Business & Finance

Rice To Depreciate In Price This November


The Federal Government has revealed that the price of rice would start to fall from November this year as they plan to boycott importation of rice.

Speaking at a meeting with members of the Senate Committee on Agriculture & Rural Development on Monday, Oct. 10, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, said:

‘We will not encourage rice importation and there is no way our ministry or government can be involved in importing rice when we are working hard to be self-sufficient in local production. By November when the full-scale harvest starts, rice prices will fall.’ Meanwhile, early last month, the government had warned that the price of rice might hit N40,000 a bag. It is currently being sold around N20,000

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