President Buhari Appeals To Nigerians To Be Patient, Saying That With The Launch Of The Pyramids, Rice Prices Will Fall

After the unveiling of the rice pyramid on Tuesday in Abuja. President Muhammadu Buhari remarked that the country's growing food supply, notably rice agricultural development, will eventually cut food prices, making it more affordable to everyone.

During the ceremonial commissioning ceremony of the Central Bank of Nigeria (CBN) and Rice Farmers Association of Nigeria (RIFAN) Rice Paddy Pyramids at the Abuja International Trade Fair Complex, he spoke.

Rice production in Nigeria has increased to almost 7.5 million metric tons per year. Prior to the Anchor Borrowers Program, Nigeria's average annual production was less than 4 metric tons between 1999 and 2015. (APB).

We understand that the paddy bags will be transported directly from here to rice milling operations throughout Nigeria, where the rice millers would release processed rice to the markets. The initiative will aid our efforts in Nigeria to cut rice costs.

Before this administration began the ABP, Nigeria had only 15 standard rice mills. We currently have over 50 rice mills, both standard and integrated, that are creating jobs and helping to eliminate unemployment. We expect a significant boost in output when two new mills in Lagos and Katsina come online, he said.