The Minister of Agriculture, Audu Ogbeh has on Tuesday whole speaking at a Town Hall meeting in Abuja revealed the reason behind the increased price of Nigerian rice compared to the imported rice.
The Agric Minister while speaking during the Town Hall meeting pointed out that despite government’s efforts, the locally produced rice remains expensive compared to the imported rice because most of the imported rice was subsided by the foreign governments.
He further noted that most rice brought into the country are a product of Vietnam, India and Thailand whose government have imposed export subsidies on their products.
Audu Ogbeh further pointed that imported rice arrive into the country at about 9,000 per bag and are subsequently sold for about N13,000 per bag to consumers unlike the local rice which is sold for about N16,000 per bag.
The Agric Minister further lamented the interest rates on farming loans as he said: “Our interest rates in this country is higher that the interest rate in most parts of the world.”
Also citing the cost of running farms as part of the factors influencing the price of the Nigerian produced rice, Audu Ogbeh added: “Diesel went from N180 per litre to N300.”
He thereafter noted that the federal government is working on plans to better the lot of Nigerian farmers as there would be a meeting with the Acting President, Yemi Osinbajo and the Minister of Finance, Kemi Adeosun to discuss rice prices among other matters.
He promised farmers that the federal government through its Anchor Borrowers Programme will continue to invest in assisting local rice farmers promising that “In the next one month, you’ll have Nigerian rice in the shop at the best price we’ve ever had.”