Rice sellers in Enugu lament price crash

Rice traders in Enugu have lamented the sudden fall in the price of the commodity, especially the foreign one.

A survey by the News Agency of Nigeria (NAN) on Tuesday showed that the prices crashed by between 15 per cent and 25 per cent depending on the brand.

Traders at the Ogbete Main Market, Kenyetta and the Relief Market said that between March and October, a 50-kilogramme bag of rice was sold at between N11,500 and N12,000, but had gone down to between N9,000 and N9,500.

The 25-kg bag which formerly sold for between N5,000 and N5,500 now goes for between N4,600 and N4,700 respectively.

Some of the traders attributed the fall to the increase in local rice production.

Mr Emmanuel Ugwu, of the Relief Market said that local rice was everywhere because it was produced in large quantities in 2014.

“The price is falling and there is nothing we can do about it because local rice is everywhere in our markets,” he said.

In Kenyatta, Mr Sunday Onyebuchi, who deals only in foreign rice, told NAN that he planned to change to the local one because there more prospect in it.

“In line with the theory of demand and supply, there is an increase in the demand for local rice more than the foreign rice.

“With the agricultural transformation agenda of the Federal Government, local rice farmers are now encouraged to produce in large quantities and the markets are flooded with it.

“I cannot sell my goods at the cost price, instead I will start selling them in cups to see if I can make a meaningful profit,” he said.

At Ogbete, Miss Onyinye Ugwu, said that most of her customers preferred the local rice to the foreign brand due to its health benefit.

“Even when the price of local rice is slightly higher than that of foreign ones, people still demand for it.

“A 25-kg bag of local rice is sold at N5,900 while the 50-kg bag stands between N11,500 and N12,000 for the de-stoned long grain type.

“Again because dieticians are now telling Nigerians that local rice is more nutritious than the foreign ones, many families now resort to the local rice,’’ Ugwu said.

Mrs Eunice Eboh, a consumer, said she preferred local rice to the foreign one because of its taste and nutritional value. (NAN)