Lagos Releases 40,000 Cheap Eko Rice Into Markets as Christmas Knocks
- Lagos State government has flooded the markets across the state with its locally-produced Eko Rice
- The government is selling a bag of 50kg of the commodity for a range of N43,000 to N45,000
- It said that residents can buy from the LCFE or major rice markets such as Daleko in Mushin, Ketu and Ikorodu
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
The Lagos State government has announced that Eko Rice will be available for residents during the upcoming festive season, with a commitment to release over 40,000 bags into the market before Christmas.
Oluwarotimi Fashola, the Special Adviser to the Governor on Agriculture, shared this information with the press during a visit to the Lagos Rice Mill
Legit.ng had earlier reported that the rice mill located in Imota, Ikorodu, Lagos State, is capable of processing 32 metric tonnes per hour.
Source: UGC
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Production increased to near the needs of Lagosians
Fashola, guiding journalists through the mill's operations, revealed that 20,000 bags have been distributed in the state since November.
He further disclosed that 20,000 bags would be supplied before Christmas, emphasizing the ongoing daily production.
According to Vanguard, Fashola clarified that the state does not directly sell the rice and the responsibility for sales lies with the Lagos Commodities and Futures Exchange (LCFE).
He added that the quantity produced may not be able to go around all markets because of the vast population of people in the state.
He said:
Let us understand something, Lagos is the largest consumer of rice in Nigeria. It consumes 40 million bags of 50kg of rice annually.
On a daily basis, we have about 25 million people and each person consumes on a yearly basis about 50kg. So, we can start breaking it down to what a person consumes in a year.
We produce just 10% of what Lagos consumes. We are hoping to go to 20%, but right now, we produce 10%.
50kg bag to be sold for N43k - N45k
He clarified that the LCFE determines the rates based on paddy costs, highlighting that the current price ranges between 43,000 and 45,000 for a 50kg bag and 22,000 for a 25kg bag from the Imota Rice Mill, with no additional logistics charges.
The cost of Eko Rice brings relief to consumers, especially considering the recent surge in the average price of a 50kg bag of rice to N55,000 in numerous markets across Nigeria.
Fashola also indicated that residents in the state can purchase Eko Rice through the Lagos Commodities and Futures Exchange (LCFE) or major rice markets such as Daleko in Mushin, Ketu, Ikorodu, and others.
Furthermore, he mentioned that arrangements have been made for civil servants and public servants to acquire the rice from the Lagos State Inputs Supply Authority (LAISA) at Alausa.
Speaking on the development, Nancy Uzoma, a Lagos resident, told Legit.ng that the distribution of the government's produced rice has always been shrouded in controversies.
She said:
"When the government makes these announcements of the release of their rice, it is unfortunate that we can't find it. Usually, the few that get to the market finish on the same exact day of delivery.
"This is the same thing that used to happen when the government was producing and distributing Lake rice. We only hear, but we don't see."
Processors, farmers groan as foreign rice resurfaces in Nigerian markets
Meanwhile, Legit.ng earlier reported that foreign rice from countries including Thailand and India has returned to markets in the states of Kano, Jigawa, and Katsina.
According to agricultural experts, rice dealers, and farmers, local production in the agricultural sector has been significantly impacted by the presence of foreign rice.
They express their concerns regarding the porosity of the borders, which has contributed to this issue.
In August 2019, the Nigerian federal government issued a directive to close all land borders to halt rice importation.
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Source: Legit.ng
