Perfect Time to Buy: Foodies in Nigeria Are Jubilating Over Rice Cost Reduction.

Perfect Time to Buy: Foodies in Nigeria Are Jubilating Over Rice Cost Reduction.

While countries around the world are grappling with inflation,

Nigeria is experiencing the opposite trend.

According to Nigerian food bloggers and analysts, rice—one of the most important staples consumed in the country—has significantly dropped in price across many parts of the nation.

A 50kg bag, previously costing ₦80,000–₦90,000, now sells for about ₦58,000.

This price reduction is primarily attributed to a global surplus in rice production, particularly in India, the world’s leading producer.

Following India’s removal of export restrictions on parboiled rice, cheaper Indian rice has flooded West African markets, including Nigeria.

Warehouses in the neighboring Benin Republic are playing a key role in its distribution.

This price drop offers economic relief to Nigerian households by easing financial pressures during challenging times.

However, critics have raised concerns for local farmers, who face difficulties competing with the influx of cheaper imported rice, potentially impacting domestic production.

Experts suggest increasing local rice cultivation to reduce dependency on imports, as this may be the way to go, given that the price decline is expected to persist.

Yetunde B reports for Yeyetunde’s Blog.