Price of 50kg rice drops in Nigeria, new price revealed

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A recent report by S&P Global reveals that the price of a 50kg bag of rice in Nigeria has significantly dropped to N58,000 in some areas, particularly in remote regions, due to increased imports from the Republic of Benin.

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According to the report, a 50kg bag of rice has dropped from ₦80,000 to ₦58,000 due to the influx of the commodity into neighbouring Benin Republic, from where it enters Nigeria. Platts, part of S&P Global Commodity, reports that the influx of lower-priced rice from India has filled warehouses to capacity in Benin.

A trader based in Togo said, “The current situation in almost every region of West Africa is the same, quiet and bearish.” As Nigeria, the largest rice market for Benin, continues to import rice from Benin, both local and imported rice prices in Nigeria have plummeted over the past two weeks.

The price for a 50kg local rice has dropped from N80,000 or N90,000 to N60,000, while Indian imported rice prices have dropped to N80,000. “Despite the price decline, demand has not risen correspondingly. With prices continuing to slide daily, buyers are adopting a cautious approach, waiting for stabilisation before making purchases,” the report said

A trader based in Benin said demand was only likely to increase once the Christmas season comes into focus around September. Nigeria is the major consumer of rice imported into the Benin Republic, with prices selling below N50,000 in border communities in Ogun due to their proximity to the Benin Republic

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