The Central Bank of Nigeria (CBN) and the Rice Farmers Association of Nigeria (RIFAN) have announced plans to distribute 27,000 metric tonnes of rice paddies directly to millers across the country.
The direct allocation from RIFAN warehouses across 16 states according to CBN is the sequel to the earlier sale of paddy aggregated as loan repayment under the Anchor Borrowers’ Programme (ABP) to millers from the rice pyramids unveiled in Niger, Kebbi, Gombe and Ekiti States.
Acting Director, Corporate Communications Department at the CBN, Osita Nwanisobi, said the distribution which would be made on Thursday will be officially flagged off in Kaduna.
However, the allocation exercise will be done simultaneously in the states that recorded the highest quality of rice harvests during the last farming season.
Nwanisobi explained the new strategy was in line with CBN’s mandate of ensuring price stability and its focus of being a people-centred central bank.
He also expressed optimism that the allocation of the paddies would trigger a decline in the prices of rice in the Nigerian market, boost availability, and ultimately check the activities of middlemen seeking to create artificial scarcity along the supply chains.
CBN recently unveiled pyramids of rice paddies in Niger, Kebbi, Gombe and Ekiti States, with the Federal Capital Territory, Ebonyi and Cross River slated for the same exercise in the coming weeks in what the Bank says is part of its contribution to ensuring self-sustenance in food production as well as food security in Nigeria.
Earlier in January, the apex bank had in conjunction with relevant agencies, triggered the release of about 300,000 metric tonnes of maize from strategic anchors under the Anchor Borrowers’ Programme (ABP) which was reported to force down the prices of maize from N180,000 per metric tonne.
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