Rice Hike: Dealers Boost Prices of 50kg Bags in Markets

The price of a 50kg bag of rice has surged across major Nigerian markets, with traders now quoting between N77,000 and N100,000. The latest price is an increase from an average price of N65,000 quoted six months ago.
A market survey revealed that short grain rice now sells for N77,000 to N85,000, while long grain varieties are priced as high as N100,000 in markets such as Daleko and Mile 12 in Lagos.

Locally produced rice, previously sold for around N70,000 to N72,000, now goes for between N80,000 and N90,000. Traders give reasons for new rice prices and have blamed the latest increase on the expiration of a 150-day duty-free import window under the Presidential Accelerated Stabilisation and Advancement Plan (PASAP), announced in July 2024.

Bolatito Yunisa, a rice trader at Daleko Market, expressed frustration over the rising cost of rice and the state of the market: “Honestly,
“I don’t understand the Nigerian system anymore. We’re frustrated. This isn’t business.
“Short grain rice that dropped to N65,000 is now selling for as high as N85,000. Long grain is going for between N90,000 and N100,000, and the price is still climbing.”
She linked the increase to the end of the temporary import relief.

Earlier, report showed that the National Bureau of Statistics has released its latest Consumer Price Index (CPI), which shows that the food inflation rate in June 2025.
According to NBS data, the food inflation rate stood at 21.97% on a year-on-year basis, which was 18.93 percentage points lower than the rate recorded in June 2024 (40.87%).
This significant decline is largely attributed to the change in the base year used for comparison.

Source: legit.ng

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