Despite the Nigerian government’s efforts to stabilize food prices, particularly rice, in the local market, there are growing concerns of an impending famine as northern rice merchants reportedly engage in extensive exportation to Niger Republic.
A month-long investigation by Punch uncovered that the traders are taking advantage of favourable exchange rates and higher prices in Niger Republic to maximize profits.
According to the report, the depreciated value of the Nigerian currency has prompted rice dealers to seek more lucrative opportunities across the border.
A commercial driver involved in transporting rice to Niger Republic revealed that a plate of local rice in Sokoto is priced between 3,000 and 3,200 naira, while the same product fetches 5,500 naira or more in Niger Republic.
The primary objective for these traders is profit, and the challenging economic conditions, coupled with the favorable exchange rate, have led to a significant increase in the export of Nigerian local rice to Niger Republic.
The ECOWAS ban on Niger Republic, which restricted the movement of goods, especially foreign parboiled rice, has created a gap that local rice merchants are exploiting.
Despite concerns about the closure of the Nigeria-Niger Republic border, traders are reportedly using illegal routes along the bush to bypass restrictions.
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For goodness sake, how can Niger currency be better than that of Nigeria even with their military coup? What are they doing better than Nigeria?