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A recent report has indicated that the price of a 50-kilogram bag of rice has dropped in Nigeria. This decrease in price is attributed to the rebound of the Naira against major currencies. Previously, the average price of a bag of rice in Lagos, Abuja, Ogun, and other states was around ₦90,000 in February 2024. However, it has now dropped to an average of ₦67,000.
In Ogun border communities like Imeko, Idiroko, and Oja-Odan, the price of a bag of rice is even lower, selling for around ₦49,000 or below. In Saki, a border community in Oyo State, a bag of rice now sells for ₦42,000. Rice sellers in Agege and Oshodi markets in Lagos state also confirmed the decrease in price, with the current range being between ₦65,000 and ₦63,000, compared to ₦75,000 and ₦80,000 in December 2023 and January 2024.
The reduction in the price of rice is a welcome development for traders and consumers. However, some traders mentioned that the prices may vary due to wholesalers adding an extra ₦2,000 to their selling prices. Despite the decrease, some traders expressed their desire for the price to drop further, as it had peaked at ₦90,000 in previous months.
While the price of rice has dropped, the prices of other food items like beans and garri have continued to increase. This has affected patronage, as not everyone can afford the high cost of food items. Consumers hope that the government will take action to address the rising prices of other essential food items.
