Funmi Ogundare The President of Rice Farmers Association in Nigeria, yesterday attributed the high cost of food in the market, especially rice, to an increase in the exchange rate of naira to dolla…
The President of Rice Farmers Association in Nigeria, yesterday attributed the high cost of food in the market, especially rice, to an increase in the exchange rate of naira to dollar, saying most of the inputs used for cultivation are imported.
According to him, “For instance, the herbicide, sprayer, water pump and the fertilizer component that we use are being imported. You have to change the naira to dollar to buy those components that would give the farmers enough inputs to cultivate their farms. That is the resent situation. You have to sell it to the farmers at a price that you exchange your naira, to make profit.
“Before 2015, what we obtained from our hectares were not more than 21.5 metric tons to maximum 2.5 tons, but today, the same farmers in the same hectare, are getting between 5 to 9.5 metric tons because of the support we are getting from the CBN. If not for the support, considering the exchange rate, I don’t know how much you will buy a bag of rice. It is the exchange rate of naira to dollar, otherwise, we would have been buying a 50kg bag of rice for N5,000.
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