President Muhammadu Buhari has unveiled a massive pyramid of rice harvested by farmers to pay back bank loans they borrowed to expand their production. The rice pyramids project is a collaboration of the Central Bank of Nigeria (CBN) with the Rice Farmers Association of Nigeria (RIFAN) aimed to showcase the government’s efforts to boost rice production.
Nigerian officials say the low-interest loans helped more than double the average yield of rice and maize, ending the country’s dependence on rice imports. CBN plans to sell the rice at below-market rates to reduce the high prices that consumers have been paying for the staples.
The price of rice, a staple food in Nigeria, began an upward trend when the Nigerian government closed the Seme border between Nigeria and Benin Republic in August 2019. The government said the decision was to strengthen the agricultural sector and curb massive smuggling activities. Meanwhile, the Rice Farmers Association urged Nigeria to leverage this opportunity and export the commodity to other West African nations.
