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Bag Of Rice Set To Drop to 7000 Naira

Overview Of: Bag Of Rice Set To Drop to 7000 Naira


President Muhammadu Buhari in a broadcast made from his recent visit to London has made it known that the borders will still remain closed.

President Muhammadu Buhari.

Last year, it came as a big surprise when Nigerians woke up to the news of border closure. It was a shock to many, as it was the least expected move by the government, especially as we were approaching the ember season.

The government clearly gave their reasons for the total border closure as trying to put a total stop to contraband goods coming into the country.

It was really frustrating to see Nigeria still importing things like Rice, frozen chicken, turkeys and even Rams and other dairy products.

I could understand if Nigeria didn't have the capacity to produce her own food, but seeing one of the biggest countries in the world still import basic household food items, was a sad thing to watch.

It affected local businesses and manufacturers because they were in constant competition with foreign products against their own locally produced ones.

President Buhari had to take a very bold decision and risk by closing the border entirely to see if things could change.

The first few months were hell for Nigerians, for many products rose to an alarming rate! Take for example, local rice that was being sold for as low as 20000 naira a bag, suddenly skyrocketed to 25000 naira! Cattles became very expensive. Rams you could get for 50k before were being sold for as much as 70-80k. Things were on the rise and the words on every Nigerian's mouth was “Open The Border!”

It didn’t take too long before the results of the closed Border policy started speaking for itself.

Things took a U-turn earlier this year, and for the first time in years, Local Rice was selling for 10000 naira for a 50kg bag. In December, it sold for 15k, this year, it sold for 10k… With the way things are going, we might end up buying Rice for as low as 7k in Nigeria.

With Buhari’s recent comment on the opening of Border, Nigerians should expect a further drop in the price of rice, since the border closure has so far, helped reduce the price of locally made rice in the market.

It’s a welcoming development if you ask me. It shows that things can get back to normal again and before you know it, a lot of our locally produced goods would start circulating the market.

What are your thoughts on this? Do you think the recent border policy has had any positive effect on the Nigerian economy? Let us hear your feedback in the comment section..

Published: 3 years ago | 59 Views

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