Subscribe Us

header ads

Price of Rice Crashes to N42,000 From N90,000 Per Bag

The price of a bag of rice, a staple food in Nigeria, has dropped from N90,000 to between N42,000 to N67,000 in Abuja, Lagos, Ogun and some other states.

This crash in the price of rice, @goldmynetv understands, may not be unconnected with the rebound of the naira against the dollar.

In some communities close to the country’s borders with other countries, it was gathered that a 50kg bag of rice was selling at a much lower rate compared to what was obtained in the cities.

For example, in Ogun border communities like Imeko, Idiroko, Oja-Odan, and others, a bag of rice was selling for around N49,000 or below.

According to Mayowa Tosho, a bag of rice now sells for N42,000 at Saki, a border community in Oyo State.

Recall that the removal of subsidy on petrol and the floating of the naira by the Bola Tinubu administration in 2023 shot up the prices of food items, leading to high inflation.

As the dollar fell against the dollar, the price of rice soared to as high as N90,000 in Lagos between February and March.

However, a visit to various markets across Lagos, Abuja, Ogun, and others, confirmed that the food items were on a downward trend.

Selected rice sellers in Agege and Oshodi markets said the price of rice had been reduced to between N65,000 and N63,000 compared to December 2023 and January 2024, when the staple was sold between N75,000 and N80,000.

The traders noted that the long grain rice, which sold between N42,000 and N50,000 mid-last year, jumped to N80,000 in January 2024.

In Oshodi, Ogechukwu Amadi noted that she bought a bag of rice between N74,000 and N76,000 in December and sold it for N83,000 during the period.

According to Amadi, she now buys rice for around N60,000 and sells it for N63,000.

“Our purchase rate will always determine our selling price. In most cases, wholesalers usually add about N2,000 to their selling price, and this has caused non-uniformity in the prices traders sell in the market.

How much is a bag of Rice in your area?

Post a Comment