Rice farmers call on FG to restart Anchor Borrowers Program for lower rice prices 

The Rice Farmers Association of Nigeria (RIFAN) has called on the federal government to restart the Anchor Borrowers Program (ABP) and address insecurity across the country as a measure to stem the ever-increasing rice prices.  

The Vice President of the group, Mrs Nnenna Ejim disclosed this in an interview with the News Agency of Nigeria (NAN) where she gave reasons for the recent hike in rice prices.  

According to him, the current elevated rice prices were caused by the prevalence of the rice blast disease, insecurity, farmer-herder conflicts and inflation of input cost.  

The CBN initiated the Anchor Borrowers Program (ABP) in November 2015 to foster economic connections between Small Holder Farmers (SHF) and Anchors. 

In total, approximately 4.67 million farmers engaged in maize, rice, or wheat farming benefited from the program. 

Furthermore, a total of N1.12 trillion was disbursed to 563 anchors, with N670.4 billion repaid and N450.90 billion outstanding. 

ThePressNG research findings reveal that in 2024, the price of rice will rise to N88,000 per 50kg bag, in line with earlier projections made towards the end of 2023.  

AFEX exchange forecasted a 36% increase in rice prices for 2024 due to decreased production capacity and rising demand. 

Food inflation continues its upward trajectory, with February’s figures from the NBS revealing a rate of 37.9%, marking one of the highest levels in recent times.