₦airaland Forum

The price of a 50kg bag of rice has dropped to N58,000 in some parts of Nigeria, particularly around remote areas, amid imports from the Republic of Benin, a report by S&P Global has said.

The report said that the West African parboiled rice market has slumped to a near two-year low as supplies flood into regional markets following India’s removal of export duties on parboiled rice.

A 50kg bag of rice has dropped from N80,000 to N58,000 as a result of the influx of the commodity to neighbouring Benin Republic, from where it enters Nigeria.

Platts, part of S&P Global Commodity, reports that the influx of lower-priced rice from India has filled warehouses to capacity in Benin, according to market participants.

Between September and December, India was said to have exported approximately 2.11 million metric tonnes of parboiled rice to West Africa, up sharply from 720,000 metric tonnes in the same period of 2023.

According to the Agricultural and Processed Food Products Export Development Authority, in 2024 as a whole, India exported 5.35 million metric tonnes of parboiled rice to West Africa, up from 3.9 million metric tonnes in 2023.

Commenting, a trader based in Togo said the current situation in almost every region of West Africa is the same, quiet and bearish.

As Nigeria, the largest rice market for Benin, continues to illegally import rice from Benin, both local and imported rice prices in Nigeria have plummeted over the past two weeks.

It was said that the price for a 50kg local rice had dropped from N80,000 or N90,000 to N60,000, while Indian imported rice prices have dropped to N80,000.

“Despite the price decline, demand has not risen correspondingly. With prices continuing to slide daily, buyers are adopting a cautious approach, waiting for stabilisation before making purchases,” the report said.

A trader based in Benin said demand was only likely to increase once the Christmas season comes into focus around September.

Our correspondent reports that Nigeria is the major consumer of rice imported into the Benin Republic.

In border communities in Ogun, the staple sells at prices below N50,000 due to the proximity of their communities to the Benin Republic.

Despite the ban on the importation of rice, the commodity remains the most smuggled product, even as the Nigerian Customs Service has sleepless nights battling rice smugglers.

Source: https://punchng.com/50kg-rice-price-dropped-to-n58000-in-nigeria-report/

Lies from the pit of hell

Those parts have no names?

In Benue it's not up to 58k, I can supply any quantity you want

Aonkuuse:
In Benue it's not up to 58k, I can supply any quantity you want

blocked

Beware of these moniker ooo

i can see names of country like benin republic, Togo and Cameroon but not Nigeria

Don't know what you are saying shall

Firebox123:
blocked

Beware of these moniker ooo

A 50kg bag of rice has dropped from N80,000 to N58,000 as a result of the influx of the commodity to neighbouring Benin Republic, from where it enters Nigeria

So, the price reduction is not as a result of friendly government policies but as a result of massive smuggling from neighboring countries

Anyway, it has always been like that in places like Idiroko, Imeko etc where bags of rice are sold cheaply but moving the goods to major markets is where the challenge's lies, with numerous custom checkpoints

Apc will announce it as there achievement in the last 2years

Lies

58k at where? Maybe Benin republic......
Seems this thread is for me to testify, I just bought a bag yesterday evening at 74k at Berger Lagos state and I have to walk round like 4 shops for the cheapest, so I don't know what punch is talking about. It has actually reduced because the last time I bought in February it was actually 82k but to say it's 58k i think that's a lie or a paid propaganda.
Meanwhile, remember it was less than 20k before APC came to power and about 25k when Tinubu assumed office

Kundus to the government for the price reduction

Great100000:
Source: https://punchng.com/50kg-rice-price-dropped-to-n58000-in-nigeria-report/

Gullible Agbadorians will accept this news hook line and sinker. They will only buy the rice in thier dreams not reality

It's a lie giant LIE!

It is only subsidized APC rice that is selling at N40k per 50kg bag, ask ManirBK, his thread hit frontpage 2 days ago when he received his own (he has APC membership )

So my people as you can see, if you're not a party member like me and you drop your phone to enter moto to go to your nearest market right now TODAY . . . YOU WILL NEVER SEE ANY TYPE OF RICE AT SUCH A PRICE

You can take it to the bank manager will call you into VIP office and give you chair with tea ☕

APC format

Phranx1:
Lies from the pit of hell

Good news dey pain you

Fake news

In year 2015 it use to #5,000, and APC promise us change and they've truly changed the price of 50kg bags of rice to 100,000.

They expect me to rejoice bcus it's now #58000, when I know the price will soon go back to 90000.

Was that they amount APC met it?

APC with lies

Phranx1:
Lies from the pit of hell

shortgun:
50kg bag of rice was less than 8k in Jonathan’s administration before the real enemies of Nigeria took it to over 100k

It was 100 naira before PDP took power

Let it drop to 20k first then we can start having a conversation.

Ok, noted.

From how much to 58k?

This lamba 😭😭😭🤣🤣🤣

Which part Oleeeeee

Frankly, while the price has decreased, I believe it should be reduced further to 18,000, as many Nigerians are struggling.

Govt of lies and propaganda!

*Unrelated

Things are beginning to look better.

I was surprised this morning as bus ticket dropped 35%, a whooping 35 percent.

The economy is starting to recoup

PDPdestroyer:
It was 100 naira before PDP took power

was it easy to see the 100 naira that time