The Central Bank of Nigeria (CBN) has said it is targeting to bring down the price of rice from N38,000 to N20,000 per bag.
This is coming on the heels of the rice revolution that President Muhammadu Buhari launched last Tuesday in Abuja.
The Director of Development Finance at the CBN, Mr. Yusuf Yila, spoke about the apex bank’s plan to reduce the price of the commodity while speaking with The Nation in Abuja.
He said: “Our target landing price, including the distribution cost, distribution margins, among others, should be N20,000 average across the country.”
The target price, the CBN director hinted, could even be cheaper for those living close to rice millers.
“Prices are sub-N20,000, where the mills are close by. If you add distribution costs, you should get an average of N20,000 across the country,” he said.
Speaking on the rice pyramids in Abuja, Yila expressed delight that “this is just a fraction of the harvest, and it was brought here for symbolic purposes. We have about N14 billion worth of paddy on display here”.
