Friday, May 7

Tag: rice consumers

Smugglers threaten CBN’s rice intervention, say processors
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Smugglers threaten CBN’s rice intervention, say processors

Rice processors in Nigeria have raised the alarm that the Federal Government’s financing policy through the Central Bank of Nigeria (CBN) is under treat of failing from the activities of rice smugglers. Addressing reporters on the threat in Abuja over the weekend, Chairman of Rice Processors Association of Nigeria (RIPAN) Alhaji Muhammed Abubakar lamented that over 1 million metric tons of rice (about 20,000,000 bags of 50kg or 34,000 trucks of rice) have been smuggled into the country in the last three months. Abubakar said: “Nigeria currently loses huge revenues, foreign exchange and jobs to this menace of smuggling while Nigeria rice processing companies are shutting down because of their inability to gain market access and more painfully millions of small-holder farmers are stuck...

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