MASSIVE JUBILATION As Rice Dealers Crash Prices By N20, 000 Per 50kg Bag; SEE The New Price
The price of rice has plummeted significantly in Nigeria, with dealers reporting a surplus in the market following the festive season. According to exclusive findings, the cost of rice, which was selling for N85, 000 per 50kg bag in January, has dropped sharply to N65, 000. This decline reflects a broader trend as prices for other essential commodities have also fallen due to increased supply and reduced demand.
A comprehensive market survey indicates that vegetable oil has experienced a similar drop. A 25- liter container of vegetable oil, previously priced at N85, 000 in January, is now available for N66, 700. Traders attribute this decrease to an oversupply in the market after the holiday period. Rice dealers, in particular, have been caught off guard by the sudden shift. Emmanuel Odialo, a prominent wholesale dealer based in Lagos, explained that the unexpected price crash stems from substantial imports facilitated by the Nigerian government.
” We had no choice but to slash the prices of our existing stock, ” Odialo said. ” A 50kg bag of various brands, which we were selling for between N88, 000 and N90, 000 earlier this year, is now retailing for just N65, 000. That’ s a reduction of up to N25, 000. ” While acknowledging the current pricing trend, he expressed uncertainty about how long it would persist. He pointed out that adjustments in import tariffs and a 150- day duty- free window introduced by the government likely contributed to the price reductions, affecting both imported and locally produced rice.
Onyinyechi Ihedi, a foodstuff seller operating in the Ogba area of Lagos, confirmed the downward trend in vegetable oil prices. She noted that a 25- liter container, once priced at N85, 000, now sells for less than N70, 000, with some outlets offering it as low as N66, 700. Ihedi suggested that the price adjustment might coincide with the harvest season, although she could not pinpoint specific reasons for the change. Beyond rice and vegetable oil, prices for other staples like tomatoes and peppers have also seen notable decreases, as farmers report lower consumer interest.
According to the National Bureau of Statistics (NBS), rice consumption in Nigeria is projected to reach 7. 4 million metric tonnes in 2025, driven by its affordability compared to other staple foods. However, the anticipated decline in production could lead to rising paddy rice prices, potentially increasing from N1. 10 million to N1. 30 million per metric tonne by the third quarter of this year. These trends highlight the delicate balance between supply, demand, and policy decisions in shaping the country’ s food security landscape. As prices fluctuate and production challenges persist, stakeholders are urging the government to implement sustainable measures to support local farmers and ensure stable food availability for consumers nationwide.
