Prices of imported rice, others jump over border closure

After weeks of sustained border closure, latest reports have shown that Nigerians are now patronizing Made-in-Nigeria rice and other locally produced food items instead of the imported ones.

Sellers of rice across the major markets disclosed their dissatisfaction towards the persistent rise in prices of foreign and locally made rice due to border closure and high demand of locally made rice.

A rice seller called John disclosed that he had just one bag of foreign rice remaining in his store and he planned to keep it until it would be worth as much as N30,000 in the market, which is likely to happen soon, according to him.

However, John called on the government to help boost the local production of rice in the country so as to meet the high demand for the commodity.

A seller of frozen foods disclosed to Nairametrics research that she has stopped selling because most consumers have opted for the purchase of live chickens in place of the regular frozen chickens and turkeys.

According to findings, there is a massive increase in prices of major imported household items across Lagos markets. It was learnt that while the price of local rice rose due to increased demand, there was a big jump in the prices of imported rice.

For instance, Items such as locally made rice increased by 13% from an average of N16,000 to N19,000, while foreign-made rice recorded a huge 35% increase in price, from a previous average of N18,875 to N25,500.

Also, a bag of brown beans (50kg) which sold earlier for an average of N13,500 now sells for N17,250, indicating a 28% increase in price.

The price of locally made (50kg) rice increased from an average N16,000 to N18,000, indicating a 13% increase in price.

According to reports, foreign rice is scarce in the market, due to the partial border closure imposed by the Federal government. Foreign rice is now sold for an average of N25,500, indicating a significant 35% increase.

Also, a bag of white beans increased by 2% from N20,500 to N21,000, while a bag of brown beans (50kg) increased by 28% to now sell for an average of N17,250. Similarly, a bag of 50kg yellow garri now sells for an average of N5,250, representing 8% increase in price.

According to the latest prices obtained at the market, a bag of 50kg beans (Oloyin) reduced by 1% from an average of N13,875 to N13,750.

Also, a 50kg bag of white Garri reduced by 13% from and an average of N5,900 to N5,125.

Locally made palm oil also reduced in price. 5 litres of locally made palm oil now sells for an average N1,850, compared to the previous N2,000 two weeks ago. A 25-litre gallon of locally made palm oil that was sold for N10,700 two weeks ago now sells for an average of N9,500.

A 5 litre gallon of locally made groundnut oil reduced by 15% from a previous N2,325 to N1,975, while a 25-litre gallon also reduced by 3% from an initial average of N10,875 to an average of N10,500.

Lastly, a big basket of round shaped tomatoes now sells for N8,000 from an earlier N14,000, representing a 43% decrease in price, while a big basket of oval-shaped tomatoes reduced by 22% from an initial N9,000 to N7,000.

It was also discovered that the price of onions increased at Mile 12 market, as a big bag of dry onions now sells for N18,000, compared to the former N16,000 reported two weeks ago.

Meanwhile, a big bag of new onions sells for N13,000 from the previous N11,000. According to information obtained, the increase was attributed to the limited quantity of onions available in the market (North), as there is high demand for the commodity across the country.