Forex Ban Lift: Rice Farmers Express Fear, Millers Say No Worries

The Federal Government’s decision to lift forex restrictions on 43 items has sparked fear among rice farmers in the country, who worry that their sector will collapse.

The farmers fear that the lift will lead to border opening and increased competition from imported rice, which will threaten their livelihoods and the rice value chain.

However, rice millers and some farmers’ leaders have assured them that there is no cause for alarm, as the land borders are still closed and the exchange rate is not favourable for rice importation.

A rice farmer in Kano State, Malam Usman Bello Barkum, said he was devastated by the news of the forex ban lift, which he said was a serious threat to rice farming in Nigeria. He said he and other farmers had invested heavily in rice production and made a lot of sacrifices to develop the sector, but the lift would ruin their efforts.

Another farmer and the deputy secretary-general of the Rice Farmers Association of Nigeria (RIFAN) in Kano, Malam Ado Hassan, said the country should be self-reliant in food production, especially with a population of over 200 million people.

He said the forex ban lift would not affect local production, as the land borders are still closed and the dollar exchange rate is high. He said the government should rather mechanise and subsidise agriculture to enable mass production.

The managing director of Gerawa Rice Mills in Kano, Alhaji Muhammad Isyaku, also said there was no need to panic, as the forex ban lift did not mean border opening.

He said rice importation was not feasible, as a kilogram of rice costs $1.4 at the international market, and with shipment and tax fees, a 50kg bag of rice would cost about N75,000 to import legally. He said the forex ban lift might have a long-term impact on the sector, but for now, farmers and millers should not worry.

Newsflash Nigeria is an online newspaper that is developed and written exclusively for Nigerians. It’s packed with up-to-the-minute Local and National Economy News, Share & Capital Market, Health, Sports, Education, Technology, Business and Opinions.

To make further advert enquiries or place an order, please contact us at [email protected] and +2348053316946 and WhatsApp number 08033546732


Patrick Odey

Patrick Odey, a native of Benin, Edo State. He studied the English Language at the University of Benin, Edo State. He is a Blogger Contact: [email protected]

Related Articles

Back to top button