The prices of both local and foreign rice have remained stable in major markets in Enugu metropolis,newsmen report.
A market survey conducted by newsmen on Saturday revealed that prices of both local and foreign rice had neither increased nor reduced when compared to what their prices were some months ago.
Newsmen report that price of 50kg of foreign rice sells between N18,000 and N18,500 depending on the brand, while 25kg sells at N8,000 and N9,000. Delta approves N312m for students assistance
The price of a 50kg bag of local rice goes for between N11,000 and N12,000, while the 25kg cost between N5,800 and N6,000. Some rice dealers, who spoke to newsmen attributed the stable price to availability of both the local and imported rice in the market.
Mr Osundu Ibe, a rice seller at Ogbete said that the price of rice had not increased since March, adding that different types of local rice were available, thereby making the price to be stable. Ibe said that the sales of local rice had been on the increase due to its affordability when compared to foreign rice. According to him, a cup of local rice stands between N70 and N80, compared to the price of foreign rice that goes for between N100 and N120. He said that the five-litre paint bucket of the local rice, usually the standard measure for cereals in South East goes for N1, 200, while foreign one is sold for N1, 700.
Mr Mathew Okwuosa, another rice dealer at Akwata Market said the reason for the steady price of rice in major markets was due to persistent increase in domestic rice production. Okwuosa noted that the ban on foreign rice by the Federal Government had shifted the attention of many buyers to local rice. According to him, the belief is that the foreign rice would be more expensive, thereby lowering its sales and stabilising the price. NAN