Rice prices in Nigeria drops drastically: New market prices revealed

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The price of a 50kg bag of rice in Nigeria has significantly dropped to an average of N54,000, largely due to an oversupply of the staple from India, according to a report by S&P Global. This marks a decline from N58,000 in April. The decrease in price is also attributed to reduced demand following rumours of alleged “deadly rice” circulating in some parts of the country, including Lagos and Ogun states, where claims of deaths after consuming rice were reported.

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Despite the Nigeria Customs Service debunking these claims, consumers reportedly boycotted rice, leading to a drop in price. In areas close to the borders, a 50kg bag of rice is now selling for as low as N50,000. Rice sellers in Badagry have released videos debunking the rumors, stating that the claims are “fake and unfounded” and that nobody has died from consuming rice

According to S&P Global, West African parboiled rice prices have plummeted to record lows due to subdued demand and significant oversupply in the region. Importers in Benin have expressed concerns over declining prices, linking the trend to falling prices for Indian parboiled rice. A Togo importer noted that “containers were more expensive than breakbulks before, but now the price difference is narrowing, and people are preferring containers at lower volumes.”

Data from the Agricultural and Processed Food Products Export Development Authority shows that India exported approximately 4.9 million metric tonnes of rice to the region between April 2024 and January 2025, with Benin being the largest importer. As Nigeria continues to import rice from Benin, both local and imported rice prices have plummeted. S&P Global disclosed that “the price of Indian imported rice coming through Benin has dropped substantially, from N58,000 per 50 kg bag on April 23 to just N54,000 per 50 kg bag on May 13.” Local rice prices have also fallen by N10,000, reaching N62,000

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