Lagos State Governor Babajide Sanwo-Olu on Friday acknowledged that rice costs in Nigeria have begun to say no, describing the pattern as proof of an bettering inflation outlook.
He mentioned Lagos-produced rice can be offered for between N57,000 and N58,000 per 50kg bag.
Mr Sanwo-Olu spoke on the sixtieth Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria in Lagos.
PREMIUM TIMES reported earlier that merchants in main markets in Imo and Abia States had confirmed marginal drops within the costs of tomatoes, pepper, rice and different staples.
They attributed the reductions to beneficial climate circumstances, higher harvests and different financial elements.
Residents, together with merchants, distributors and civil servants, informed the Information Company of Nigeria that the worth adjustments supplied short-term aid. In Owerri, Imo State, many linked the event to the gradual finish of the wet season, which they mentioned had helped cut back spoilage and protect produce.
A market survey by NAN in Owerri confirmed {that a} basket of contemporary tomatoes, beforehand offered for N40,000, now sells for between N35,000 and N38,000. A paint bucket of tomatoes dropped from N7,000 to N6,000, whereas a bigger bucket fell from N8,500 to N7,500.
In keeping with the information company, a half-bucket of pepper declined from N4,000 to N2,500, and a small portion earlier priced at N1,500 now sells for N500.
Merchants informed NAN that the adjustments had been tied to seasonal cycles.
“Worth fluctuation is all the time occasioned by the supply or in any other case of an merchandise available in the market each season,” mentioned Hamza Abubakar, a tomato and onion vendor, informed the information company in an interview. He added that “nothing could possibly be completed to maintain the worth discount of any merchandise as soon as its season is over.”
Costs of grains have additionally eased, based on NAN. A 50kg bag of native rice, offered for N65,000, now prices about N60,000. A 25kg bag earlier priced at N32,500 now sells for N25,000. International rice, which offered for as excessive as N90,000, now ranges between N72,000 and N80,000.
A custard bucket of beans has dropped from N8,000 to N5,000, whereas garri fell from N2,500 to N1,500.
Reflecting on the pattern, Mr Sanwo-Olu mentioned: “Clear examples—about this time final yr, we had been struggling to purchase a bag of rice. At this time, in the identical nation, in the identical market, you go to [see] the worth of a 50kg is beneath N60,000.”
The governor mentioned Lagos performs a major position in home meals provide, noting that the state runs the nation’s largest rice mill and holds substantial stock.
“I’ve obtained over 200,000 luggage, and I used to be convincing my colleagues a few days in the past, and I’m able to promote … at N57,000, 58,000,” he mentioned.
He described the worth decline as a direct profit to households.
“Actual drop available in the market. That’s actual progress, innovation and actual progress in our residents. The discount in inflation numbers is actual and constructive,” he mentioned.
Mr Sanwo-Olu credited latest enhancements to broader macroeconomic reforms and a extra disciplined financial atmosphere.
He praised the Central Financial institution of Nigeria (CBN) for what he mentioned had been stabilising actions on inflation, international alternate and investor confidence.
“I feel we must always thank the president and commander-in-chief of the armed forces of the nation, for selecting him, however not only for selecting—for permitting him to do the work, for permitting him to play this position,” he mentioned, referring to CBN governor Olayemi Cardoso.
The governor restated Lagos State’s dedication to supporting the monetary sector with investments in infrastructure, safety and digital techniques.
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He mentioned the continuing set up of LED photo voltaic streetlights shaped a part of the state’s broader city safety initiative.
Mr Sanwo-Olu additionally introduced that Lagos just lately raised the nation’s largest sub-national standard bond.
“Only a week in the past, as typical of Lagos, we raised the most important sub-national standard bond… oversubscribed by over 60 per cent,” he mentioned.
He added that Lagos had additionally issued a inexperienced bond, noting: “On one other observe, we had been additionally the primary to boost the inexperienced bond and sub-national.”
He urged banks to prioritise ethics and innovation.
“Dedication just isn’t solely to professionalism, however our dedication additionally should be to moral conduct. Should even be customer-centric. We should proceed to innovate,” he mentioned.
