The Abakaliki Rice Mill Owners Association says there will be surplus supply of products in the market during Christmas period due to the bumper harvest experienced from 2023 planting.
Mr Linus Nkwuda, Chairman of the Association, who said this on Thursday in Abakaliki, Ebonyi State, disclosed that the year’s rice productions yielded good fruits.
According to him, the production in 2023 is better than 2022 because there is no flooding.
“We are experiencing bumper harvest; so, we expect more rice in the market for consumers this season,” Nkwuda said.
On price of rice, Nkwuda said the higher in production would definitely push down the cost, making the product much affordable for the people.
“We hope to have good supply to the market; we cannot predict the cost for tomorrow, right now, the prices are fluctuating on daily basis.
“Currently, a bag of 25kg of highest grade is sold between N17,000 and N19,500; we had reduction in price in the month of October because it was sold between N18,000 and N17,000.
“A 50kg bag is sold between N38,000 and 32,000 depending on the grade; there are different species of rice in the market, we have Mass, CP, R8 among others,” he added.
Nkwuda explained that the price was also determined by the demand, adding that having an influx of customers in the market would make the price to increase, but with high supply, the price would go down.
According to him, the market forces always determine the cost, especially, during celebration period like Christmas.
“But I hope there will be surplus supply to the market this year, 2023,” the Chairman said.