Prices of rice, beans rise in Nigeria

The prices of a 50kg bag of rice and a 100kg bag of beans at the popular Mile 12 market in Lagos, have slightly increased from N13,500 to N13,600 and N23,000 to N23,800 respectively.

These new prices are contained in a commodity index provided by Novus Agro Nigeria Ltd on Friday in Lagos. The firm had last week, stated that there was a shortage of beans from the farms while foreign exchange had contributed to the increase in the price of rice. Miss Avadoo Gaadi, an Enumeration Specialist at the firm, however, stated that the price of a paint bucket measure of rice also increased slightly from N1,200 to N1,220.

Gaadi, however, noted that a paint bucket measurement of beans remained stable at N1,000 at the market as at last week. The commodity index also showed that the price of a 100kg bag of onions reduced slightly to N16,200, as against the N16,500 it attracted a week earlier. Meanwhile, the price of a 2kg bag of onions remained the same at N500. However, the prices of other commodities as a 100kg bag of groundnut, maize, sorghum and soya beans remained stable at the market.

For instance, the prices of 100kg bags of groundnut, maize, sorghum and soya beans still sold for N26,000, N11,000, N10,000 and N17,000 respectively. Also, the price of 25 litres of palm oil remained the same at N7,000 while a bottle measure of it sold for N250 at the market.