Rice prices drop by more than 20%, providing respite for Nigerian people….
Rice prices in Nigeria have dropped by 20-30% in major markets within two months, providing relief to households who previously paid N88,000 for a 50kg bag of rice in February 2024 or earlier. Nairametrics analysts found that a 50kg bag of rice now costs between 50,000 and 65,000 in Oshodi, Ikotun, Ikorodu, and other parts of the state. A 25kg bag of rice sells between
According to Nairametrics, the trend began earlier last week, when rice dealers reduced their rates despite rising food inflation. According to the National Bureau of Statistics’ most recent data, food inflation reached 40% in March 2024. Mrs. Bosun Adeyeye, a trader who sells various food items on the outskirts of Oshodi, told Nairametrics that she began pricing her “long rice” below N70,000 last Wednesday, after her distributor sold the commodity to her for roughly N60,000.
Chima Emeka, a trader who does business in Abule Egba, Lagos Mainland, reported that the market price for foreign rice had decreased to N65,000. He ascribed the price drop to the strengthening of the Naira in the foreign exchange market. “I believe importation is currently less expensive than it was when the dollar ranged between N1,600 and N1,800. Previously, we couldn’t obtain imported rice for less than N80,000, but now that the dollar is worth N1,100, sellers are lowering prices. “You know, foreign rice is initially priced in dollars,” Emeka told Nairametrics.
