WATCH THE VIDEO HERE The price of locally produced paddy rice is expected to surge by approximately 55% during the 2024/2025 season, exacerbating the already high cost of living, a new report has revealed. The Afex Wet Season Crop Production 2024 report, obtained by Naijaonpoint, highlights a steady rise in rice prices. The report states that during the 2023/2024 season, rice prices saw a seasonal increase of 78%, with the average price climbing to N630,000 per metric ton. This sharp rise was attributed to constrained supply in the market and increasing demand for rice, which exceeded available stock. Furthermore, the report forecasts an additional seasonal price increase of around 55%. The projected rise is primarily driven by the high starting price for the 2024/2025 season, estimated at around N750,000 per metric ton, reflecting persistent supply shortages. By the third quarter of 2025, paddy rice prices are anticipated to escalate further, reaching between N1,100,000 and N1,300,000 per metric ton. According to the report, the price of paddy rice in 2024 was influenced by several key factors: These challenges combined to drive up the cost of rice in 2024.
Price of locally produced rice to increase by 55% in 2025 – Report
