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Buhari – ”I Promise To Help Nigerians Reduce Prices Of Food

ECONOMY

Buhari – ”I Promise To Help Nigerians Reduce Prices Of Food

Buhari – ”I Promise To Help Nigerians Reduce Prices Of Food


The President, Major General Muhammadu Buhari (retd.), has made promises on the reduction of food prices.

Buhari says that Nigerians needs to exercise patience as the growing food production in the country, especially the expansion in rice farming, will eventually bring down prices of food, making it more affordable for all.

Buhari said this at the official commissioning ceremony of Central Bank of Nigeria (CBN)/Rice Farmers Association of Nigeria (RIFAN) Rice Paddy Pyramids at the Abuja International Trade Fair Complex, on Tuesday, as disclosed in a statement signed by the Special Adviser to the President on Media and Publicity, Femi Adesina.

“Today rice production in Nigeria has increased to over 7.5 million metric tons annually. Prior to the introduction of Anchor Borrowers Programme (APB), the average production in Nigeria between 1999 to 2015 was less than 4 metric tons annually.

“I am aware that the bags of paddy will be moving straight from here to rice milling plants across Nigeria, which lead to the release of processed rice to the markets by the rice millers. The measure will aid our efforts at reducing the price of rice in Nigeria.

“Before this administration launched the ABP, there were only 15 standard Rice mills in Nigeria. As at today, we have over 50 Standard and integrated Rice mills creating jobs and reducing unemployment. We expect additional significant output when two new mills are started in Lagos and Katsina,’’ he said.

The President said the large margins in the business of rice had also encouraged more people to show interest in investing in agribusiness.

“Fellow Nigerians, our gathering here today, is no doubt a testament to the fact that the Anchor Borrowers’ Programme is working. Indeed, these sky-high pyramids which we are gathered here to commission are part of our commitment at achieving national food security and economic diversification through home-grown policies targeted at securing food for all Nigerians.

“As a critical policy of the government, the Anchor Borrowers’ Programme is expected to catalyze the agricultural productive base of the nation, which is a major part of our economic plan to uplift the economy, create jobs, reduce reliance on imported food and industrial raw materials, and conserve foreign exchange.

“In the implementation of the Programme, adoption of high-yielding seedlings, quality inputs and best farming practices were essential features.

“For instance, the improved rice seedlings have helped to ensure our achievement of rice sufficiency, as they are disease-resistant and have an average yield of about 5 metric tonnes per hectare, compared with the traditional national average of 1.5 metric tonnes.

“This has resulted in bridging our rice consumption gap, a significant reduction in rice imports, and saved us foreign exchange,” he added.

 

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