The Rice Farmers Association of Nigeria (RIFAN) in collaboration with the Central Bank of Nigeria has revealed that plans to launch the one million bags of rice paddy stacked as pyramids in the nation's capital have been concluded. Immediately after the pyramids, the apex bank and RIFAN will allocate the rice to processors as stated by the Chairman Pyramid Sub Committee, Mr. Shehu Muazu. More so, the pyramids were enabled by the CBN's Borrowers Programme (ABP).
The bags of rice paddy that formed the pyramids were recovered from farmers in pursuance of cash to pay back for the loans that were collected under the ABP.
“RIFAN in collaboration with the Rice Millers Association of Nigeria will process the rice and sell at a discounted price.
“This will lead to a drastic reduction in price once it starts rolling into the market.
“Our collaboration with the millers association rests on the agreement that they will sell at a discounted price to Nigerians.
“Although, we cannot talk of price in isolation as far as prices all over the world is concerned because all over the world prices of food have gone up.
“But the good news is that rice will remain the cheapest commodity as far as food is concerned due to the success recorded through the scheme,’’ Muazu said.
