Traders Reacts to Bag of Rice Crashing from N80,000 to N60,000 As FG Makes New Promises
- Nigerians have taken to social media to report a reduction in the price for a 50kg bag of rice from N80,000 to N60,000
- The reports of this reduction have been greeted with much excitement, with a bag of rice becoming one of the most trending topics
- Legit.ng spoke to traders about the current market price for a 50kg bag of rice as the federal government intensifies efforts to bring down commodity prices
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerians have taken to social media to rejoice about a significant price shift in the price of a bag of rice amidst the Federal Government's efforts to stabilise commodity prices.
The reports of a price reduction from N80,000 to N60,000 were a huge relief among Nigerians who have struggled to buy basic food items in the past year.
Source: Getty Images
To verify the claim of price reduction and gain insights into the current market prices, Legit.ng visited various markets in Lagos and spoke to rice traders.
Some of the traders confirmed a slight reduction in the price of a bag of rice but said it is not yet N60,000.
Ajoke, a trader at Ikotun market in Lagos, said that prices are reducing but have not yet reached the reported level.
She noted:
"I don't have any rice for N60,000 in my shop, and I'm unsure where people are buying a 50kg bag of rice for that price.
"However, I can confirm that prices are gradually dropping. For instance, my Mr Rice 50kg bag is now sold at N76,000, down from N82,000, while other brands such as WOW King of Rice, Basma, Mango, and Siamese are priced at N78,000."
Another trader, who gave his name as Chukwuma, confirmed that a 50kg bag of rice is still priced above N60,000.
"The cheapest 25kg bag of rice you can get in my shop is priced at N35,000. Therefore, it's puzzling how a 50kg bag could be sold for N60,000.
"For example, my Mama's Pride 25kg bag is N35,000. Any long grain rice 50kg is priced at over N75,000."
FG intensifies efforts on commodity pricing.
Meanwhile, the Federal Competition and Consumer Protection Commission (FCCPC) has once again reiterated its commitment to address the rising price of commodities to protect Nigerians.
In a statement shared on its X official page, the commission promised to use its existing legal framework to enforce fair competition and consumer protection provisions.
FCCPC wrote:
"The Federal Competition and Consumer Protection Commission (FCCPC) is aware of the concerns expressed by Nigerians regarding the continued rise in prices of goods and services. Despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices. This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation.
"The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the Commission is taking proactive steps to address this issue.
"While the FCCPC cannot directly regulate prices, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions. This includes monitoring and investigating unusual price hikes, addressing complaints filed by consumers, and taking action against any businesses found to be engaging in anti-competitive practices such as price-fixing, price gouging or cartel formation.
"The Commission has directed its operatives to intensify monitoring of both formal and informal markets, where businesses may be taking advantage of market conditions to unfairly inflate prices, and ramp up enforcement activities.
"The operatives will be working collaboratively with trade associations, farmer groups, and other stakeholders to identify and remove unnecessary barriers to entry in various sectors, combat price-fixing, and dismantle cartels.
Governor to sell rice at 50% discount
In related news, Legit.ng reported that Governor Dapo Abiodun will commence the sale of rice to residents of Ogun state at half the price of the commodity.
The governor disclosed that the sale of rice would start with public servants across the board.
Abiodun explained that selling at a 50% discount would enable his administration to continue buying rice and reselling it to the residents.
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Source: Legit.ng
