Over the past three years, the cost of paddy ranged from N9,000 to N20,000 per 100kg bag, influenced by factors such as variety and quality. However, prices surged to between N55,000 and N70,000 in late 2023 and early 2024, attributed to various factors including the high cost of rice and inputs like diesel and transportation.
Recent investigations reveal a downward trend in paddy prices due to the ongoing harvest and the relative appreciation of the Nigerian currency. In Kebbi State, a major rice-producing region, paddy prices have significantly dropped compared to previous months. In areas like Aljanari, Suru, and Dakingari, where rice cultivation is prevalent, prices have decreased to between N42,000 and N45,000 per 100kg bag.
Traders corroborate this decline, noting a noticeable drop in paddy prices across various markets in the state. This reduction is welcomed news for consumers in the rice industry.
Source: Daily Trust