Quality of locally-produced rice in Nigeria has recorded significant improvement in recent weeks, as the latest Nairametrics Household Survey revealed that more brands of local rice continue to flood major markets in Lagos, thereby pulling down the prices.

According to the latest Survey, the price of local rice reduced significantly across major markets in Lagos as new brands of locally made rice were sighted in various markets. Bags of locally-made rice now sell for an average of N19,250 compared to the initial average of N20,750.

The report also showed that 10kg bags of locally produced rice reduced from N4,000 last month to N3,500 last week. The report has items that witnessed decrease in prices, Items that increased in prices, Items that maintained initial prices, special markets accounts and market insights.


ITEMS THAT WITNESSED PRICE DECREASE
-- 10kg bag Mama Gold rice & Rice Master reduced to N3,500 compared to initial average of N4,000 & N4,250 respectively.
-- 50kg Mama Gold rice currently sells for N19,250, a 7.23% reduction compared to initial N20,750.
-- 50kg bag Caprice reduced to average of N25,750 compared to initial average of N26,167.
-- 50kg brown beans (Oloyin) sells for N12,500, a 3.85% reduction compared to N13,000 two weeks ago.
-- 50kg regular brown beans sells for N20,375, a 13.3% reduction in contrast to N23,500 in January.
-- 50kg white beans reduced to an average of N19,875 from an initial average of N21,250.
-- Price of pepper decreased yet again, as a big bag now sells for an average of N6,000 from initial N6,500.
-- Medium bag pepper which was sold for N5,000 two weeks ago reduced by 4% to sell for N4,800.

ITEMS THAT WITNESSED PRICE INCREASE
Among items that witnessed increase in their prices are yam, locally made groundnut oil, tomatoes and onions among others.

-- Big yam tuber sells for average N850 from initial average of N813, indicating 4.62% increase within 2 weeks.
-- Medium-sized yam tuber increased 4.17% to sell for an average of N625.
-- 25-litre gallon local vegetable oil sells for average N13,075, a 1.55% increase compared to initial N12,875.
-- A basket of round tomatoes that enjoyed consistent price reductions in recent weeks witnessed relative price increase as a big basket now sells for average N6,500 compared to initial N6,000, representing 8.33% increase.
-- Medium-sized basket of tomatoes currently sells for N3,800 compared to initial N3,500 in January.
-- Big bag of dry onions currently sells for N22,000 from initial N20,000. It increased by 10% within 2 weeks.
-- Big bag of new onions costs N19,000, a 5.56% increment compared to N18,000 in January.

ITEMS THAT MAINTAINED INITIAL PRICES
-- Big baskets of sweet potatoes & Irish potatoes still retain their initial prices at N4,300 & N18,000 respectively.
-- Bag of Royal Stallion (Foreign) rice maintained initial price at N27,000.
-- Bag of flour remains unchanged at an average of N11,275.
-- Bag of maize (both yellow & white) maintain their initial prices at N14,000 & N15,500 respectively.
-- Kilo of fish (Kote) continues to sell for average N478 as Titus fish also maintains N485 as sold 2 weeks ago.
-- Some other items that maintained initial prices include cartons of noodles, refilling of household cooking gas, beverages and crates of eggs.

SPECIAL MARKET
Sellers of locally produced palm oil and groundnut oil at Daleko market told Nairametrics Research that their prices are reducing gradually, compared to December.

“A big drum of groundnut oil, that was sold between the range of N115,000 and N120, 0000 in December is now sold for an average of N108,000, while palm oil of the same quantity sells for an average of N72,000 compared to an average of N80,000.”

We also gathered that the price of a big bunch of plantains that was sold in December for N1,500 at Idi-Oro market reduced to N1,000 in February while a smaller sized bunch now sells for N800 compared to N1,000 in December.

Nairametrics Research Team gathered that the continuous supply of new brands of locally produced rice is a result of farmers’ willingness to produce rice to meet the country’s needs. This has crashed the price of the commodity to N19,000 from an initial N21,000.

A rice seller at Daleko market praised producers of locally made rice, as the volume of stony rice in the various markets has reduced drastically, while also producing rice that could measure up with foreign-made rice in terms of quality.

Some of the new brands of locally made rice sighted in the markets include Famous Rice, Our Rice, JGW New-World Rice and Al-flux Rice, all of which sell within the range of N18,000 and N19,000 while Mai-Nasari rice cost an average of N16,000.

Nairametrics Food Price Watch is a bi-weekly household market survey that covers prices of major food items, with emphasis on 5 major markets in Lagos – Mushin, Daleko, Oyingbo, Idi-Oro and Mile 12, markets.

SOURCE (abridged): https://nairametrics.com/2020/02/12/quality-of-local-rice-improves-as-food-prices-drop-across-major-markets/

It was just a matter of time. The pain will soon be over, I hope rice comes down to N10k for 50kg bag. Let it crash far before dangote rice hits the market because that man will artificially want rice to be expensive like he has done with cement.

Nigeria is moving forward with food security at least.

Alright