President Muhammadu Buhari has assured Nigerians that prices of food items, especially rice will soon come down.
The president, who gave the assurance yesterday, during the official unveiling of the Central Bank of Nigeria (CBN)/Rice Farmers Association of Nigeria (RIFAN) Rice Paddy Pyramids in Abuja, urged Nigerians to exercise some patience, saying the growing food production in the country, especially expansion in rice farming would eventually bring down prices of food, making it more affordable for all.
Headline inflation surprised negatively in the month of December 2021, as the rate increased by 22 bps to 15.62% YoY. The inflation outturn was mainly driven by food inflation; as festive induced spending drove the MoM uptick to 2.20%
This was just as the Governor of the CBN, Mr. Godwin Emefiele, revealed that following the successes recorded in the implementation of the CBN-led Anchor Borrowers’ Programme (ABP), the country had been able to significantly reduce rice importation from Thailand by over 99.83 per cent within the past seven years.
Buhari’s assurance to Nigerians on cheaper food items came on a day he personally presented awards to Emefiele and five other state governors for their contributions to the development of agriculture in the country.
The state chief executives included Governors of Ekiti, Mr. Kayode Fayemi; Kebbi, Alhaji Atiku Bagudu; Cross River, Prof. Ben Ayade; Ebonyi, Mr. David Umahi, and Jigawa, Alhaji Abubakar Badaru.
The president said: “Today rice production in Nigeria has increased to over 7.5 million metric tons annually. Prior to the introduction of APB, the average production in Nigeria between 1999 to 2015 was less than four 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 catalyse 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 per hectare, compared with the traditional national average of 1.5 metric tons.
“This has resulted in bridging our rice consumption gap, a significant reduction in rice imports, and saved us foreign exchange,’’ he added.
But reacting to yesterday’s unveiling, the Peoples Democratic Party (PDP) yesterday mocked the APC and its governments, describing it as another shameless media stunt to again beguile Nigerians ahead of 2023 elections.
According to the leading opposition political party, the unveiling of bogus rice pyramids in Abuja, was nothing but, “pyramids of lies.”