The cost of one kilogram of local rice has skyrocketed by 73.2% within a year, attributed to rising production costs, transportation expenses, and various factors.
This increase persists despite the Central Bank of Nigeria’s multi-billion naira support to boost the nation’s rice value chain and curtail foreign rice imports.
Rice, a staple in Nigeria, is now priced between N55,000 and N60,000 for a 50kg bag, varying by location.
The National Bureau of Statistics’ selected food prices watch report reveals a 73.2% surge in the average price of 1kg of local rice, rising from N500.80 to N867.20 between November 2022 and November 2023.
Comparatively, imported rice also experienced a 61.53% increase during the same period, from N704.13 to N1,137.
Notably, Lagos State recorded the highest local rice price at N1,122.42, despite the presence of the Lagos Rice Mill in Imota. Conversely, Kebbi State reported the lowest local rice price at N688.
Commenting on the soaring prices, Kabir Ibrahim, the National President of the All Farmers Association of Nigeria, attributed the increase to inflation, heightened production costs, logistics, packaging, and labor expenses.
He contested the NBS figures, stating that they are unrealistic and not market-based, emphasizing variations in market prices across different regions.
Ibrahim acknowledged the past administration’s significant investments in rice production, applauding the shift from importing trillions worth of rice.
However, he cautioned against using specific markets like Lagos, Abuja, and Port-Harcourt as pricing parameters, asserting that they do not reflect the overall market dynamics.
In a related development, a joint report by the Food and Agricultural Organisation and World Food Program predicts increased staple food prices, including rice, maize, and millet, across Nigeria and West Africa in 2024.
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