If the day’s government is claiming that through it’s programme on agriculture, Nigerian farmers have erected pyramid: why Nigeria’s import bill on foreign Rice is still so high? And why Rice is still expensive if our local farmers are producing in surplus? The current rate of insufficiency does not make any economic sense if we have built such a stockpile of Rice.
Market don’t lie, it only reflect the economic reality of the day. The market reality today in Nigeria shows that there is no Rice sufficiency. In simple economic sense, if Nigerian farmers have produced so much it would have resulted to market glut and market forces would have as well set-in thereby leading to lower prices and also knocking off foreign competitors.
However, the preference of foreign rice looms in our markets, forcing our locally produced Rice to struggle for market share in their own domain. The so-called pyramid is a mockery and not a show of strength when eating Rice in this country remain a privilege.