Nigerians Experience Relief As Price Of Rice Drops By 20%

There seems to be some form of relief at the moment for Nigerians, especially those in the low- to middle-income bracket, who have for some months now been affected by the nationwide food price hike, driven by the sharp inflation and economic pressures across the nation.

According to the latest market surveys carried out this weekend around popular markets in the country, there seems to be a reduction in the price of rice by 20%.

According to reports, the price of a 50-kg bag of rice, which sold for about N80,000 around February, has now reduced to between N50,000 and N65,000, depending on location and brand.

Recent reports indicate that the cost of rice has decreased by approximately 20 to 30 percent over the past two months, rendering it more accessible to Nigerians. Particularly significant price reductions have been noted since last week.

According to a survey conducted by Nairametrics in several Lagos markets, the price of a 50-kg bag of rice ranges from 50,000 to 65,000 naira in areas such as Oshodi, Ikotun, and Ikorodu, among others. Similarly, a 25-kg bag of rice is selling for between 25,000 and 32,500 naira.

The survey further validated a reduction in the price of rice in Abuja, Nigeria’s capital, where numerous vendors are offering a 50-kg bag of rice for under N70,000.

Mrs. Bosun Adeyeye, a trader who sells various food items in the outskirts of Oshodi, said that she started pricing her “long rice” below N70,000 last Wednesday, following her distributor’s sale of the product to her at around N60,000.

She added that the “short rice,” costs between N55,000 and N65,000, depending on the customer’s preference.

“Since Wednesday, we have been selling between N55,000 and N65,000, depending on the type of rice you want to buy. The bags are different, and some are more expensive than others,” Adeyeye said.

Another trader, who does business at Abule Egba in Lagos Mainland, Chima Emeka, stated that the market price for foreign rice has dropped to N65,000.

He attributed this price decrease to the drop in the price of the dollar against the naira in the foreign exchange market.

“I think importation is cheaper now, unlike before when the dollar was around N1,600 to N1,800. Then, we couldn’t get foreign rice for less than N80,000, but as of today, that dollar is N1,100, and traders are bringing down their prices. You know, foreign rice is first priced in dollar,” Emeka said.