Nigeria: Titan Farms Foresees Reduction in Price of Rice

Ibadan — The Chairman of TITAN Farms Limited, Gbenga Olatubosun Eyiolawi, has estimated that the price of rice will soon come down in the country following the commissioning of the Lagos/Ibadan railway transport service by President Muhammadu Buhari.

According to him, the development will reduce cost of logistics in processing the product.

He made the disclosure in Ibadan while delivering a keynote address titled, “Food Security : The Challenges of Rice Farming and Milling in Nigeria”, at a media interactive session organised by the Freelance and Independent Broadcasters Association of Nigeria (FIBAN), Oyo State Chapter.

The event chaired by the Oyo State deputy governor, Mr. Raufu Olaniyan, was witnessed by other stakeholders which included the President of Market Men and Women Association of Oyo State, Alh. Sunmaila Jimoh who doubles as the President of Rice Sellers Association of Oyo State; Alhaja Saratu Konibaje, the Iyaloja of Oyo State and Iyaloja Genaral of Ibadanland, Alhaja Sariat Ojikutu Olorunero, and the Public Relations Officer (PRO) of Bodija Market, Sulaiman Ileomo.

The TITAN Farms boss said with the railway terminus located in Moniya, Ibadan, just five minutes’ drive away from the factory, there could be drop in logistics cost, security and insurance, expressing optimism that the price of rice will soon drop.

While explaining how insecurity was affecting farming business, he noted that this was the reason most investors now resort to protecting their businesses through insurance covers.