The Prices of Foodstuff will soon come down, Buhari assures Nigeria.

President Muhammadu Buhari has reassured the country that cost of food prices will soon crash.

The president gave the assurance based on the growing food production in the country, especially expansion in rice farming.

The president spoke on Tuesday during the commissioning ceremony of the Central Bank of Nigeria (CBN)/Rice Farmers Association of Nigeria (RIFAN) Rice Paddy Pyramids at the Abuja International Trade Fair Complex.

He urged Nigerians to exercise some patience.

The president said more than 4.8 million smallholder farmers had been supported by Anchor Borrowers’ Programme, with increase in production of 23 agricultural commodities including maize, rice, oil palm, cocoa, cotton, cassava, tomato and livestock.

“Today rice production in Nigeria has increased to over 7.5 million metric tons annually. Prior to the introduction of Anchor Borrowers Programme (APB), the average production in Nigeria between 1999 to 2015 was less than 4 metric tons annually.

“I am aware that the bags of paddy will be moving straight from here to rice milling plants across Nigeria, which lead to the release of processed rice to the markets by the rice millers. The measure will aid our efforts at reducing the price of rice in Nigeria.

“Before this administration launched the ABP, there were only 15 standard Rice mills in Nigeria. As at today, we have over 50 Standard and integrated Rice mills creating jobs and reducing unemployment. We expect additional significant output when two new mills are started in Lagos and Katsina,’’ he said.

The president said the large margins in the business of rice had also encouraged more people to show interest in investing in agribusiness.

President Buhari said the commissioning of the rice pyramids is an indication that the country is making steady and assured progress towards self-sufficiency in food production, adding: “It is my desired hope and expectation that other agricultural commodity associations that are yet to participate under the Anchor Borrowers’ Programme will emulate the Rice Farmers Association of Nigeria in supporting our administration’s drive for food self-sufficiency.’’

The president noted that, about three years ago, the first set of sky-high pyramids of rice harvests were showcased in Argungu, Kebbi State, which was followed by another set in Minna, Niger State about a year ago and barely three months later in Zauro, Kebbi State, rice pyramids were, again, unveiled.

The CBN Governor, Godwin Emefiele, commended President Buhari’s outstanding resolve on food security for the country, unveiling the single largest rice pyramid in history,

According to the CBN Governor, taking a cue from the success of rice production, the financial regulatory body had commenced the wheat value chain, which produces five to six million tonnes each year.

President of RIFAN, Alhaji Aminu Goronyo, said more than 99 percent of the paddy rice for the year was already with farmers across the nation, while the bags in 13 pyramids will be sold to further ease and augment production.

“There is no adjective to thank you enough for what you have done for this country. You came when the country needed you the most and God knows why.

“You have served the country, and you have worked for the country. Food security is also national security. No president after you will ignore what you have done, especially in food security,’’ the President of RIFAN said