August 06, 2016

ALERT | Prices of Rice, Beans, Yam, etc getting too expensive

On 1st of January, Prophet J.B. Joshua warned that the economic situation in Nigeria this year may get to a level where many won't be able to afford much with the money in their pocket, if we do not invest in agriculture. I pray we don't get to that stage before government finds a real solution.

The prices of commodities like rice, maize, beans, palm oil, sorghum, yam and others have continued to rise at markets like Mile 12 in Lagos. This is reflected in the commodity index update, prepared by Novus Agro Nigeria Ltd, an agro-based firm, and made available to newsmen on Friday in Lagos.

Below are the new details:
According to the index, a 50kg bag of imported rice currently selling at N16,857 was sold for N14,800 last week, thus recording a whopping N2,057 increase. Miss Avaado Gaadi, Enumeration specialist at the firm, said the increase in the price of imported rice was as a result of restrictions on imported commodities.

Gaadi said that the restriction was to uphold Federal Government’s drive to diversify the economy, through promoting consumption of locally-produced commodities.

Meanwhile, the paint bucket measurement of imported rice has also increased to N1,457 as against N1,333 sold last week. Also, a 100kg bag of beans, which has been on a continuous increase since June, now attracts N25,714, as against N24,000 it attracted last week; while the paint bucket measurement remained stable at N900.

Also the 100kg bags of maize, sorghum, onions and 25-litre of palm oil were on the increase at the market. Maize attracted N12,829, as against N11,375 it was sold for last week, recording a difference of N1,454.

Sorghum now selling for N11,571 was sold for N10,313 last week, thus attracting N1,258 increase. Also, onions and palm oil increased slightly.

Mile 12 is a major market, but a visit to other market where they sell retail showed that the some of prices are much higher. Nigerians are still hoping for the best.