Price Of Rice Falls Drastically As Harvest Begins

This is awesome news for Nigerians as reports from eyewitnesses indicates that the price for food items especially grains have dropped in Kano state as recent harvests have filled markets.

According to the survey conducted in some markets in Kano state, it was revealed that the prices of food commodities especially maize, millet, sorghum and local rice have dropped by about 40 per cent, While NAN, the survey also shows that a bag of maize is now selling for N8,500, this was sold for about N12,500 as at last month, so that a paint bucket measure of maize is now N350, it was sold for between 400 and 450 last month.

A bag of millet is now sold for N9,500 dropping from N14,000. Also, a 100kg bag of local rice, is now being sold at between N26,000 and N28,000, it used to be sold for between N33,000 and N40,000. A paint measure now sells for N600 and not N750, The survey also looked into sorghum ‎which sold for N16,000 before the harvest, but now cost about N13,000 per bag, a bag of wheat crashed from N24,000 to N16,000

Alhaji Sani Ali, who is a trader at Dawanau International Grains market, said prices of the commodities would further reduce due to the recession.

Malam Isa Sule however had a different opinion, he expressed confidence that prices would further go down because the harvest season was far from over, also As farmers continue to harvest, the supply of the commodities will continue to flood the markets and this will push prices further down.

Meanwhile, the prices of bread, biscuits and other baked goods are set to go up by 15 per cent, Nigerian bakers have confirmed.

There are reports that the bakers under the aegis of Association of Master Bakers and Caterers of Nigeria (AMBCON) said the new prices take effect from October 17, 2016