The price surge of locally produced rice by 73.2% within a year, as reported by The PUNCH, has been attributed to escalating production and transportation costs.
Despite substantial financial backing from Nigeria’s Central Bank to fortify rice production and reduce reliance on imported varieties, the cost of a kilogram of local rice has soared to between N55,000 and N60,000 for a 50kg bag, varying by location.
Recent data from the National Bureau of Statistics, as analyzed by The PUNCH, revealed a significant increase in the average price of 1kg of local rice from N500.80 to N867.20 between November 2022 and November 2023.
Moreover, imported rice prices rose by 61.53%, reaching N1,137 for a kilogram within the same period.
Despite initiatives like the Lagos Rice Mill in Imota, which boasts substantial production, the price of local rice remains high, hitting its peak in Lagos State at N1,122.42 and the lowest in Kebbi State at N688.
Kabir Ibrahim, the National President of the All Farmers Association of Nigeria, attributed the soaring prices to inflation, increased production expenses, logistics, packaging, and labor costs.
However, he contested the figures released by the NBS, labeling them unrealistic and market-disconnected.
Looking ahead, a joint report by the Food and Agricultural Organization and the World Food Program forecasts higher prices for staple foods like rice, maize, and cereals in 2024 across Nigeria and West Africa
