The price of a 50kg bag of rice in Nigeria has decreased to #58,000, driven by an influx of imported rice from the Republic of Benin. This drop is part of a broader trend in West Africa, where rice prices have reached a near two-year low due to increased exports from India following the removal of export duties on parboiled rice. India’s rice exports to West Africa surged in 2024, contributing to an oversupply in the region.
Despite lower prices, demand in Nigeria has not increased significantly, with many buyers adopting a cautious approach. Local rice prices have also fallen, with 50kg bags now priced between #60,000 and #80,000. Border communities near Benin have seen even lower prices, with rice selling for as low as #50,000.
However, Nigeria’s ongoing challenges with rice smuggling persist, despite a ban on rice imports. The Nigerian Customs Service is intensifying efforts to curb illegal imports, highlighting the economic pressures facing the agricultural sector. This situation reflects the complexities of balancing local production with reliance on imported rice.
Credit: Punch News
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