Close Menu
MarketForces AfricaMarketForces Africa
    What's Hot

    Cardano Price Increases 8% as Investors Stake New Bets

    July 30, 2026

    Binance Coin Price Rises as SilentSwap Launches on BNB Chain

    July 30, 2026

    Meta Earnings Under Pressure in Q2, Revenue Up, Profit Dips

    July 30, 2026
    Facebook X (Twitter) Instagram
    Trending
    • Cardano Price Increases 8% as Investors Stake New Bets
    • Binance Coin Price Rises as SilentSwap Launches on BNB Chain
    • Meta Earnings Under Pressure in Q2, Revenue Up, Profit Dips
    • 72% of World Trade Still Under WTO – Okonjo-Iweala
    • Money Market Rates Mixed as OMO Debit Drains Liquidity by 38%
    • MeCure H1 2026 Earnings Reinforce Long-Term Growth Strategy
    • US Equities Sold Off, European Markets Diverge as Sentiment Shifts
    • Presco Declares N10 as Interim Dividend on Weak Earnings Performance
    • Home
    • About Us
    Facebook X (Twitter) Instagram LinkedIn WhatsApp TikTok Telegram
    MarketForces AfricaMarketForces Africa
    Subscribe
    Thursday, July 30
    • Home
    • News
    • Analysis
    • Economy
    • Mobile Banking
    • Entrepreneurship
    MarketForces AfricaMarketForces Africa
    MarketForces Africa » Uncategorized » Lagos Sells Eko Rice N43,000 per 50Kg – Official

    Lagos Sells Eko Rice N43,000 per 50Kg – Official

    Marketforces AfricaBy Marketforces AfricaDecember 8, 2023 Uncategorized No Comments3 Mins Read
    Lagos Sells Eko Rice N43,000 per 50Kg – Official
    Share
    Facebook Twitter LinkedIn Pinterest Email Tumblr Reddit Telegram WhatsApp Copy Link

    Lagos Sells Eko Rice N43,000 per 50Kg – Official

    The Special Adviser to the Lagos State Governor on Agriculture, Dr Oluwarotimi Fashola, has identified inconsistent rainfall patterns as the major factor affecting rice production.

    Fashola made this known in an interview with newsmen in Lagos on Thursday while reacting to the consistent hike in the cost of local rice.

    He added that intermittent drought, high cost of fertiliser, flooding, insecurity, reduction in land cultivation, poor irrigation system and diesel were contributing factors affecting rice production.

    Fashola said land areas being used for rice cultivation in 2023 had reduced at production level leading to an increase in price. He said, “from 2022 to early this year, Lagos sold Eko rice at N33,000 per 50kg bag but now, it is N43,000.

    “From last year to early this year, we are buying a tonne of paddy at N240,000, now we are buying a tonne of rice paddy at N430,000.

    “The cost of diesel has risen from N750 to between N1,300 and N1,500 in the north and production of paddy has reduced considerably.

    ”Before the insurgents came in 2018, we were already hitting 12 million tonnes of paddy, but now, we barely do eight million tonnes and the number of mills has increased.

    “Let’s say in 2018, the number of functioning mill in Nigeria are barely about 70. Right now, we have over 200 mills and the one functioning ones are more than 100,” he said.

    The governor’s aide noted that paddy was not an imported rice but locally produced.

    He said that in Nigeria generally, rice was being cultivated in one production cycle as against three circles due to lack of proper irrigated system. Nigeria Eurobond Slumps after CBN Resumes OMO Auction

    ”The production of paddy has reduced considerably, we do not have irrigation system and we now have inconsistent rainfall pattern as well as intermitted drought that affects rice production.

    “Apart from that, we now equally have security issues. So, we have shrunk in our production level.

    “The land area that we’re growing rice in 2023, right now its production level has reduced.

    “Our land level has returned to what we had in 2015 and 2018 because of insecurity, drought and flooding,” he explained.

    Fashola expalined that the above factors had contributed to high cost of production in addition to the increased cost of fertilizer.

    “Farmers cannot even afford fertiliser. Fertilisers that used to be between N10,000 and N15,000 is now about 40,000 per bag.

    “There are issues with our production and that is shrinking our production system,” he said.

    Fashola said that lot of farmers in Lagos State cultivated Ofada rice, adding that the government was gradually winning them into doing the kind of rice that was obtainable in it rice mill.

    ”Lagos farmers are still growing when it comes to rice production; the farmers are still developing, so right now, what we get from them is just about one per cent.

    “This year, we bought about two trucks from Lagos farmer which is about 60 tonnes. Lagos rice farm is divided into Ofada and the medium grain.

    “Ofada is popular because of the cost, a 50kg bag of Ofada is N60,000. We are gradually winning them into doing the kind of rice we want,” he said.

    Investors Nigeria
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Marketforces Africa
    • Website
    • Facebook
    • X (Twitter)
    • Instagram
    • LinkedIn

    MarketForces Africa, a Financial News Media Platform for Strategic Opinions about Economic Policies, Strategy & Corporate Analysis from today's Leading Professionals, Equity Analysts, Research Experts, Industrialists and, Entrepreneurs on the Risk and Opportunities Surrounding Industry Shaping Businesses and Ideas.

    Keep Reading

    MeCure H1 2026 Earnings Reinforce Long-Term Growth Strategy

    United Capital Delivers Robust H1 2026 Earnings, Declares 30 Kobo Interim Dividend

    Nigeria Must Compete for African Market or Lose it, Says NSDC

    Nigeria May Face Rice, Tomato Scarcity in 3  Months — OTACCWA

    NGX Delivers 59% Return YTD as Investors Gain N2.53trn

    XRP Stalls, Ripple Invests in Notabene as BitMEX Plans to Shut Down

    Add A Comment

    Comments are closed.

    Editors Picks

    Cardano Price Increases 8% as Investors Stake New Bets

    July 30, 2026

    Binance Coin Price Rises as SilentSwap Launches on BNB Chain

    July 30, 2026

    Meta Earnings Under Pressure in Q2, Revenue Up, Profit Dips

    July 30, 2026

    72% of World Trade Still Under WTO – Okonjo-Iweala

    July 30, 2026

    Money Market Rates Mixed as OMO Debit Drains Liquidity by 38%

    July 30, 2026
    Latest Posts

    MeCure H1 2026 Earnings Reinforce Long-Term Growth Strategy

    July 30, 2026

    United Capital Delivers Robust H1 2026 Earnings, Declares 30 Kobo Interim Dividend

    July 28, 2026

    Nigeria Must Compete for African Market or Lose it, Says NSDC

    July 26, 2026

    Nigeria May Face Rice, Tomato Scarcity in 3  Months — OTACCWA

    July 26, 2026

    NGX Delivers 59% Return YTD as Investors Gain N2.53trn

    July 26, 2026

    Subscribe to News

    Get the latest sports news from Dmarketforces Africa about finance, business and tech.

    Advertisement
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • Politics
    • Economy
    • Business
    • Opinions
    • Fintech
    • Science & Technology

    Company

    • About us
    • Advertising
    • Classified Ads
    • Contact Info
    • Editorial Policy

    Services

    • Subscriptions
    • Research
    • Due Diligence
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Subscribe to updates from MarketForces Africa, an independent financial news service provider.

    © 2026 MarketForces Africa. All rights reserved.
    • Privacy Policy
    • Terms
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.