Rice farmers predict further price drop as Lagos govt pegs bag at N57,000

Some farmers’ associations in Lagos State have predicted further drop in the price of the commodity ahead of the yuletide following Governor Babajide Sanwo-Olu’s slash in the price of Lagos rice. The farmers made this known in separate interviews with journalists on Sunday in Lagos. Mr Sanwo-Olu recently slashed the price of Lagos Rice from N64,000 to N57,000 per bag, which the farmers described as a good development. The vice chairman of the All Farmers Association, South-West and Lagos State chapter, Sakin Agbayewa, commended the state government for the strategic move. Mr Agbayewa said the development would likely bring about competition in the sector, thereby crashing further the price of the commodity. “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, and the extra cost comes off as transportation costs,” Mr Agbayewa said.
According to him, if foreign rice sells between N52,000 and N56,000, the consumers may be buying rice that has been stored for over three to five years or even expired. “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, 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. 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,” Mr Hunsa said. The Lagos State government pegging a bag of rice at N57,000 this season is most beneficial to Nigerias. “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. This Christmas is now at our door, and everyone will celebrate well with this drop in price,” Mr unsa said. NAN