The price of 50 kilogrammes of rice has reduced by 27 percent to N58,000 from N80,000 in some remote areas of Nigeria.
This is according to S&P Global's recent report on the commodity.
The report said that the West African rice market has slumped to a near two-year low as supplies flood regional markets following India’s removal of export duties on parboiled rice.
The reduction in the price of rice was attributed to the influx of the commodity to Nigeria's neighbouring Benin Republic.
Particularly, the report said the influx of lower-priced rice from India has filled warehouses to capacity in Benin Republic, resulting in a drastic drop in price.
“Despite the price decline, demand has not risen correspondingly. With prices continuing to slide daily, buyers are adopting a cautious approach, waiting for stabilisation before making purchases,”; the report said.
Meanwhile, DAILY POST observed that the price of 50 kg of rice is between N81,000 and N115,000 for local and foreign brands, at Kubwa and Dutse markets as of Monday evening.
The reduction in the price of rice in some parts of the country comes as the Nigeria Customs Service, in its first quarter report for 2025, announced that rice and petrol were the most smuggled products into Nigeria.
The Comptroller General of NCS, Bashir Adeniyi, said, “Rice remained the most prevalent seized commodity, with 159 cases involving 135,474 bags valued at N939,309,698.00. Petroleum products followed with 61 seizures totalling 65,819 litres (N43,336,160.81 DPV).”
The National Bureau of Statistics consumer price index report released for March 2025 showed that Nigeria's headline and and 21.79 percent, respectively.
