Why Nigeria-produced Rice is More Expensive Than the Imported Ones

The Minister of Agriculture has revealed the reason why the rice produced in Nigeria is even more costly than the imported ones.

Mr Audu Ogbeh, the Minister of
Agriculture, on Tuesday, gave reasons why imported rice is still more expensive than locally produced rice, despite government efforts.

Premium Times reports that Mr. Ogbeh, while responding to questions at a Town Hall meeting in Abuja, said one of the major
reasons was that most of the imported rice was subsided by the foreign governments.

He said most of the imported rice are from Vietnam, India and Thailand.

Thailand subsides the export of rice, the minister said.
He explained that the imported rice arrive at about 9,000 per bag, and are then sold at about N13,000 per bag to consumers unlike the local rice sold at about N16,000 per bag.

Mr. Ogbeh also lamented the interest rates for farming loans.
“Our interest rates in this country is higher that the interest rate in most parts of the world,” he said.

Another reason for the high cost of local rice, the minister said, is the price of diesel to run generators in the farms.

“Diesel went from N180 per litre to N300,” he said.

The minister said the federal government was very considered about the high cost of
local rice and he would be having a meeting with Acting President Yemi Osinbajo and Finance Minister Kemi Adeosun to discuss
rice prices among other matters.

The federal government through its Anchor Borrowers Programme has invested billions of naira in assisting mainly local rice
farmers, with rice being the country’s most consumed food.

“In the next one month, you’ll have Nigerian rice in the shop at the best price we’ve ever
had,” the minister said.

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