Lagos State farmers predict further drop in rice prices ahead of the holiday season, following a recent price reduction by Governor Babajide Sanwo-Olu. The governor slashed the price of Lagos rice from N64,000 to N57,000 per bag, a move that is expected to increase competition and drive prices down.
The Vice Chairman of the All Farmers Association Southwest, Lagos State chapter, Sakin Agbayewa, commended the state government’s decision, saying it would likely lead to a further reduction in rice prices within the next few weeks. Agbayewa noted that the current price of foreign rice ranges from N52,000 to N56,000 per 50 kg bag, depending on the location. However, he emphasized that Lagos rice, priced at N57,000, offers better quality and food safety compared to imported rice, which may have been stored for several years.
The Chairman of the Rice Farmers Association of Nigeria, Lagos State chapter, Raphael Hunsa, also praised the government’s initiative, saying it would benefit Nigerians, particularly during the upcoming Christmas season. Hunsa urged the government to continue supporting rice farmers to increase production, which would help stabilize rice prices. He noted that with more farmers producing rice throughout the year, the price of the staple food would remain stable.
The price reduction is expected to have a positive impact on consumers, who will have access to affordable and quality rice during the holiday season. The move is also seen as a strategic step to boost the local rice industry and reduce reliance on imported rice. As the demand for rice is expected to increase during the Christmas season, the price reduction is likely to be welcomed by consumers.
The Lagos State Government’s decision to reduce the price of rice is part of its efforts to make the staple food more affordable and accessible to residents. The government has been working to support local farmers and increase rice production in the state, with the aim of reducing dependence on imported rice. With the holiday season approaching, the price reduction is expected to bring relief to consumers and boost the local economy.