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Rice to Experience Massive Crash in Price....Read Interesting Details

Following a concerted effort by the Federal Government to ensure a sustainable local economy by the ban of rice, the price of the staple food is expected to crash soon. 

 

The News Agency of Nigeria interviewed a major rice dealer in Umuahia, Abia State on the skyrocketing prices of rice which is the most popular staple food in Nigeria.

 

The man named Chief Anthony Ndubuka has calmed the fears of Nigerians about rising inflation claiming the prices will soon fall following an expected increase in supply at the local markets.

 

He said that the grains would become affordable as soon as farmers began to harvest the grains in the next few months. “I am confident that there will be a bumper harvest this year. So, by November, the price of the commodity will definitely come down,” he said.

 

Ndubuka expressed concern that the astronomical price of rice had made it unaffordable in many homes. “Rice is a staple food in many families in Nigeria.

“It is children’s favourite, but the commodity has become unaffordable because of its astronomical price,” he said.

 

He traced the scarcity of rice to the ban on importation of the grains by the Federal Government. The rice dealer said that the inability of the local rice producers to fill the gap, caused by the ban, compounded the situation.

“This explains why the price of rice in the country has gone beyond the reach of the common man,” he said. Ndubuka also said that the scarcity posed serious challenges to rice farmers and manufacturers in the country.

“Luckily, many farmers have braced the challenge, so there will be plenty of rice this year,” he said. He said that the scarcity of foreign rice, after the government’s ban, led to increased demand for local substitutes.

 

The rice farmer said that although the ban on importation was expected to boost local production and demand, government should have taken measures to bridge the gap. Ndubuka said that the grains were still being smuggled into the country in spite the ban.

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