Some rice traders in Lagos have attributed the sustained stability in rice prices since January to the Federal Government’s import waiver, saying it has improved supply and affordability.
The traders made the remarks in separate interviews with the News Agency of Nigeria (NAN) on Thursday in Lagos.
They said the waiver on rice importation had increased the availability of the commodity, helping to stabilise prices in spite of the prevailing economic challenges.
Mr AbdulHakeem Temitayo, a rice dealer in Iddo, said rice prices had remained relatively stable since the beginning of the year.
According to him, a 50kg bag of rice currently sells between N49,000 and N58,000, depending on the brand and quality.
“The price of rice has remained relatively stable since January.
“We have sufficient stock to meet demand, which has helped to 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,” he said.
Also speaking, Mrs Tolu Ojeleye, a trader in Abule-Egba, said current prices were significantly lower than those recorded in the last two years.
She said that a 50kg bag of rice, which sold for between N80,000 and N95,000 in previous years, now sells for between N51,000 and N56,000 for short-grain varieties, while long-grain brands sell for between N54,000 and N58,000.
According to her, increased imports following the government’s waiver have improved supply.
“We hope rice remains affordable for Nigerians, and whatever policies are sustaining the current prices should be maintained,” she said.
Mr Ali Chika, another rice dealer in Agege, described the 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 in the market.
“We have not experienced this level of price stability in recent times.
“I believe the government’s efforts to curb inflation are yielding positive results, and many Nigerians are benefiting from the lower prices,” he said.
