NIGERIA MAKES N150bn FROM PADDY RICE PRODUCTION

Paddy rice production increases from 5m tonnes to 17m tonnes in 2 years.

The Minister of Agriculture and Rural Development,  Chief Audu Ogbeh in a meeting with the governor of Plateau state Gov. Simon Lalong, said that “the production of rice paddy improved from 5 million to 17 million tonnes in the last two and half years”.

He noted that the country would stop rice importation in the next six months to satisfy local demands.

He added that “ because Mr President paved the way and the Central Bank of Nigeria (CBN) joined hands in the Anchor Borrowers Programme that got money to the farmers at nine (9) percent interest rate, a total of N43 billion was released to about 293,000 farmers who in turn produced rice which sold for N193 billion.

Imagine an investment of N43 billion, yielding N193 billion”.