Farmers predict cheaper rice as Lagos slashes price to N57,000

Bags of rice. Credit: Daily Trust

Some farmers’ associations in Lagos State have predicted a further drop in the price of rice ahead of the yuletide, following Governor Babajide Sanwo-Olu’s reduction of Lagos rice prices.

The farmers spoke in separate interviews with the News Agency of Nigeria on Sunday in Lagos.

PUNCH Online had reported that the Lagos State Governor recently slashed the price of Lagos rice from N64,000 to N57,000 per bag.

The Vice Chairman of the All Farmers Association Southwest, Lagos State chapter, Mr Sakin Agbayewa, commended the state government for the strategic move.

Agbayewa said the development would likely increase competition in the sector, further reducing the price of rice.

“The Lagos State Government pegging the price of a bag of rice at N57,000 is a good development.

“And hopefully, we want to believe that with this competitive price and competition, maybe in one week or two weeks, the price of rice will further drop.

“Presently, the price of foreign rice is between N52,000 and N56,000, depending on where you are buying it.

“If you are buying it very close to the border, it comes at N52,000. If you are buying it from the main market, it sells between N54,000 and N55,000 per 50 kg bag; the extra cost comes from transportation.

“At N57,000 per bag, consumers are eating quality food. From production to the milling plants, to processing, to the shelf, market, and consumer, you might be looking at one year,” Agbayewa said.

He added that foreign imported rice, selling between N52,000 and N56,000, may have been stored for over three to five years or even expired.

“So, if you want to look at price and quality, I think Lagos rice is good at N57,000. When you buy Lagos rice, you are assured of food safety, nutritional value, and everything it has to offer at that price.

“It is a good buy. I would prefer Lagos rice at N57,000 than buy cheaper rice with lower quality,” he said.

On his part, the Chairman of the Rice Farmers Association of Nigeria, Lagos State chapter, Mr Raphael Hunsa, also commended the Lagos State Government for the initiative.

“The government is always on top in terms of policy decisions that affect the people. And the Lagos State Governor, Babajide Sanwo-Olu, dropping the price of rice is a great move.

“If production is low, definitely the demand will be high, and subsequently the price will be high too. The Lagos State Government pegging a bag of rice at N57,000 this season is most beneficial to Nigerians.

“We, however, urge the government to continue supporting rice farmers to increase our production. Subsequently, the price of rice and other staples will continue to drop.

“If we have more rice farmers producing all year round, definitely the price of rice will remain stable.

“This Christmas is now at our door, and everyone will celebrate well with this drop in price,” Hunsa said.

(NAN)