Recent reports indicate a significant decrease in the price of a 50-kilogram bag of rice, attributed to the rebound of the naira against other major currencies.
Prices in Major Cities
* **Lagos:** The average price of a bag of rice has dropped to ₦67,000, down from ₦90,000 in February 2024.
* **Abuja:** In the Wuse market, the price of a bag of ‘Pretty Lady’ rice has decreased to ₦65,000 from ₦70,000, while Big Bull rice now costs ₦68,000, down from ₦80,000.
* **Ogun State:** Border communities like Imeko, Idiroko, and Oja-Odan are selling rice bags for as low as ₦49,000. In Saki, Oyo State, a bag of rice is now available for ₦42,000.
Market Observations
* Rice sellers in Agege and Oshodi markets in Lagos report a price reduction to between ₦65,000 and ₦63,000, compared to ₦75,000-₦80,000 in December 2023 and January 2024.
* Traders attribute the price drop to a decline in their purchase rates, with wholesalers typically adding ₦2,000 to their selling prices.
Ogun State Prices
* Prices in Ogun State vary depending on proximity to Benin Republic borders.
* Communities like Imeko, Ilara, Idiroko, and Oja-Odan offer rice at lower prices.
* In Ilara, a bag of rice can be purchased for ₦47,000, while in Iperu Junction, prices have dropped to ₦65,000 from ₦88,000 in February and March.
Other Market Trends
* Despite the drop in rice prices, the cost of beans and garri remains high, raising concerns among traders.
* In Oluwo, Abeokuta, a bag of parboiled rice sold for ₦65,000 on April 1.
* In the Dutse Market in Abuja, a 50kg bag of Optimum rice ranges from ₦68,000 to ₦71,000, while Mama Gold rice costs ₦82,000. CONTINUE READING
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