Why rice price is decreasing in Nigeria – Millers

The Association of Rice Millers has attributed the nationwide decline in rice prices to the reopening of the Nigeria-Niger border. Jonathan Joshua, the chairman of African Rice Millers in Nasarawa, conveyed this information in a statement.

Joshua, who also serves as the national president of the Association of Small-Scale Agro Producers in Nigeria, highlighted that the price of rice is anticipated to decrease even more in the next couple of months with the onset of harvest.

“Some mills that ceased operations due to a shortage of paddy last year and earlier this year are now resuming production as they can easily acquire the grain from neighboring countries following the reopening of the Nigeria-Niger border,” he stated.

“We anticipate further decreases in paddy prices when farmers begin harvesting in two months,” he added.

Despite the inflation rate rising to 33.20 percent in March 2024, rice prices have decreased by 19 percent.