- A Nigerian company has announced plans to sell 50kg bags of rice at N45,000, significantly lower than the current market price
- The company stated that this move is part of its corporate social responsibility program to ease the burden of rising food costs
- A bag of local rice is currently sold for over N70,000, while imported foreign brands cost more than N90,000
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
A Nigerian startup company, Egoras, has announced a charity-driven initiative to sell 50kg bags of locally produced rice for N45,000 each from Saturday, October 12, 2024.
This initiative comes as the cost of staple foods surges due to inflation, foreign exchange challenges, and supply chain disruptions.
Photo credit: nurphoto
Source: Getty Images
Legit.ng earlier reported that rice sellers and dealers are selling 50kg bags of rice above N80,000 from the previous price of N76,000.
The sellers attributed the increase to scarcity and high foreign exchange used to import the product.
Egoras hopes to alleviate food challenges
Ugoji Harry, CEO of Egoras, expressed the company’s commitment to supporting communities in need during these challenging times.
His words:
“At a significantly reduced price of N45,000 per 50kg bag, we aim to offer Nigerians some relief from the impact of soaring food prices,.
Leadership reports that he said the decision is due to the increasing hardship many face in securing basic food supplies,
He added:
“The current economic situation has pushed many families into extreme financial strain. Food is becoming unaffordable for many households, and as a company, we feel a responsibility to support our communities.”
Harry emphasized that the discounted rice is not intended for resellers or distributors to ensure the initiative directly benefits those in need.
He explained:
“We have set a limit of one bag per customer to prevent exploitation. We want to ensure that as many households as possible benefit from this initiative and that people do not buy in bulk just to resell it at a profit.
Locations, steps to buy rice for N45,000
Harry acknowledged the daunting economic challenges facing Nigerians but remained hopeful about the initiative’s potential positive impact and listed locations for the sale.
He said:
“Distribution points for the rice will be conveniently located in Lagos, Abuja, and Port Harcourt.
“Interested Nigerians can pre-order through the company’s website, using this link egomart.org, at it will be on a first-come, first-served basis.
“We believe that this effort, while small, will provide some relief to those most in need. Every bag of rice sold at this price is helping a family get through these tough times.”
FG begins duty-free import of rice, other food items
In a similar development, Legit.ng earlier reported that the Nigerian government has begun the sale of 30,000 metric tonnes of milled rice to Nigerians.
President Bola Tinubu disclosed at the flag-off event that the rice is strictly one man, one bag and one woman, one bag.
He stated that the rice would be sold at a flat rate of N40,000 per bag to curb racketeering.
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Source: Legit.ng
