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Monday, May 6
“Some mills that shut down production owing to the scarcity of paddy last year are now reopening as they can easily source paddy from neighbouring countries owing to the reopening of the Nigeria-Niger borders,”said Jonathan Joshua, chairman at African Rice Mill in Nasarawa said.
With the upcoming harvest season expected to begin in two months, industry insiders anticipate a further decline in rice prices, which could provide additional relief to consumers and bolster the domestic rice production industry.
Furthermore, the price for a 50kg bag of foreign parboiled rice has also seen a significant reduction, dropping 17.5 percent with prices now ranging between N63,000 and ₦65,000, down from February’s range of ₦75,000 to ₦80,000.
Industry sources confirm that the influx of cheaper paddy rice from neighboring countries has led to a substantial drop in prices over the past two months..
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