Sabo Nanono, the
minister of agriculture and rural development, says it is unpatriotic to sell a
50kg bag of rice above N15,000.
According to a
statement by Theodore Ogaziechi, director of information at the ministry, the
minister made the remark during a working visit to rice farms and mills of
Stallion Group Limited, Popular Farms and Mill Limited – producers of Stallion
rice in Kano.
“I see no reason why
a 50kg bag of rice should be sold for N17,000,” NAN quoted him to have said.
“The maximum
processing expense is N2,000, making a total of N10,500; it is unpatriotic to
sell a bag more than N14,000 to N15000.”
Following the Central
Bank of Nigeria’s decision to restrict forex for rice importation, the retail
price of a 50kg bag of rice rose to between N18,000 and N25,000.
Nanono was also
quoted to have said exportation of Nigerian rice can begin within two years if
the current momentum is maintained.
He announced that
the ministry would convene a forum within the next four years for all
stakeholders in the rice sub-sector to dialogue on how to improve on seedlings,
farm inputs among others.
In his remarks, Amit
Kumar Rai, the managing director of Popular Farms and Mill Limited, said
Stallion Group has invested over $70 million in Nigeria’s agricultural sector,
especially rice and sesame production.
According to Rai,
the company operates the biggest rice mill in Kano with an annual installed
capacity of 430,000 metric tonnes, adding that it has a consolidated capacity
of 1.7 million metric tonnes.
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If the minister is serious, he should enforce Price Modulation techniques for the product through the necessary Economic/Marketing Instruments.
ReplyDeleteOtherwise, he should leave Nigerians alone to bear the brunt of this 'Change' as I strongly believe that our recovering point is at sight...