In a significant turn of events for Nigerians, the price of rice, a dietary staple, has seen a substantial decline across various regions. From Abuja to Lagos, Ogun, and even border communities, the cost of a 50kg bag of rice has witnessed a notable decrease, dropping from the staggering highs of N90,000 to a more manageable range of between N42,000 to N67,000.
This remarkable shift in rice prices is largely attributed to the recent rebound of the naira against the dollar. With the naira gaining strength, especially in areas bordering neighboring countries, the cost of rice has seen a remarkable decrease. For instance, in border communities like Imeko, Idiroko, and Oja-Odan in Ogun State, the price of a bag of rice hovers around N49,000 or even lower.
Mayowa Tosho, a resident of Saki, a border community in Oyo State, confirms this downward trend by stating that a bag of rice now sells for N42,000, a significant drop from previous prices.
The recent history of rice prices in Nigeria has been tumultuous, with fluctuations driven by various economic factors. The removal of petrol subsidies and the floating of the naira in 2023, under the Bola Tinubu administration, led to a surge in food prices, causing rampant inflation. During this period, the price of rice skyrocketed to as high as N90,000 in major cities like Lagos.
However, recent observations in markets across Lagos, Abuja, and Ogun reveal a notable reversal in this trend. Selected rice sellers in prominent markets such as Agege and Oshodi report a decrease in rice prices, with the cost now ranging between N65,000 and N63,000, a significant drop from the highs of December 2023 and January 2024 when prices peaked between N75,000 and N80,000.
The fluctuations in rice prices have had a direct impact on both consumers and traders. Ogechukwu Amadi, a rice trader in Oshodi, shares her experience of navigating through these price changes. She recalls purchasing rice for as high as N76,000 in December but now procures it for around N60,000, allowing her to sell it for N63,000. However, she notes the challenge of maintaining uniformity in prices due to variations in wholesalers’ pricing strategies.
This significant drop in rice prices presents a relief for many households grappling with the high cost of living. It not only eases the financial burden on consumers but also reflects positively on the overall economic stability of the country.