Economic Hardship: See Current Price Of 50kg Bag Of Rice In Nigeria

The Nigerian rice market is experiencing dynamic shifts in pricing, notably with the cost of a 50kg bag witnessing a steady increase, maintaining its trajectory from the previous month.

Locally produced Nigerian rice presents a cost-effective alternative compared to imported varieties, offering diverse packaging sizes to cater to consumer preferences.

Rice is available in various package sizes, including 50kg, 25kg, 10kg, and 5kg bags, catering to different market segments and consumer needs.

A standard 50kg bag contains approximately 13 custard paint rubber buckets, equivalent to 33 mudu or 54 derica, providing consumers with flexibility in purchasing according to their requirements.

As of March 20, 2024, the average price of a 50kg bag of foreign rice stands at N77,000, with a 25kg half-bag priced at N45,000. In contrast, Nigerian rice is priced at N70,000 for a 50kg bag and N35,000 for a 25kg bag, reflecting the premium on locally sourced grains.

Additionally, a single derica of rice is valued at N1,500, while a paint bucket fetches around N8000 in the current market.

Several rice brands populate the Nigerian market, offering consumers a wide array of choices based on quality and price preferences. Notable brands include My Food, Mama Gold, My Choice, Royal Stallion, Cap Rice, Uncle Ben’s Rice, and Mama’s Pride.

The rice market in Nigeria is influenced by various factors, including production volume, transportation costs, market demand, importation dynamics, and government policies aimed at supporting local production and stabilizing prices.

Key rice-producing states such as Kebbi, Ebonyi, Benue, Anambra, and Nasarawa contribute significantly to Nigeria’s rice supply, each playing a vital role in shaping the market landscape and pricing dynamics.