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President Muhammadu Buhari, through the Minister of Agriculture, and Rural Development, Chief Audu Ogbeh,‎ has disclosed that the price of a bag of rice will significantly reduce by November.
Ogbeh, who made this known on Monday, October 10, ‎while addressing members of the Senate Committee on Agriculture, and Rural Development, at the headquarters of the Ministry, in Abuja, disclosed that more Nigerians had returned to their various farms, adding that, at the next harvesting season, the price of rice would start to crash.
The development is coming at a time when President Buhari had also on Monday, while speaking at the 22nd Nigerian Economic Summit, in Abuja, noted that the increasing local production of goods and services, will not only create jobs for the youths, but move Nigeria from an import-based, to an export-based economy.
According to Ogbeh, ‎the delay in the approval of the 2016 budget, had made it impossible to implement the capital expenditure in the agricultural sector.

He said, “It is about now that the capital expenditure is beginning. One of the reasons why money is not circulating, is that we need to follow the due process on issues of procurement, advertisement, and others.”
Speaking further, he reiterated that the Ministry under his watch, would not ‎involve itself in the importation of rice, as speculated in some quarters, as it will be detrimental to local production.
He said, ‎”We will not encourage rice importation, and there is no way our Ministry, or government can be involved in importing rice, when we are working hard to be self-sufficient in local production.
“By November, when the full-scale harvest starts, rice prices will fall,” the Minister said.

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