to approximately 7.5 million metric tons per year. Between 1999 and 2015, Nigeria's average yearly production was less than 4 metric tons prior to the advent of the Anchor Borrowers Programme (APB).

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I'm aware that the paddy bags will be transported directly from here to rice milling plants across Nigeria, where the rice millers would release processed rice to the markets. The measure will help us in our attempts to lower rice prices in Nigeria.

There were only 15 standard rice mills in Nigeria before this administration started the ABP. We now have over 50 standard and integrated rice mills, which are producing jobs and helping to reduce unemployment. When two new mills in Lagos and Katsina start up, we foresee a big increase in output, he said.

President Buhari has said that, the country produces over 7.5 million metric tons of rice per year, with the Anchor Borrowers Program supporting over four million farmers.

By looking at the numerous economic strides the administration has made through agriculture, the significance of today's occasion can be better appreciated.

Source: Channels

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