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» LATEST POSTS » Breaking: Bag Of Rice May Sell For N40,000 By December – Minister Of Agriculture Discloses

Breaking: Bag Of Rice May Sell For N40,000 By December – Minister Of Agriculture Discloses

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Senator Heineken Lokpobiri, Nigeria Minister of State for Agriculture and Rural Development, at a town hall meeting on Saturday in Yenagoa, Bayelsa State, disclosed that a bag of Rice may cost about N40,000 by December due to the huge amount of money the country spends on the importation of food.

According to him, Nigeria spends about  $22bn every year to import food items. The development had led to the astronomical rise in price of rice and other commodities. He stated 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.

In his words: “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.”



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