See new price for a bag of rice as traders raise 50kg above N70,000

• The price of rice has jumped from N76,000 to N80,000 per 50kg bag, a market survey shows
• The dealers disclosed that the increase is due to a high interest rate and freighting costs
• The National Bureau of Statistics has disclosed that Nigeria’s food inflation for June 2024 jumped to 40.87% from 15.63% in May
• despite recent moves by the Nigerian government to crash food prices nationwide.

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Traders have once again raised the price of a 50kg bag just months before the festive shopping season.

According to a market survey, Nigerians now buy a 50kg bag of local parboiled rice for an average of N105,000, higher than the country’s new minimum wage of N70,000.

Bag of rice sells at different prices in Nigeria. Photo credit: Kola Sulaimon
Source: Getty Images

BusinessDay reports that the price of foreign parboiled rice is now N130,000 per bag.

A previous report by Legit.ng revealed that in July, a 50kg parboiled bag of rice was sold for N76,000.

The changes in prices have been attributed to the naira depreciation.

A seller, Chinedu Eze, in the Ikotun area of Lagos, said the price rose again because they find it challenging to buy the product in the open market.

He said:

"Everything depends on the dollar since most products are imported. We started seeing another price increase in early May when reports surfaced about a new rise in the dollar.""One dollar is now above N1,700 you should expect that prices will go up."

NBS rice prices

Meanwhile, in September 2024, the National Bureau of Statistics (NBS) reported that the average price of 1kg Local rice sold loose went up by 152.92% on a year-on-year basis from N757.06 in September 2023 to N1,914.77 in September 2024,

The report noted there was an increase of 4.57% on a month-on-month basis.

The report added:

"Kogi recorded the highest average price of 1kg local Rice (sold loose) at N2,688.04, while the lowest was reported in Benue at N1,229.14."The Northeast and the southeast recorded the highest average price of 1kg of local rice (sold loose) at N2,031.96 and N2,015.92 respectively, while the lowest was recorded in the Northwest at N1,714.31."

Thailand moves to auction off 10-year-old rice

Legit.ng earlier reported that there were palpable fears over the possibility of 10-year-old Thai rice finding its way into Nigeria as the country grappled with the high cost of the commodity.

Thailand reportedly planned to auction off about 150,000 sacks of rice kept in warehouses for about 10 years, expecting to generate between $5.4 and $10.8 million from the sale.

The move generated a buzz among citizens and food safety experts, who fear the health conditions of the rice.

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Source: Legit.ng