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Agricultural industry

Food Prices Decline in Kogi State as Governor's Policies Take Effect

Strategic Insights

— 1 min read

The steady decline of food prices in Kogi State is attributed to the agricultural policies of Governor Ahmed Usman Ododo, as stated by the State Commissioner for Information and Communications, Kingsley Femi Fanwo. These policies have led to increased production and government measures against hoarding, stabilizing the food supply chain and bringing relief to households. A market survey shows that prices of staple crops have dropped significantly, including rice, yam, and garri.

Key Takeaways:

  • The price of a 50kg bag of rice, which sold for about ?85,000 in March, now goes for between ?62,000 and ?65,000.
  • A medium-sized tuber of yam, previously about ?2,000, now sells for ?1,200.
  • A paint bucket of cassava flakes (garri) has dropped from ?3,500 to ?2,400.
  • Prices of maize and corn have also fallen across the state.
  • The state government has implemented various agricultural intervention programmes, including ACReSAL, and massive distribution of improved seedlings.
  • The state government has put in place strong mechanisms to check hoarding by middlemen.
  • Over 1 million seedlings of cashew and palm were planted this year alone in Kogi, with a potential injection of over ?100 billion into the state's agro-economy within three years.
  • Many investors are showing interest in the state's agricultural sector.
  • The Lagos State Government has chosen to partner with Kogi State for food supply to Lagos, backed by a ?500 billion agribusiness fund.

Statistics:

  • The price of a 50kg bag of rice has decreased by between ?20,000 and ?20,500.
  • The price of a medium-sized tuber of yam has decreased by ?800.
  • The cost of a paint bucket of cassava flakes (garri) has fallen by ?1,100.
  • The potential injection of over ?100 billion into the state's agro-economy within three years.
  • The ?500 billion agribusiness fund by the Lagos State Government for the partnership with Kogi State.

Sources:

  • Kingsley Femi Fanwo, State Commissioner for Information and Communications.

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