FG frowns at indiscriminate hike in prices of rice

The federal government has frowned at the indiscriminate hike in the prices of local rice, accusing dealers of dishonesty and of being unfair to consumers.

Minister of Agriculture and Rural Development, Alhaji Sabo Nanono, made the accusation in Abuja, revealing that the government is going to engage stakeholders in the rice value chain to protect consumers.

He said that before the closure of the border, the cost of rice ranges between N5,000 and N9,000, adding that most of the dealers had stock for as long as eight months.

Nanono however, noted that shortly after, just two months into the border closure, the dealers inflated the price to N15, 000, N16, 000 and N17, 000 depending on the brand.

According to him, the effect of the exorbitant hike in prices will encourage people risk smuggling cheaper rice into the country, adding that if the high price regime is allowed to persist, there would be pressure on government to import rice.

“If such measure is taking who will lose? The millers and people that are employed; that is Nigerians that will lose,” he said.

The minister however, assured that he would engage with the producers in a few weeks’ time to address the indiscriminate hike in prices.

Nanono however described border closure as the best decision ever taken by the federal government for the economic development of the country.

He said that before the closure of the border, there were 11 integrated milling plants, milling about 28 tonnes to 300 tonnes per day.

“When the border was closed, a company told me that it was having over 600 tonnes in stock and most of these integrated millers are employing between 200 and 350 people directly,’’ the minister said.