Price Of Rice To Crash As Farmers Launch 1 Million Bags Of Rice Paddy

Rice farmers under the aegis of the Rice Farmers Association of Nigeria (RIFAN) have concluded plans to crash the price of rice with the launch of the one million bags of rice paddy stacked as pyramids in Abuja.

The rice from the pyramid, which is a collaboration between the Central Bank of Nigeria (CBN) and RIFAN, will be allocated to the processors for processing, and then will be subsequently sold at discounted prices.

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According to NAN, this was made known on Tuesday in Abuja by the Chairman, Pyramid Sub Committee of RIFAN, Mr Shehu Muazu, who said that the rice pyramid would show that local production of food is possible.