Amidst rising food inflation, rice prices have witnessed a significant decline of 20-30% in major markets across Nigeria. This provides relief to households that were previously paying exorbitant prices for the staple.
In Lagos, a 50kg bag of rice now ranges between ₦50,000 and ₦65,000, compared to ₦88,000 earlier this year. Similarly, a 25kg bag sells for ₦25,000 to ₦32,500, depending on the brand.
The price reduction has been observed across both Nigerian and foreign rice varieties, with prices below ₦70,000 per 50kg in markets visited in Lagos and Abuja.
The trend reportedly began last week, with vendors lowering prices despite ongoing food inflation. According to the National Bureau of Statistics, food inflation reached 40% in March 2024.
Traders attribute the price drop to lower import costs due to the strengthening of the Naira against the US dollar. “Importation is cheaper now,” said trader Chima Emeka. “When the dollar was around ₦1,600 to ₦1,800, we couldn’t get foreign rice for less than ₦80,000. But now that the dollar is ₦1,100, traders are reducing their prices.” CONTINUE READING
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