For context, Nigerians have been grappling with the soaring price of rice since former President Muhammadu Buhari closed the nation’s land borders in 2019 to spur local production of basic food items consumed by Nigerians......Read The Full Article>>.....Read The Full Article>>
When Buhari’s successor, President Bola Tinubu took over in May 2023, inflation was one of the major challenges his administration was bequeathed.
The situation worsened after Tinubu announced the removal of fuel subsidies and the floating of the Nigerian currency.
Following the policies, the price of 50kg of rice jumped from a little above ₦20,000 to ₦70,000.
One year into Tinubu’s presidency, Nigeria recorded a year-on-year food inflation rate of 40.66%. By October, the National Bureau of Statistics, NBS’s Selected Food Prices report showed that the local rice prices of 1kg rice had risen to ₦1,944.64, making it one of the most expensive staples in the country.
Meanwhile, to cushion the impact of high food prices, President Tinubu announced a 150-day duty-free importation of rice and other major food items in July.
Despite this effort, rice prices remain high in the market and, unfortunately, the situation is compounded by the artificial hikes that come with festive seasons in Nigeria.
Currently, the average price of a bag of 50kg of rice is between ₦90,000 and ₦100,000. According to Aisha Giwa, a rice vendor in the Oyingbo market in Lagos, a 50kg bag of foreign rice costs between ₦90,000 and ₦95,000, while the prices of local brands like Mama Gold, Royal Stallion, Big Bull, Mama’s Choice and Pretty Lady range between ₦80,000 and ₦90,000.
