28th August, 2015
This is contained in the commodity index sheet made available by Novus Agro Nigeria Ltd to the News Agency of Nigeria (NAN) in Lagos.
The index showed that the price of a 50kg bag of imported rice which now sells for N8,567 was sold at N8,700.
While the price of a paint bucket measurement remained the same at N800 at the market.
It also showed that the price of a 100kg bag of maize reduced by about N500; it now sells for N6,000 but was sold at N6,433 the previous week.
However, the price of a paint bucket measurement remained the same.
Meanwhile, other agricultural commodities like Garri, Sorghum, Drum Beans and Soya Beans sold at the same price as last week.
A 100kg bag of soya beans is now selling at N15,000 at the same price as last week; the paint bucket measure also remained the same at N550.
A 60kg bag of white garri also remained the same as last week at N6,000, while the paint bucket measurement sold at N300.
The prices of 100kg bags of groundnut and sorghum sold at the same as last week at N25,000 and N6,500 and the paint bucket measurement at N1,000 and N350 respectively.
While a 100kg bag of drum beans also did not change in price as it remained the same at N23,000, while a paint bucket measurement sold at N800.
Also, the prices of a 100kg bag of onions and a 25 litres of palm oil remained the same at N9,083 and N6,800, while a 2kg bag and a bottle of palm oil sold at N308 and N220 respectively.
Mrs Obiajuru Luya, Strategy Manager of the agro company, told NAN that the enforcement of some Federal Government policies on imported rice could be the reason for the reduction in prices.
“The reduction in the price of imported rice may not be unassociated with the recent ban on forex trading for rice importation.
“As well, the sealing of the warehouses of major rice importers by the Nigerian Customs Service could have impacted on the prices.
“This led to the influx of many other products at the time, so, the effects are probably manifesting in the prices of the products,’’ Luya said.
She added that the old stocks of maize were running out and most markets did not have the new stock yet.