Sunday, February 11, 2018 4:28 pm
Prices of local variety of rice dropped by about 15 per cent in Maiduguri, the News Agency of Nigeria (NAN) reports on Sunday.
A check by NAN at Zabarmari and Gombori markets showed a decrease in the past three months following bumper harvest recorded by farmers this cropping season.
A 50 kilogramme bag of local variety of rice was sold for N13, 000; as against its previous price of N15,000, while a measure of the produce was sold at N650.
Refined rice had also indicated similar decrease in prices, as a 50 kilogramme bag sold between N15,000 and N15,500; as against its old price of N17,000, depending on its quality.
Prices of other produce had dropped significantly in the past months; as a measure of maize sold at N280 and millet N350, as against its previous prices of N350 and N500 respectively.
A measure of cooking oil was sold at N380 as against its old price of N500; while perishable produce such as tomatoes and onions showed similar decrease in prices.
A measure of tomatoes was sold at N200 and onions N120.
Traders at the markets attributed the drop in prices to improvement in the supply of food items to the market.
Malam Musa Isa, a rice dealer, said that rice prices were going down on a daily basis because of the fresh supplies from the farms.
Isa also attributed the situation to improvement in the supply of local produce to the market, adding that the market condition was encouraging.
“There is significant increase in the number of farmers who cultivated rice and other produce this cropping season.
“Prices will further go down as the supply improved,” he said.
Malam Hassan Muhammad, the Chairman Rice Sellers and Processors Association, added that a great number of farmers in liberated communities cultivated their farmlands and recorded high yields.
Muhammad added that the trend encouraged production and forced down prices of grains.
Also, Alhaji Shehu Aminu, a resident, expressed joy over the development and urged traders to further reduce prices.
NAN reports that the Federal Government in collaboration with the Food and Agriculture Organisation (FAO) distributed fertilisers, seeds and inputs to over 1.1 million farmers in the northeast this cropping season.
More than 18,000 rice farmers were also supported by the Central Bank of Nigeria (CBN) under its Anchor Borrowers’ Scheme in the state. (NAN)