Agboje Chuks
Consumers are experiencing relief as the price of rice, a fundamental food item, has fallen considerably.
Remember that the price of rice had climbed to over N80,000 per 50kg bag in March, market analysis shows a sharp decrease, with sellers offering the commodity at N65,000 per 50kg bag as of Sunday, April 13, 2025, down from N85,000.
Observations from open market traders indicate that this price correction is part of a wider trend of decreasing prices for cereals and other food products. A key factor contributing to the rice price drop is the arrival of a fresh consignment of foreign rice at Nigerian ports in early April.
This price dip is significant, representing the first time a 50kg bag of rice has been priced below N70,000 since February of this year, when a similar price reduction occurred following another surge in rice imports.
Sources report that the current decrease is likely a result of both the recent large-scale rice importations and the implementation of the 150-day import duty exemption for essential food items.
Chinedu Eze, a foodstuff dealer, commented, “We’ve noticed that importers are bringing in the consignments in large quantities.” He also noted that some dealers are accumulating stock in anticipation of potential future price increases.
Concerns remain among stakeholders regarding the Federal Government’s food import policies.
Recall that there were earlier reports which highlighted forecasts from agricultural experts anticipating an increase in food cycle prices by mid-year, driven by substantial food imports in the preceding year.
The Data from the National Bureau of Statistics on Foreign Trade in Goods also confirms a significant rise in food imports in 2024, with a 51.06% increase to N3.78 trillion.
