Sanwo-Olu releases Lagos rice mill's Eko Rice into markets for cheap price

The Lagos State Government has formally launched its Eko Rice into the market, following a monumental initiative with its partners.

The Eko Rice, derived from the Imota Rice Mill located in Ikorodu, Lagos State, and capable of processing 32 metric tonnes per hour, has made its way into the market at a price of N33,000 for a 50kg bag.

The initiative follows the rice revolution spearheaded by the administration of former president Muhammadu Buhari, which saw the Central Bank Bank encouraging rice farmers with loans and grants.

The government expressed the assurance that Eko Rice will compete favourably with other rice brands, both locally and foreign-made, in quality and price.

It would be recalled that the Lagos State and Kebbi State governments had initially collaborated on a rice milling project which gave birth to the LAKE rice (an acronym for LAgos and KEbbi states).

Speaking at the unveiling, Lagos State Governor Babajide Sanwo-Olu said that the Eko Rice Contract Programme represents a significant initiative designed to transform Lagos into a prominent agricultural production and processing centre in Nigeria, The Nation reports.

Highlighting that rice is a staple food consumed by more than 80% of Lagos' population, the governor emphasized that the forward contract plays a vital role in the government's food security strategy, ensuring the availability of affordable rice.

Sanwo-Olu explained that the state government has actively pursued the advancement of the rice value chain by focusing on capacity building for farmers and facilitating the provision of inputs and infrastructure in various rice production centres across Lagos.

The Eko Rice achieved a momentous milestone by becoming the inaugural commodity listed and traded on the Lagos Commodities and Futures Exchange (LCFE).

This groundbreaking achievement marks a significant development in the agricultural sector.

He said: It will draw the attention of local and foreign investors to the Lagos Rice Mill forwards contract, and project the role of the Capital Market in driving development in Lagos commodities ecosystem.

We are committed to expanding the programme to cover other commodities, such as cassava, maize, and vegetables.

Furthermore, he emphasized that establishing a commodities exchange will ensure a stable market for the annual production of 2.5 million bags of 50kg rice from the mill.

Furthermore, Sanwo-Olu highlighted that this intervention had boosted economic activities and enhanced the livelihoods of rice-producing communities.

He emphasized that the government has successfully increased local paddy production by an impressive 63.5%, creating over 2,620 direct and indirect employment opportunities.