News in brief:
– The price of rice in Nigeria has surged dramatically, reaching a record high of ₦100,000 per 50kg bag in some markets.
– This sharp increase, driven by factors like rising production costs and supply chain disruptions, is exacerbating food insecurity and poverty for millions of Nigerians.
Market respondents claim that the price of a 50kg bag of rice reached a staggering ₦100,000 this Monday. They informed this publication that those selling at lower prices likely purchased their stock weeks ago and haven’t adjusted to the current market realities.
These reports emerged from a market in Lagos State. While retailers in the same region confirmed selling the best quality rice for around ₦95,000, one seller mentioned offering a lower-quality variety for ₦85,000. Meanwhile, a correspondent in Niger State reported a price of ₦88,000 for a 50kg bag of rice.
The Nigerian Bureau of Statistics (NBS) data released in October 2024 underscores rice as a major contributor to food inflation in the country. The price of one kilogram of rice surged from approximately ₦757 to ₦1,831 over the past year, representing a staggering 152% increase. This surge is second only to the price hikes of beans and yam, and it is driven by increased cost of production and logistics.
Rice is a staple food in Nigeria, and its escalating costs are making it increasingly difficult for citizens to afford a balanced diet. The cost of eating is outpacing both general inflation and food inflation. A recent NBS report revealed that the cost of a healthy diet rose from ₦1,255 in August to ₦1,346 in September. It’s important to note that this figure represents the least expensive combination of locally available foods that meet global dietary guidelines.
The relentless rise in rice prices is a significant concern for Nigerian households. As an easy to make food, its increasing cost is exacerbating food insecurity and poverty.
Urgent measures are needed to address the root causes of this price surge, including supply chain disruptions, climate change impacts, and government policies. Without timely intervention, the affordability of this essential food item will continue to deteriorate, further straining the livelihoods of millions of Nigerians.
