Following the decision of the federal government to reopen the country’s land borders, prices of foreign rice, beans and onions have dropped in major markets in Lagos as Christians across the country celebrate Christmas.
The reduction in the price of foreign rice may be partly attributable to the directive by the federal government to reopen closed land borders in Nigeria.
In a discussion with a major rice dealer at Daleko Market, Mrs. Dayo, she explained that the price of foreign-made rice has reduced significantly to N25,000 in the market.
She explained further that, although traders are not allowed to bring in rice from these borders, the price has still recorded a significant decline in the past week.
According to a survey, the price of a 50kg bag of Royal Stallion rice now sells for an average of N26,125 from an initial average of N30,333, representing a 13.9 per cent decrease in price.
The survey further showed that a 50kg bag of Caprice reduced by 10.43 per cent to sell for an average of N26,125 as against an initial average of N29,167 recorded in November 2020. Meanwhile, the price of local rice has remained sticky as a 50kg bag of Mama’s Pride sells for an average of N23,375.
Meanwhile, the price of a big basket of oval-shaped tomatoes increased by 11.1 per cent to sell for an average of N10,000, as against an initial average of N9,000 recorded weeks ago. A small basket of the oval-shaped tomatoes increased by 9.1% to sell for an average of N6,000 compared to an initial average of N5,500.
A big bag of pepper now sells for an average of N20,000 from an initial average of N17,000. This represents a 17.65 per cent price increase in three weeks. Also, a medium-sized bag of pepper sells for an average of N10,000 from an initial average of N8,000, indicating a 25 per cent increase in price.
5kg cylinder of cooking gas is currently filled for an average of N3,975, representing a 15.22 per cent increase in price compared to an initial average of N3,450. Also, a 5kg cylinder that was initially filled for an average of N1,625 now sells for an average of N1,750 indicating a 7.69 per cent increase in price.
The price of onions is yet to normalize after a recent surge in prices. Meanwhile, despite the sustained increase in the price of the commodity, large quantities of onions could be sighted at the onion section of the Mile-12 market as consumers buy in large quantities.
According to an onion seller at the market, he stated that the reason for the large quantity of onion in the market is because of the festivity as the item is always in high demand during the period.
The closure of Nigerian land borders in 2019 resulted in an influx of various brands of local rice in the Nigerian market. Meanwhile, the latest survey showed that the prices of local rice remained high. Below are some of the brands of locally produced rice sighted at the various markets and their respective prices.
