Rice farmers predict further price drop as Lagos Govt pegs bag at ₦57k

Some Farmers’ associations in Lagos State have predicted a further drop in the price of the commodity ahead of the yuletide following Gov. Babajide Sanwo-Olu’s slash in the price of Lagos rice.

The farmers made this known in separate interviews with the News Agency of Nigeria (NAN) on Sunday in Lagos.

NAN reports that the Lagos State Governor, Babajide Sanwo-Olu, recently slashed the price of Lagos Rice from N64,000 to N57,000 per bag.

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

Agbayewa said the development would likely drive competition in the sector, further crashing the commodity’s price.

“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, and that depends 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 50kg bag; the extra cost is transportation.

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

According to him, if you are looking at the imported rice that sells between N52,000 and N56,000, consumers may be buying rice that has been stored for 3 to 5 years or even expired.

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

“It is a good buy, I would prefer the 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, 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 rice prices 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 to support rice farmers to increase our production, and 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 continue to be stable.

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