Nigerians across the country are expressing their excitement as the price of rice experiences a significant drop. In major cities like Abuja, Lagos, Ogun, and various states, the cost of a bag of rice has decreased from a staggering N90,000 to a range of N42,000 to N67,000. This decline in rice prices can be attributed to the recent rebound of the naira against the dollar.
Interestingly, in communities located near the country’s borders with neighboring countries, the price of a 50kg bag of rice is even lower compared to urban areas. For instance, in Ogun border communities such as Imeko, Idiroko, Oja-Odan, and others, rice is being sold for around N49,000 or even less, according to reports from Punch. In Saki, a border community in Oyo State, Mayowa Tosho reveals that a bag of rice now sells for N42,000.
It is worth recalling that the removal of petrol subsidy and the floating of the naira by the Bola Tinubu administration in 2023 led to a surge in food prices and subsequent high inflation. During this period, the price of rice skyrocketed, reaching as high as N90,000 in Lagos between February and March.
However, recent visits to various markets in Lagos, Abuja, Ogun, and other areas confirm a downward trend in food prices, including rice. Selected rice sellers in Agege and Oshodi markets have reported a reduction in rice prices, now ranging between N65,000 and N63,000 compared to N75,000 and N80,000 in December 2023 and January 2024.
Traders note that the price increase in mid-last year, where long grain rice sold between N42,000 and N50,000, has now been reversed. Ogechukwu Amadi, a trader in Oshodi, shares that she purchased a bag of rice for N74,000 to N76,000 in December, and sold it for N83,000 during that period. However, she now buys rice for around N60,000 and sells it for N63,000. The prices may vary slightly due to different purchase rates among wholesalers.
Ade, another trader in the Agege market, confirms that the price of a 50kg bag of rice has dropped to approximately N60,000. He expresses gratitude that the hardship experienced in February has eased, and hopes for a return to the N40,000 price range.
Similarly, in different parts of Ogun State, the price of a 50kg bag of rice has also decreased. The proximity of these areas to the borders with the Republic of Benin seems to influence the prices, with communities like Imeko, Ilara, Idiroko, Ipokia, Oja-Odan, and others enjoying lower prices.
The news of the drop in rice prices has sparked delight among Nigerians on social media. Many users have expressed their satisfaction with the decreasing cost of rice and other commodities. They attribute this positive change to the appreciation of the naira against the dollar and hope for further improvements in the economy.
As Nigerians celebrate this welcome development, it is important to monitor the stability of rice prices and continue efforts to ensure affordable food for all.
