Rice Processors In Nigerian Slash Price Of Rice to N19,000 Per Bag, Reveal Date It Will Take Effect

Nigerians hoarding rice will have themselves to blame after Rice Processors Association of Nigeria cut the cost per sack. 

The cost of 50kg rice has been sliced to N19,000, as indicated by a report by Daily Nigerian. 

The declaration was made by Rice Processors Association of Nigeria. 

The affiliation said the new cost will produce results from December 14, 2020. 

The current market value goes from N28,000 to N30,000 per sack. 

The choice is coming after climb in rice costs occasioned by accumulating and conclusion of the country's territory outskirts by the Buhari organization towards boosting independence. 

Since the prohibition on rice import, a few people have been taking part in purchasing and putting away the paddy, making colossal benefits. 

Stressed by the rising costs, the RIPAN as a team with the Central Bank of Nigeria, CBN, on Tuesday set up team headed by the Managing Director of Tiamin Rice, Aminu Ahmed, to screen and guarantee consistence with the new value system. 

In a meeting with DAILY NIGERIAN after the gathering, Mr Ahmed said RIPAN has consented to fix the cost at N19,000 to help the government in its endeavors to ease difficulty in the nation. 

He said the rice processors have likewise fixed the cost of paddy at N160 per kg or N160,000 to 165,000 for each ton. As indicated by him, when the costs of paddy crash, the cost of prepared rice would likewise crash.