President Muhammadu Buhari has said that it is expected that the price of rice in the Nigerian market will fall as the country launches 13 pyramids of rice paddy,
The government said the decision was to strengthen the agricultural sector and curb massive smuggling activities, especially of rice, on that corridor.
The rice pyramids made up of 1 million rice paddy was achieved through the Central Bank of Nigeria’s Anchor Borrowers’ Programme (ABP), a programme launched in 2015 to boost agricultural production and reverse Nigeria’s negative balance of payments on food.
At the launch of the pyramids Tuesday, President Muhammadu Buhari said the significance of the occasion can be better understood by looking at the various economic strides the administration has achieved through agriculture.
He said that the Anchor Borrowers’ Programme was designed to encourage investments in agriculture and empower smallholder farmers as drivers of transformation in the agricultural sector and as critical enablers of economic gro
According to him, the country can boast of producing over 7.5 million metric tons of rice annually, with over four million farmers benefiting from the programme.
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