Mr Fashola said that a 50kg bag of Eko Rice would cost between N32,000 and N33,000 while the 25kg bag would be sold at prices ranging between N17,000 and N18,000.
Mr Fashola said that the commercial sales began last week in Ikeja axis, to civil servants and some institutions in the state.
He, however, said that the Eko Rice would hit major markets by the first week of June.
Mr Fashola said that a 50kg bag of Eko Rice would cost between N32,000 and N33,000 while the 25kg bag would be sold at prices ranging between N17,000 and N18,000.
He said that the price of Eko Rice was not on the high side when compared with the same quality of rice in the major markets at N38,000 for a 50kg bag.
“Eko rice is already in the market but you can be sure that the main markets will have it by June.
“For example, we have started with the Ikeja axis, the civil servants and institutions right now that’s ongoing, we started last week.
“By the first week of June, the major markets in Lagos will also start having it,” he said.
According to him, there are two sets of issues – the distributor price and the market price.
“The market price averagely is between N32,000 and N33,000 for the 50kg bag, for the 25kg bag, I think it’s between N17,000 and N18,000.
“The same quality of rice in the major market is sold for N38,000 for the 50kg bag while us selling at N32,000 and N33,000 is not high.
“There are various brands of rice, you have the 30 and 45, most of the imported ones are selling for N42,000 and N45,000.
“Most of the good quality ones in Nigeria sell for N38,000 to N40,000 and we are selling at N32,000 and N33,000,” he said.
Mr Fashola, who could not ascertain the exact number of Eko Rice to be distributed to the major markets, said the distribution would be gradual.
He stressed that the quality of the product would not be compromised.
“Quality is important and we will not lower our quality because we want to have our masses. It is a gradual process and the distribution is a monthly thing.
“Don’t forget Lagos has a 20 million plus representative, and we are only with a mill and it is only serving a fraction of that, so you wouldn’t expect it in every household,” he said.
(NAN)