The cost of a 50kg bag of foreign rice has skyrocketed to over N88,000 in major stores across Nigeria, marking a significant 22.2% increase from the earlier price of N72,000 recorded earlier in the month.
Similarly, locally produced rice has surged by nearly the same rate (21.8%), reaching N67,000 in less than a month. These findings are from the Nairametrics Research team, revealing a substantial price hike compared to the same period last year.
The price surge in local rice has been predominantly influenced by the sharp increase in foreign rice prices, which, in turn, stems from the devaluation of the naira and the persistent ban on the importation of foreign rice.
Mrs. Olanike, a rice dealer at Daleko market in Lagos, attributed the recent uptick in local rice prices to the rising cost of foreign rice.
Source: Parrot Nigeria