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Traders flood rice markets as prices crash

24 October 2016, 14:17

Abuja - Respite seems to be coming the way of rice-loving Nigerians as the price of the food stuff in the market has come down particularly in the north, Naij reports.

In a post and pictures shared by Yusuf Usman Shettima, he noted that somewhere in the north, prices of rice have gone down as low as N550 to N700 per measure.

He wrote: "A measure of rice is being sold in this market for N550 to N700 depending on the quality and its finishing.

"The promise land is not far away".

This development is in connection with what the minister of agriculture and rural development, Audu Ogbeh, said about Nigeria’s decision to stop importation of rice before the end of 2017.

The Minister of Agriculture and Rural Development, Adu Ogbeh said that the government could not be involved in the importation of rice and stressed that it would not encourage the importation of rice as it would be detrimental to local production according to News24.

He said this at an assessment tour of Coscharis Rice Farm in Anaku, in the Ayemelum Local Government Area of Anambra state.

He praised Central Bank of Nigeria (CBN) for their role in the country by giving a lot of credit support, and also allocating the scarce foreign exchange adding that once a country can provide for itself, then it can achieve anything.

- News 24

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