Wednesday 24 August 2016

Change is Here! Prices of Rice and Other Grains Begin to Crash Down

The prices of rice and other commodities have started to improve at the local market due to a boost in local productive.
A recent survey of the prices in the local market has revealed an improvement in the prices of consumables at the local market.
The News Agency of Nigeria focused on the Hadejia, Jigawa - northern part of Nigeria where prices have crashed due to the supply of agricultural products to the market as advocated by the government of President Muhammadu Buhari to improve the local economy thereby strengthening the naira.

A check on Tuesday at Hadejia market indicated that prices were down by about 30 percent.
A market survey by a correspondent showed that a bag of millet was sold at N14, 000 as against N18, 000 while a bag of paddy rice went for N8, 500 as against its previous price of N11, 000.

Other produce such as maize and sorghum were sold at N11, 000 and N13, 000, as against their old prices of N15, 000 and N17, 000, respectively.
Investigation showed that the crash was necessitated by the commencement of harvesting of food crops and the corresponding increase in the supply of food items in the market.

NAN also reports that farmers recorded high yields due to appreciable rainfall and good weather condition recorded this cropping season.
Traders who spoke with a correspondent at the market attributed the drop in prices of food items in the state to increase the supply of fresh produce from the farms.
Alhaji Kassim Adamu, a grain dealer, expressed optimism that prices would further go down, in view of the harvest by farmers.
It is hoped that this impressive development spreads nationwide especially when Nigerians have become wary of the prices of rice as Christmas and New Year festival draws gradually closer.

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