The price of 50kg rice has been slashed to N19,000, according to a report by Daily Nigerian.
The announcement was made by Rice Processors Association of Nigeria.
The association said the new price will take effect from December 14, 2020.
The current market price ranges from N25,000 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 DAILY NIGERIAN 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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