Price of Local Rice increases by 73.2% in one Year

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The price of local rice in Nigeria has surged by 73.2% in one year, reaching between N55,000 and N60,000 for a 50kg bag.

Despite efforts by the Central Bank of Nigeria to support the rice value chain and reduce dependence on foreign imports, the rising costs of production, transportation, and other factors have contributed to the increase in rice prices. Data from the National Bureau of Statistics revealed that the average price of 1kg of local rice rose from N500.80 to N867.20 between November 2022 and November 2023.

Rice, a staple food in Nigeria, has become more expensive, impacting consumers’ budgets. The National President of the All Farmers Association of Nigeria, Kabir Ibrahim, attributes the high price to inflation, increased production costs, and additional expenses in logistics, packaging, and labor. The situation highlights the challenges faced by the local rice industry despite efforts to boost production and reduce reliance on imported rice.

As the cost of living continues to rise, consumers and stakeholders in the agriculture sector are grappling with the need for sustainable solutions to ensure affordable access to essential food items like rice.

Source: PUNCH

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