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News Update (July 16, 2017 15:17:47pm...)
Nigeria: FG says price of rice will crash in two weeks, to sign MoU with Afe Babalola University

WorldStage Newsonline-- The Federal Government of Nigeria has assured that the price of rice will crash within the next two weeks while the country will stop the importation before the end of the year to boost internal production of the commodity and meet foreign exchange earnings that can support diversification of the economy.

Minister of Agriculture and Rural Development, Audu Ogbeh, who disclosed this at the weekend in Ado-Ekiti, the Ekiti State capital, during a working visit to Ekiti State said the FG will sign a Memoranda of Understanding with Afe Babalola University, Ado Ekiti (ABUAD) and Ekiti State government on the production of rice.

Ogbeh also visited Afe Babalola University, Ado-Ekiti (ABUAD) Farm where he revealed his ministry’s intention to supply the institution with 20 tonnes of rice seedlings in the next planting season to boost rice production internally.

Ogbeh said the current economic recession had helped the Federal Government to think outside the box and had succeeded in bringing the deserved revolution to agriculture sector .

The ABUAD Founder, Chief Afe Babalola (SAN), praised the Buhari administration for bringing revolution to the country’s agriculture sector that had been neglected by successive governments, describing the current economic recession as a blessing in disguise.

He said: “To support the FG initiative, this university for the past three years have been holding annual Afe Babalola Agriculture EXPO (ABAFEX), where we give N1m to the best farmer in Ekiti and N250,000 to the best in 16 local governments.

“This year, we intend to hold Rice Summit with intention to expose Ekiti potentials in the production of the commodity.”

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