The price of rice in the Nigerian market is expected to fall as the country launches 13 pyramids of rice paddy, President Muhammadu Buhari has said.
The price of rice, a staple food in Nigeria, began upward trend when the Nigerian government closed the Seme border between Nigeria and Benin Republic in August 2019.
The government said the decision was to strengthen the agricultural sector and curb massive smuggling activities, especially of rice, on that corridor.
The rice pyramids made of 1 million rice paddy was achieved through the Central Bank of Nigeria’s Anchor Borrowers’ Programme (ABP), a programme launched in 2015 to boost agricultural production and reverse Nigeria’s negative balance of payments on food.
At the launch of the pyramids Tuesday, President Muhammadu Buhari said the measure will aid efforts at reducing the price of rice in Nigeria.