Dealers Crash 50kg Bag of Rice Below N60,000 As FG Introduces 2 New Rice Varieties
- The price of rice has dropped below N60,000 per bag amid panic over alleged deadly rice and oversupply from India
- The Nigeria Customs Service has debunked new rumours about deadly rice, but the concerns have already driven down prices
- The federal government in collaboration with HarvestPlus, has introduced two new varieties of rice
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The price of a 50kg bag of rice in Nigeria has plunged to an average of N54,000, following a combination of factors.
One of the factors includes reports of oversupply from India and panic over the alleged circulation of deadly rice in some border communities.
Source: Getty Images
Market surveys conducted in Lagos and Ogun States revealed that the price of rice fell from around N58,000 in April to as low as N50,000 in some areas close to the Seme and Idiroko borders, Punch reports.
Traders and industry experts attribute the decline to reduced demand, sparked by viral voice notes warning Nigerians to avoid rice allegedly responsible for multiple deaths in Badagry and Idiroko.
Although, the Nigeria Customs Service (NCS) in Seme, which called the rumours false, consumer confidence remains shaken. Videos shared by rice sellers in affected areas on Thursday and Friday sought to debunk the claims, insisting that no deaths had been linked to rice consumption.
Rice supply in Nigeria
The situation is made worse by too much rice in West Africa.
A report by S&P Global indicates that parboiled rice prices in the region have plummeted to record lows, driven by subdued demand and heavy imports from India.
Data from the Agricultural and Processed Food Products Export Development Authority (APEDA) shows that India exported nearly 4.9 million metric tonnes of rice to the region between April 2024 and January 2025, with Benin, Guinea, and Ivory Coast as the top importers.
The report stated:
“Nigeria, being the largest rice market for the Benin Republic, continues to see an influx of Indian parboiled rice smuggled through its porous borders."
As a result, both imported and local rice prices have dipped significantly over the past two weeks.
According to market watchers, local rice now sells for around N62,000 per bag, a N10,000 drop from April levels.
Source: Getty Images
FG Introduces zinc rice
Meanwhile, the Federal Ministry of Agriculture and Food Security in partnership with HarvestPlus, has launched two new biofortified rice varieties, Faro 71 and Faro 7.
The federal government said the two rice varieties are designed to combat zinc deficiency and related malnutrition.
The varieties are the first zinc-enriched rice types released in Nigeria and across Africa, aimed at boosting dietary intake and reducing anaemia, which affects an estimated 68% of children under five in Nigeria.
Yusuf Dolapo Fouad, Country Manager for HarvestPlus Nigeria, said during the unveiling that the initiative reflects a strategic effort to improve food security through science and innovation.
He said.
“These rice varieties offer a sustainable, affordable solution to nutritional challenges facing millions of Nigerians, particularly in vulnerable groups."
Top 10 states in Nigeria residents pay more for food in Nigeria
Earlier, Legit.ng reported the National Bureau of Statistics (NBS) has revealed that the food inflation rate in April 2025 was 21.26% on a year-on-year basis.
April's food inflation rate was 19.27% points lower compared to the rate recorded in April 2024 (40.53%).
The bureau added that the significant decline in the annual food inflation figure in April 2025.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
