Rice traders in Lagos have attributed the sustained stability in rice prices since January to the Federal Government’s import waiver, saying the policy has boosted supply and improved affordability.
The traders, who spoke in separate interviews with the News Agency of Nigeria (NAN) on Thursday, said the waiver had increased the availability of rice in the market, helping to keep prices stable despite prevailing economic challenges.
Mr AbdulHakeem Temitayo, a rice dealer at Iddo Market, said prices had remained relatively stable since the beginning of the year.
According to him, a 50kg bag of rice currently sells for between N49,000 and N58,000, depending on the brand and quality.
“The price of rice has remained relatively stable since January,” he said.
“We have sufficient stock to meet demand, which has helped sustain the current prices.
“The Federal Government’s waiver on rice importation has contributed significantly to the stability.
“Presently, rice is one of the most affordable staple foods Nigerians can buy.”
Mrs Tolu Ojeleye, a trader at Abule-Egba, said current prices were considerably lower than those recorded over the past two years.
She noted that a 50kg bag of rice, which previously sold for between N80,000 and N95,000, now sells for between N51,000 and N56,000 for short-grain varieties, while long-grain brands cost between N54,000 and N58,000.
According to her, increased imports following the government’s waiver have improved market supply.
“We hope rice remains affordable for Nigerians, and whatever policies are sustaining the current prices should be maintained,” she said.
Also speaking, Mr Ali Chika, a rice dealer in Agege, described current prices as fair and affordable for many consumers.
He said a 50kg bag of rice could be purchased for as low as N49,000.
“We have not experienced this level of price stability in recent times,” he said.
“I believe the government’s efforts to curb inflation are yielding positive results, and many Nigerians are benefiting from the lower prices.”
Source: (NAN)
