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This should be a great relief for Nigerians after reports confirmed that the price of local rice in the country has crashed in some states across the federation. The News Agency of Nigeria (NAN) quotes the Central Bank of Nigeria (CBN) as saying the agricultural initiative ‘Anchor Borrowers Programme’ which the federal government launched recently, is responsible for the drastic change in prices.

Making this remark on Saturday, November 19 in Imo State was Mrs Nkechi Osuji, the head of CBN’s development financing department at a sensitization workshop attended by local government representatives of small holder farmers, cooperative societies, youths and women groups drawn from the 27 local government areas of Imo.
According to her, a 50kg bag of local rice can now be bought for N13,000 in states where the scheme has been embraced. She also added that the more the states that join, the cheaper the products in the market. The CBN representative also encouraged participants to take the programme seriously as it has the potential of providing over one thousand jobs for unemployed youths and graduates.

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