Nigeria, Nov. 29 -- Lagos State Governor Babajide Sanwo-Olu on Friday stated that rice prices in Nigeria have begun to decline, describing the trend as evidence of an improving inflation outlook.

He said Lagos-produced rice would be sold for between N57,000 and N58,000 per 50kg bag.

Mr Sanwo-Olu spoke at the 60th Annual Bankers' Dinner of the Chartered Institute of Bankers of Nigeria in Lagos.

PREMIUM TIMES reported earlier that traders in major markets in Imo and Abia States had confirmed marginal drops in the prices of tomatoes, pepper, rice and other staples.

They attributed the reductions to favourable weather conditions, better harvests and other economic factors.

Residents, including traders, vendors and civil servants, told th...