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Rice Price Artificial Inflation: Kano Fixes 50kg at ₦16000 Maximum

Kano State Government has reached an agreement with relevant stakeholders to curtail the artificial hike in the price of one of Nigeria’s staple food, rice. This was agreed yesterday after a high profile meeting with the Kano State Public Complaints and Anti-corruption Commission (PCACC) and the Rice Processors Association of Nigeria (RIPAN).

At the meeting, it was agreed to, that all rice sellers must sell a 50kg bag of rice at N16000 maximum price.

The agreement, was signed at the Commission’s headquarters in Kano, during the meeting with the leadership of the Rice Processors Association of Nigeria, Kano branch under the Chairmanship of Alhaji Muhammed Abubakar, yesterday Saturday. The Chairman for the Kano branch of RIPAN, explained that under the agreement, the Association would supply 30 trucks of rice weekly to designated stores at the purchase price of N15500 per bag, and the sellers must sell at not more than N16000 per 50kg bag.

Barrister Muhuyi Magaji Rimigado, Chairman PCACC

This move became necessary as there has been complaints of rice being out of stock, probably caused by sellers hoarding to precipitate hike in prices; as well as shortage of supply.

Part of the agreement was that a seller is not allowed to sell more than two bags (or more than 100kg) of rice to one customer at the designated points of sales.

Stakeholders at the meeting

Barrister Muhuyi Magaji Rimigado, the Chairman PCACC, explained that the meeting was not to usurp the rights of the rice processors; rather, it is for better understanding of conducive business atmosphere for the buyers and the sellers. He said all efforts are directed towards ensuring that customers get value for their money, and hoarding of essential commodities become a thing of the past in the state.

Source: Public Complaints and Anti-corruption Commission, Kano State

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