Wednesday, 6 May 2020

The No Pain, No Gain: The Reward of Banning foreign Rice by Olatuja Gabriel-Wealth

By Olatuja Gabriel-Wealth.


This is Nigerian rice. It has improved from what it used to be in the past months. No rocks of stones in this one. It is cleaner and sweet. 


A paint container full of rice in mile 12 Lagos ranges from #1,800-#2,000 while the foreign ones are solve at a range of #2,200-#2,500.

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I personally want to say kudos to president Muhammadu Buhari @mbuhari for this hard decision on the ban on importation of rice. 

Although, a lot of smugglers still bring in foreign rice into the country and they are sold everywhere. The government should look into a more stricter means to curb smuggling in rice to reduce competition with the local producer. 

Meanwhile, so many investors are now going into rice farming in Nigeria. 

The rice market is huge. FAS Lagos forecasts Nigeria's rice consumption in MY 2018/19 at 7.5 MMT, up over 5.5 percent compared to the previous marketing year. In 2020, this value may be doubled.

Rice is a good source of foreign exchange. A more cleaner rice can now be exported to other African countries. 

As the oil price has crashed, the government meets to put more efforts in diversified economy. 

When the decision to ban the important of rice was take a by the federal government, a lot of Nigerians complained about the decision. Nigerians expected the government to have put plans in place and even have huge volume of locally produce rice in stock before the ban. That would have been an alternative for the people to eat. 

Diversification is very important at this point if we must have a better economy.

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