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Rice pyramids: Price of rice to crash soon, says RIFAN 

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The Rice Farmers Association of Nigeria, RIFAN, says plans have been finalized to launch one million bags of rice stacked like pyramids in Abuja on Tuesday.
Shehu Muazu, chairman of the RIFAN Pyramid Subcommittee, told the Nigerian News Agency that the rice pyramids show that local food production is possible.
According to Muazu, immediately after the opening of the pyramids, the Central Bank of Nigeria and RIFAN will allocate the rice to the processors.



“RIFAN, in collaboration with the Nigerian Rice Millers Association, will process the rice and sell it at a discounted price.
“This will lead to a drastic reduction in price once it starts to roll in the market.
“Our collaboration with the millers' association is based on the agreement that they will sell at a reduced price to Nigerians.
“Although we can't talk about price in isolation when it comes to prices around the world because all over the world food prices have gone up.
Rice pyramids: Price of rice to crash soon, says RIFAN 

The Rice Farmers Association of Nigeria, RIFAN, says plans have been finalized to launch one million bags of rice stacked like pyramids in Abuja on Tuesday.

Shehu Muazu, chairman of the RIFAN Pyramid Subcommittee, told the Nigerian News Agency that the rice pyramids show that local food production is possible.

According to Muazu, immediately after the opening of the pyramids, the Central Bank of Nigeria and RIFAN will allocate the rice to the processors.

RIFAN, in collaboration with the Nigerian Rice Millers Association, will process the rice and sell it at a discounted price.

“This will lead to a drastic reduction in price once it starts to roll in the market.

“Our collaboration with the millers’ association is based on the agreement that they will sell at a reduced price to Nigerians.

“Although we can’t talk about price in isolation when it comes to prices around the world because all over the world food prices have gone up.

“But the good news is that rice will remain the cheapest commodity when it comes to food due to the success recorded through the scheme,” he said.

Mr. Muazu also noted that the Anchor Borrower Program, ABP, which is designed to help small farmers, is a testament to the federal government’s efforts to address food security.

“We have more than a million bags of paddy rice that were collected from ABP beneficiaries within the framework of the commercial strategy alliance.

“Benefiting the farmers who received the loan that came in the form of agricultural inputs and cash, repaying with paddy rice of the same value.

“The importance of these rice pyramids is to show the achievements of the government when it comes to agriculture and to call on Nigerian corporations to queue up to invest in agriculture.

“If the poor farmers in Nigeria can do this, the rich farmers can do more than this,” he said.

For his part, Njack Kane, partner of RIFAN Africa, praised the Federal Government for protecting local rice farmers by prohibiting the importation of rice and establishing measures against smuggling.

“The Federal Government has made a very critical decision, which is to put protection mechanisms in place for local rice producers and a ban on importing rice.

“And more recently, the government has implemented measures to combat smuggling so that locally produced rice can flourish.

Nigeria is one of the successful revolutionaries in mass rice production. This laudable initiative will set off a revolution in Africa’s agricultural sector,” said Kane.

NAN reports that the construction of the paddy rice pyramids at the Abuja Chamber of Commerce and Industries on Airport Road began in mid-December 2021 and has been a center of attraction for passers-by.

The rice pyramids were built from one million bags of rice planted and harvested in states across the country under CBN‘s Anchor Borrower Program.

YAYA

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