Why rice prices are falling in Nigeria – Millers

The rice millers association said the reopening of the border between Nigeria and Niger was responsible for the drop in rice prices across the country.

Chairman of African Rice Millers in Nasarawa, Jonathan Joshua, disclosed this in a statement.

Joshua, who is also the national president of the Small Farmers Association of Nigeria, noted that rice prices are expected to fall further in the next two months as harvest begins.

“Some of the factories that stopped production last year and early this year due to paddy shortages are now restarting as the reopening of the Nigeria-Niger border allows them to quickly procure grain from neighboring countries.

“We expect rice prices to fall further once farmers start harvesting in two months,” he said.

DAILY POST reported that rice prices fell by 19% despite rising inflation which reached 33.20% in March 2024.

Source: dailypost.ng