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Prices of rice, corn, other foodstuffscrash in Jigawa

Prices of foodstuffs have begun crashing in Jigawa

as latest survey of the popular Hadejia market in the

state shows

– The market survey reveals also that a bag of rice

now goes for N8,500 at Hadejia as against the

previous N11,000 that it went for

rice

PM News is reporting that the prices of food items

have crashed in Hadejia, Jigawa state.

Quoting News Agency of Nigeria (NAN), PM News

reports that the crash in food price is as a result of ‘a

significant increase in the supply of agricultural

produce to the market’.

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According to investigations by NAN on Tuesday at

Hadejia market, food prices were down by about 30

percent. Now, a bag of millet goes for N14, 000 as

against N18, 000 while a bag of paddy rice went for

N8, 500 as against its previous price of N11, 000.

Maize and sorghum were sold at N11, 000 and N13,

000 down from their old prices of N15, 000 and

N17, 000, respectively.

PM News quotes NAN as saying that its investigation

showed that the crash was necessitated by the

harvesting of food crops and the corresponding

increase in the supply of food items in the market.

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It also also reports that farmers recorded high yields

due to appreciable rainfall and good weather condition

recorded this cropping season.

Traders, who spoke with NAN at the market,

attributed the drop in prices of food items in the state

to increase the supply of fresh produce from the farms

while a grain dealer, Alhaji Kassim Adamu expressed

confidence that prices would further go down because

of the harvest by farmers.

“The supply keeps moving up and it will push prices

further down, ” he said.

Meanwhile, Nigeria in talks with the Chinese import-

export bank China Exim Bank for a $21 billion loan to

finance its 2016 budget and develop new infrastructure

projects to boost the ailing economy.

This was announced by the minister of budget and

national planning, Senator Udoma Udo

Udoma following his visit to China in July and

President Muhammadu Buhari’s visit to China in April.

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