RIPAN Slash Price Of Rice to N19,000 Per Bag, See Date It Will Take Effect

This announcement was made by the Rice Processors Association (RIPAN) of Nigeria. The association said the new price will take effect from December 14, 2020. The present market price ranges from N28,000 to N30,000 per bag. The decision is coming after hike in rice prices occasioned by hoarding and closure of the nation’s land borders by the Buhari administration towards boosting self-sufficiency. Since the ban on rice import, some persons have been engaging in shopping for and storing the paddy, making huge profits.

Worried by the rising prices, the RIPAN in collaboration with the Central Bank of Nigeria, CBN, on Tuesday set up a task force headed by the Managing Director of Tiamin Rice, Aminu Ahmed, to monitor and ensure compliance with the new price regime.

In an interview after the meeting, Mr Ahmed mentioned that RIPAN has agreed to peg the price at N19,000 so as to help the federal government in its efforts to ease hardship in the nation. He also said the rice processors have additionally pegged the price of paddy at N160 per kg or N160,000 to 165,000 per tonne.

According to him, as soon as the prices of paddy crash, the price of processed rice would also crash.