The price of rice has experienced a significant drop across Nigeria, with a 50-kilogram bag now averaging at N67,000 in major cities like Lagos, Abuja, and Ogun.
This reduction marks a substantial decline from the N90,000 price tag observed in February 2024.
In communities close to the borders, the cost of rice is even lower, as reported by our correspondents. In Ogun border areas such as Imeko, Idiroko, and Oja-Odan, a bag of rice is selling for around N49,000 or less.
Similarly, in Saki, a border community in Oyo State, rice is priced at N42,000 per bag, according to Ms. Mayowa Tosho.
The decrease in rice prices is attributed to various factors, including the recent appreciation of the naira against the dollar and the reopening of land borders for rice importation.
The ban on rice importation through land borders, implemented in 2015, was lifted by the Central Bank of Nigeria in October, allowing importers to access forex from the official market.
Traders across different markets in Lagos, Abuja, and Ogun confirmed the downward trend in rice prices. In Agege and Oshodi markets, rice is now priced between N63,000 and N65,000 per bag, a significant reduction from the N75,000 to N80,000 range seen earlier this year.
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While consumers welcome the price relief, economists remain cautious, emphasizing the need for sustained stability in the rice market. Regional disparities in rice prices are also noted, with some areas still experiencing relatively high costs despite the overall downward trend.
Nigerians have taken to social media to share their recent rice purchasing experiences, reflecting varying prices across different regions of the country. Despite these discrepancies, the general consensus indicates a notable decline in rice prices, offering a glimmer of hope for consumers amidst economic challenges.
