The Abakaliki Rice Mill Owners Association says there will be a surplus rice supply during Christmas due to bumper harvests.
Linus Nkwuda, chairman of the association, said Thursday in Abakaliki that 2023 rice yields were abundant.
"We are experiencing bumper harvest. So, we expect more rice in the market for consumers this season," stated Mr Nkwuda.
On the price of rice, Nkwuda said the higher production would push down the cost, making the product much more affordable for the people.
"We hope to have a good supply to the market; we cannot predict the cost for tomorrow. Right now, the prices are fluctuating on a daily basis. Currently, a bag of 25kg of the highest grade is sold between N17,000 and N19,500," said Mr Nkwuda.
"We had a reduction in price in the month of October because it was sold between N18,000 and N17,000."
The rice miller added, "A 50kg bag is sold between N38 and 32 depending on the grade; there are different species of rice in the market. We have Mass, CP, and R8, among others."
Mr Nkwuda explained that the price was also determined by the demand, adding that having an influx of customers in the market would increase the price, but with high supply, the price would go down.
According to him, the market forces always determine the cost, especially during celebrations like Christmas.
"But I hope there will be surplus supply to the market this year, 2023," the rice miller association chairman explained.
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