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Hoarders in Trouble as Nigerian Rice Processors Slash price to N19,000 Per Bag

Bags of rice

The Rice Processors Association of Nigeria, RIPAN, has agreed to slash the price of 50kg bag of processed rice to N19,000 effective December 14, 2020.

DAILY NIGERIAN gathered the current market price ranges from N28,000 to N30,000 per bag.

The decision is coming after hike in rice prices occasioned by hoarding and closure of the nation’s land borders by the Buhari administration towards boosting self-sufficiency.

Since the ban on rice import, some persons have been engaging in buying and storing the paddy, making huge profits.

Worried by the rising prices, the RIPAN in collaboration with the Central Bank of Nigeria, CBN, on Tuesday set up task force headed by the Managing Director of Tiamin Rice, Aminu Ahmed, to monitor and ensure compliance with the new price regime.

In an interview with journalists after the meeting, Mr Ahmed said RIPAN has agreed to peg the price at N19,000 in order to support the federal government in its efforts to ease hardship in the country.

He said the rice processors have also pegged the price of paddy at N160 per kg or N160,000 to 165,000 per tonne. According to him, once the prices of paddy crash, the price of processed rice would also crash.

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