The price of 50 kilogrammes of rice has reduced by 27
percent to N58,000 from N80,000 in some remote areas of Nigeria.
This is according to S&P Global’s recent report on the
commodity.
The report said that the West African rice market has
slumped to a near two-year low as supplies flood regional markets following
India’s removal of export duties on parboiled rice.
The reduction in the price of rice was attributed to the
influx of the commodity to Nigeria’s neighbouring Benin Republic.
Particularly, the report said the influx of lower-priced
rice from India has filled warehouses to capacity in Benin Republic, resulting
in a drastic drop in price.
“Despite the price decline, demand has not risen
correspondingly. With prices continuing to slide daily, buyers are adopting a
cautious approach, waiting for stabilisation before making purchases,” the
report said.
Meanwhile, DAILY POST observed that the price of 50 kg of
rice is between N81,000 and N115,000 for local and foreign brands, at Kubwa and
Dutse markets as of Monday evening.
The reduction in the price of rice in some parts of the
country comes as the Nigeria Customs Service, in its first quarter report for
2025, announced that rice and petrol were the most smuggled products into
Nigeria.
The Comptroller General of NCS, Bashir Adeniyi, said, “Rice
remained the most prevalent seized commodity, with 159 cases involving 135,474
bags valued at N939,309,698.00. Petroleum products followed with 61 seizures
totalling 65,819 litres (N43,336,160.81 DPV).”
The National Bureau of Statistics consumer price index
report released for March 2025 showed that Nigeria’s headline and food
inflation rates stood at 24.23 percent and 21.79 percent, respectively.
The price of 50 kilogrammes of rice has reduced by 27
percent to N58,000 from N80,000 in some remote areas of Nigeria.
This is according to S&P Global’s recent report on the
commodity.
The report said that the West African rice market has
slumped to a near two-year low as supplies flood regional markets following
India’s removal of export duties on parboiled rice.
The reduction in the price of rice was attributed to the
influx of the commodity to Nigeria’s neighbouring Benin Republic.
Particularly, the report said the influx of lower-priced
rice from India has filled warehouses to capacity in Benin Republic, resulting
in a drastic drop in price.
“Despite the price decline, demand has not risen
correspondingly. With prices continuing to slide daily, buyers are adopting a
cautious approach, waiting for stabilisation before making purchases,” the
report said.
Meanwhile, DAILY POST observed that the price of 50 kg of
rice is between N81,000 and N115,000 for local and foreign brands, at Kubwa and
Dutse markets as of Monday evening.
The reduction in the price of rice in some parts of the
country comes as the Nigeria Customs Service, in its first quarter report for
2025, announced that rice and petrol were the most smuggled products into
Nigeria.
The Comptroller General of NCS, Bashir Adeniyi, said, “Rice
remained the most prevalent seized commodity, with 159 cases involving 135,474
bags valued at N939,309,698.00. Petroleum products followed with 61 seizures
totalling 65,819 litres (N43,336,160.81 DPV).”
The National Bureau of Statistics consumer price index
report released for March 2025 showed that Nigeria’s headline and food
inflation rates stood at 24.23 percent and 21.79 percent, respectively.
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