Price Of 50kg Bag Of Rice Climbs To ₦100,000

Rising food prices in Nigeria show no signs of slowing, with costs driven by recent economic policies under President Bola Tinubu’s administration.

A recent survey by Peoples Gazette has revealed that the price of a 50kg bag of rice, a staple in Nigerian households, has now crossed the ₦100,000 mark, sparking concerns about affordability.

The survey showed that popular brands such as Caprice now sell for ₦123,500, Disney Princess at ₦102,000, Saelony at ₦110,000, Big Bull at ₦113,000, Mamas Pride at ₦114,000, while Tomato Gold reaches as high as ₦148,500.

Additionally, Big Bull sachet rice, initially priced at ₦200, now sells for ₦300, reflecting a recent increase.

Economists attribute the price surge to the weakening naira, which fell to an all-time low of ₦1689.88 at the official Investors and Exporters window, according to FMDQ Exchange on November 12, 2024.

Additionally, experts cite the sharp rise in fuel prices under Tinubu’s government as another significant factor.

Since taking office on May 29, 2023, fuel prices have spiked from ₦175 per litre to ₦1,030, marking nearly a 500% increase within this period.

The development contradicts Tinubu’s campaign promise in Ogun State, where he pledged to reduce petrol pump prices if elected.

The soaring prices have deepened concerns about inflation and affordability, as Nigerians increasingly struggle to afford essential goods.