Bag of rice likely to sell for N40,000 by December � Agric Minister

Posted by: b3rrilyn in News Sep 12, 2016

The Minister of State for Agriculture and Rural Development, Senator Heineken Lokpobiri, has said that Nigeria spends about $22bn a year on importation of food. Lokpobiri made this known on Saturday at a town hall meeting in Yenagoa, Bayelsa State.

He said the development had led to the astronomical rise in price of rice and other commodities, stressing that if Nigerians failed to produce some of the items being imported, before December the price of rice would skyrocket to N40,000 a bag…

He said there was a projection that by 2050, Nigeria’s population would be 450 million, wondering what would happen then if the people could not feed themselves now.

Lokpobiri said, �For your information, we spend about $22bn a year importing food into Nigeria. We know how many more dollars … and that is why you see the price of rice going up.

�Price of rice was N12,000 some months ago, but it is now about N26,000 and if we don’t start producing, by December it could be N40,000.