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The AFAN president pointed out that importing rice into Nigeria using foreign exchange is not cost-effective, especially considering the competitive pricing of rice from India, with a landing cost of $58 per 50kg bag.
When factoring in the current exchange rate, the cost exceeds ₦60,000 per bag in Lagos alone, making it challenging to compete with locally produced rice once distribution and transportation expenses are included.
The cheapest rice in the world comes from India; the landing cost of one bag of 50kg of rice is $58 from India..
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