- President Buhari is slated to showcase one million bags of rice paddy piled like pyramids produced under the CBN's RIFAN initiative
- The pyramid is expected to be the largest of its kind in Africa and is located on the premises of the Abuja Chamber of Commerce and Industries (ACCI)
- Under the Anchor Borrowers' Programme, 1 million bags of rice paddy cultivated and harvested from states around the country were used to construct the rice pyramids (ABP)
President Muhammadu Buhari will be unveiling the biggest rice pyramid in Africa in celebration of the success of the Anchor Borrowers’ Programme (ABP), today, Tuesday, 18 January 2022.
Champion by the Central Bank of Nigeria(CBN), ABP is one of President Buhari top agricultural policies designed to reduce the cost of food and make Nigeria a self-sufficient country.
Although the numbers are yet to reflect the success. The most recent data from the National Bureau of Statistics (NBS) showed that the cost of food has increased by more than 88 percent in the last six years of the current government.
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As of January 2015, food inflation NBS said was at a single digit of 9.21% but this has so far increased to 17.37% on a year on year change and 20.40% looking at from a 12-month average
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Rice pyramid unveiling
According to the Nation report, the set-to-be unveiled rice pyramid is just a fraction of the recovered paddies. The ones used at the unveiling represent about 25 per cent of the loan amount.
The CBN, he explained:
“Is marching rice millers with the Rice Farmers Association of Nigeria (RIFAN) to off-take the paddy mill and supply the Nigerian markets.
“We have set up machineries to prevent hoarding and ensure the milled rice is sold to Nigerians.”
Anchors borrower programme gulp N43.19 billion
The Anchor Borrowers’ Programme (ABP) of the CBN was launched in November 2015 to bring relief to farmers and impact the value chain of different crops in Nigeria.
The ABP has created an estimated 12.3 million direct and indirect jobs across the different value chains and food belts across the country.
CBN Governor, Godwin Emefiele recently announced that between September and October 2021, under the Anchor Borrowers’ Programme (ABP), the CBN disbursed N43.19 billion to support the cultivation of over 250,000 hectares of maize, sorghum, soya beans and rice during the 2021 dry season.
Legit.ng weekly price check: Food prices soar in Lagos market, Beans Now 75k, 80K
Meanwhile, Legit.ng had earlier reported that following the inflation rate in the country in recent months, occasioned by the pandemic and worsened by insecurity, the present increment in the cost price of beans has become worrisome for both traders and the buyers in the state.
At the market this week, there is a hike in the cost price of goods. Some are increasing daily and others maintain stability in prices.
Surprisingly, there’s a reduction in the cost price of garri, an item that was very expensive in the previous market.