FG purchases 58,500 tons of milled rice for market stabilisation

FG purchases 58,500 tons of milled rice for market stabilisation.

The federal government has disclosed its purchase of 58,500 tons of milled rice from the Rice Farmers Association to stabilise the market across Nigeria.

The Minister of Agriculture, Sen. Abubakar Kyari while disclosing the information said that the government had urged the World Food Program (WFP) to halt food purchases from local markets in order not to worsen the current food inflation.

He stated this during a media chat with newsmen in his office.

  • He said, What we did not want to do, was to get to market and purchase foodstuff, we have appealed to the World Food Program (WFP), which is a United Nations Agency, not to make bulk purchases from the market so as not to exacerbate the food price inflation that we have now”

N100 billion fertiliser donation from the CBN

The Minister further noted that the fertiliser donation from the CBN will in no small measure enhance food production and price stabilisation in the industry. He noted that the handover letter of the donations had been received by the Ministry and distribution of the fertilisers would commence soon.

He said, “As soon as we get the locations which I am sure are spread across the country, we will swing into action.

Another 500 tractors to arrive by May

The minister highlighted those 500 tractors, assembled by the John Deere Group, are to be delivered to the federal government, aiming to boost mechanized agriculture, enhance productivity, and secure food and nutrition.

He mentioned that the initial batch of 500 tractors is expected by the end of May, with additional deliveries in September 2024.

Furthermore, he confirmed the commitment to meet the annual goal of 2,000 tractors over the next five years, as agreed in the Memorandum of Understanding (MoU) with the Ministry.

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