Home Business EXCLUSIVE : Rice business bigger than crude oil, says Sanusi

EXCLUSIVE : Rice business bigger than crude oil, says Sanusi

If you are into rice business, the raining day of profit making is here in Nigeria, says Mahmud Sanusi.

In an exclusive chat with www.totorinews.com in Abuja, Sanusi informed that rice business presently is bigger than crude oil in the most populous black nation in the world.

According to the business man who has a rice mill in Jalingo in Taraba state, the demand for rice is very high, but the production capacity cannot satisfy the consumption rate of rice loving Nigerians.

“Rice business is bigger than crude oil presently. That is the reality. The demand for rice now is far higher than what you see in a normal market,” Sanusi said.

Mahmud Sanusi

“The demand for rice is pushing the price to be unfordordable in a way because the price keeps sky rocketing daily. Once you go to the market, the price that very day will be a different price tomorrow,” he added.

“The demand is very high but the product appears to be drying up in the market. The daily demand, the daily consumption of rice in Nigeria is very high,” he said.

Speaking further, Sanusi informed that the low capacity of the local producers, climatic change and the insecurity have all contributed to the fluctuating effects in the price of rice.

Low production capacity of rice in Nigeria

“The production capacity of local millers of rice in Nigeria is about 10% of the demand for rice. The government should intensify efforts in the green project to help the rice issue.

“The climatic change has also affected the local production of rice. Some parts of Kebbi, Zamfara and some other parts in the North suffered flooding this year and it affected the production of rice.

“The raining season itself came late in the year and the usual rainfall is far less. Farmers need to update their knowledge of climatic change and also get data from the meteorologist to know when the season will start.

“I think the government need to work on the variety of rice that will be suitable for the fluctuating climatic change that led to flood in some states and drought in some states in the country.

Wants government to intervene. …Sanusi

Knowing fully well that the northern Nigeria is blessed with massive land for agriculture, Sanusi said that the insecurity situation in northern Nigeria is also responsible for the high price in rice and the low production.

“The insecurity situation  in the country especially the north has not helped the rice production. It has contributed to the low production of rice. 

“There are some farmers that have not been to their farm to plant rice for more than two years due to insurgency, bandits attacks and other life threatening activities of criminal elements.

Criminal elements

“All these have contributed to the low production of rice, high demand of it and the fluctuating high rice and Nigerians are still eager to satisfy their appetite for rice,” he concluded. 

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