The price of local rice in Nigeria has increased by 73.2% in one year, despite efforts by the Central Bank of Nigeria to boost production and reduce importation of foreign rice. The high production costs, inflation, and transportation, packaging, and labor costs have all contributed to the rise in price, according to the National President of the All Farmers Association of Nigeria, Kabir Ibrahim. A joint report by the Food and Agricultural Organisation and the World Food Program projects increased prices of staple foods such as rice, maize, and cereals in Nigeria and other West African countries in 2024.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
The increasingly high cost of production, transportation and other factors have caused the price of one kilogramme of local rice to jump by 73.2 per cent in one year. This happened despite a multi-billion naira funding support of the Central Bank of Nigeria for the nation’s rice value chain aimed at boosting production and stopping the importation of foreign rice. Rice, a staple food widely consumed in Nigeria, has been rising in price despite its production locally. The commodity now sells for between N55,000 and N60,000 for a 50kg bag, depending on the area of purchase. Data from the selected food prices watch report of the National Bureau of Statistics showed that the average price of 1kg of local rice rose by 73.2 per cent from N500.80 to N867.20 between November 2022 and November 2023. When compared vis-a-vis with the price of 1kg of foreign imported rice, the NBS noted an increase of 61.53 per cent from N704.13 to N1,137, within the same period. It was also observed that ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes.
To learn more about our cookies, please read our Privacy Policy.