Bag Of Rice Now Sold For ₦42,000, ₦49,000 (See States)

local rice

Report has indicated that the price of 50 kilogramme bag of rice has dropped following the rebound of the naira against major currencies.

Naijaonpoint understands that a price of bag of rice has dropped to an average of ₦67,000 in Lagos, Abuja, Ogun, and others, from about ₦90,000 in February 2024.

According to a report from Punch, Ogun border communities like Imeko, Idiroko, Oja-Odan, and others, now sell a bag of rice for around ₦49,000 or below.

According to Mayowa Tosho, a bag of rice now sells for ₦42,000 at Saki, a border community in Oyo State.

Selected rice sellers in Agege and Oshodi markets in Lagos State said the price of rice had been reduced to between ₦65,000 and ₦63,000 compared to December 2023 and January 2024, when the staple was sold between ₦75,000 and ₦80,000.

In Oshodi, Ogechukwu Amadi noted that she bought a bag of rice between ₦74,000 and ₦76,000 in December and sold it for ₦83,000 during the period.

According to Amadi, she now buys rice for around ₦60,000 and sells it for ₦63,000.

Our purchase rate will always determine our selling price. In most cases, wholesalers usually add about ₦2,000 to their selling price, and this has caused non-uniformity in the prices traders sell in the market.

“In December, I was buying between ₦74,000 and ₦76,000. But I now sell for ₦65,000 and sometimes ₦62,000, depending on who sold the stock to me,” she stated.

Another trader in the Agege market, who simply identified himself as Ade, confirmed that the price of the 50kg bag of rice had been reduced to around ₦60,000.

We can only thank God that the hardship is not as serious as it was in February. Rice practically turned gold, but we thank God today. I wish it could return to ₦40,000,” he said.

Similarly, the price of a 50kg bag of rice dropped in different parts of Ogun State.

It was gathered that the prices differ based on the proximity of the areas to the borders with the Republic of Benin, as communities like Imeko, Ilara, Idiroko, Ipokia, Oja-Odan, and others get the commodity cheaper.

“I bought one bag of rice for ₦47,000 in Ilara last week. It was close to ₦70,000 in February and March, even here at the border. But now it is coming down,” a trader, who identified herself as Adeyinka, said on Monday.

Friday Igwe, who sells foodstuffs along Iperu Junction, Ikenne Local Government Area of Ogun State, said that the price of rice had dipped to ₦65,000, from ₦88,000 between February and March, while it was ₦55,000 in December 2023.

He, however, lamented that the prices of beans and garri had continued to increase.

The price of rice is coming down. As of today, we sell at ₦65,000 per 50kg bag. Some can even sell at ₦64,000. It peaked at ₦88,000 or even ₦90,000 in February and March, from around ₦55,000 in December.

“We thank God that it is coming down now. But, the prices of beans and garri are not reducing; instead, they keep rising. The government should do something about it,” Igwe noted.

The Ebonyi State indigene noted that the high cost of food items had affected patronage, saying only a few could afford a small plastic of rice at ₦2,400 instead of ₦700 in October last year.

Another trader along Sagamu Road, Adamu disclosedthat the price of a bag of rice was now ₦65,000.

The price of rice has dropped. In February, we were selling it for between ₦80,000 and N85,000; but it has now dropped to ₦65,000. But the prices of garri and beans did not reduce,” he remarked.

A resident of Oluwo, Abeokuta, Olubokola Odunayo, said she bought a bag of parboiled rice for ₦65,000 on April 1.

An Islamic scholar, Sulaimon Adewale, said  that a bag of rice was ₦52,000 in Abeokuta last week before it jumped to over ₦60,000 when the naira slipped again.

At the Wuse market in the Federal Capital Territory, Abuja, the price of a bag of ‘Pretty Lady’ brand of rice dipped to ₦65,000 from ₦70,000, while Big Bull dropped to ₦68,000 from ₦80,000 a few weeks ago.

The prices were uniform across many vendors in the market.

At the Dutse Market in the Bwari Area Council of Abuja, a 50kg bag of Optimum rice sold for between ₦68,000 and ₦71,000, with half of the bag priced between ₦34,000 and ₦36,000, while a bag of Mama Gold rice costs ₦82,000, compared to the previous prices of ₦76,000 in December.

According to a trader, Obiem, a bag of 50kg Optimum rice was sold for ₦42,000 last October.

I bought this same bag of rice last October at N42,000 when I had a major family event. Now, I have to buy half of that same bag of rice for nearly the same price. If it is coming down, I can’t tell because I was charged N68,000 for a full bag,” he said.