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The Minister of Agriculture, Audu Ogbeh has listed two reasons why locally produced rice is more expensive than foreign ones.
Mr. Ogbeh stated this on Tuesday while responding to questions at a Town Hall meeting in Abuja,
He said one of the major reasons was that most of the imported rice was subsided by the foreign governments.
He said most of the imported rice are from Vietnam, India and Thailand and are being subsides.
He explained that the imported rice arrive at about N9,000 per bag, and are then sold at about N13,000 per bag to consumers unlike the local rice sold at about N16,000 per bag.
On second reason, Mr. Ogbeh pointed out the high interest rates for farming loans.
“Our interest rates in this country is higher that the interest rate in most parts of the world,” he said.
- PremiumTimes
Mr. Ogbeh stated this on Tuesday while responding to questions at a Town Hall meeting in Abuja,
He said one of the major reasons was that most of the imported rice was subsided by the foreign governments.
He said most of the imported rice are from Vietnam, India and Thailand and are being subsides.
He explained that the imported rice arrive at about N9,000 per bag, and are then sold at about N13,000 per bag to consumers unlike the local rice sold at about N16,000 per bag.
On second reason, Mr. Ogbeh pointed out the high interest rates for farming loans.
“Our interest rates in this country is higher that the interest rate in most parts of the world,” he said.
- PremiumTimes
