The people of Ilorin, Kwara State, are celebrating a significant decline in rice prices. The staple food has witnessed a substantial drop, with a 50kg bag now retailing between ₦52,000 and ₦54,000.
This represents a steep decrease from the ₦80,000 price during Ramadan and ₦65,000 just a week ago. Rice vendors believe the trend will continue, predicting a further drop to ₦30,000 or even ₦25,000 in the coming days.
The price crash is attributed to the recent strengthening of the naira against the dollar and other favorable factors.
Pastor Adeyanju Adeyemo, a rice seller in Ilorin, told City & Crime that a 50kg bag could reach ₦25,000 within a month. “Last week, it was ₦61,000, but now ₦54,000. I’ve told my customers that with this trend, it may drop to ₦25,000 in a month,” he said.
Mr. Abdullateef AbdulAfeez, another vendor, confirmed the current price of ₦52,000 for a 50kg bag. He also expressed optimism for a further decline to ₦30,000 in the near future. CONTINUE READING
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