In recent times, the price dynamics of essential commodities like rice have been subject to significant shifts, influenced by various economic factors.
A detailed examination reveals noteworthy trends in rice prices across different states in Nigeria, shedding light on the current state of affairs in the agricultural sector.
According to a report from Punch, Ogun border communities like Imeko, Idiroko, Oja-Odan, and others, now sell a bag of rice for around ₦49,000 or below.
According to Mayowa Tosho, a bag of rice now sells for ₦42,000 at Saki, a border community in Oyo State.
Rice Prices in Lagos, Abuja, Ogun, and Other States
Recent reports indicate a notable decline in the price of a 50-kilogram bag of rice, attributed to the strengthening of the naira against major currencies.
In urban centers like Lagos, Abuja, and Ogun, the average price of a bag of rice has plummeted to approximately ₦67,000, a significant drop from the previous ₦90,000 observed in February 2024.
Regional Disparities in Rice Prices
In border communities such as Imeko, Idiroko, and Oja-Odan in Ogun State, the cost of rice has witnessed a remarkable decrease, with prices ranging around ₦49,000 or even lower.
Similarly, at Saki, a border town in Oyo State, rice is now available for purchase at an affordable rate of ₦42,000 per bag.
Insights from Selected Markets in Lagos State
Traders in Agege and Oshodi markets have reported a reduction in the price of rice, which now ranges between ₦65,000 and ₦63,000, compared to December 2023 and January 2024, when the staple was sold between ₦75,000 and ₦80,000.
This downward trend reflects a positive shift in market dynamics, offering relief to consumers amidst economic challenges.
In Oshodi, Ogechukwu Amadi told PUNCH that she now buys rice for around ₦60,000 and sells it for ₦63,000.
“Our purchase rate will always determine our selling price. In most cases, wholesalers usually add about ₦2,000 to their selling price, and this has caused non-uniformity in the prices traders sell in the market.
“In December, I was buying between ₦74,000 and ₦76,000. But I now sell for ₦65,000 and sometimes ₦62,000, depending on who sold the stock to me,” she stated.
Another trader in the Agege market, who simply identified himself as Ade, confirmed that the price of the 50kg bag of rice had been reduced to around ₦60,000.
“We can only thank God that the hardship is not as serious as it was in February. Rice practically turned gold, but we thank God today. I wish it could return to ₦40,000,” he said.
Reflections from Ogun State
Different parts of Ogun State have experienced varying trends in rice prices, with border communities benefiting from lower costs due to proximity to the Republic of Benin.
Traders in areas like Ilara and Ipokia have witnessed a substantial decrease in rice prices, providing respite to consumers grappling with economic uncertainties.
“I bought one bag of rice for ₦47,000 in Ilara last week. It was close to ₦70,000 in February and March, even here at the border. But now it is coming down,” a trader, who identified herself as Adeyinka, said on Monday.
Challenges Amidst Price Reductions
While the reduction in rice prices is a welcome development, challenges persist in the broader context of food security and affordability.
Traders highlight the increasing prices of other food items such as beans and garri, highlighting the need for comprehensive interventions to address market imbalances.
Friday Igwe, who sells foodstuffs along Iperu Junction, Ikenne Local Government Area of Ogun State, said that the price of rice had dipped to ₦65,000, from ₦88,000 between February and March, while it was ₦55,000 in December 2023.
He, however, lamented that the prices of beans and garri had continued to increase.
“The price of rice is coming down. As of today, we sell at ₦65,000 per 50kg bag. Some can even sell at ₦64,000. It peaked at ₦88,000 or even ₦90,000 in February and March, from around ₦55,000 in December.
“We thank God that it is coming down now. But, the prices of beans and garri are not reducing; instead, they keep rising. The government should do something about it,” Igwe noted.
The Ebonyi State indigene noted that the high cost of food items had affected patronage, saying only a few could afford a small plastic of rice at ₦2,400 instead of ₦700 in October last year.
Another trader along Sagamu Road, Adamu disclosedthat the price of a bag of rice was now ₦65,000.
“The price of rice has dropped. In February, we were selling it for between ₦80,000 and N85,000; but it has now dropped to ₦65,000. But the prices of garri and beans did not reduce,” he remarked.
A resident of Oluwo, Abeokuta, Olubokola Odunayo, said she bought a bag of parboiled rice for ₦65,000 on April 1.
An Islamic scholar, Sulaimon Adewale, said that a bag of rice was ₦52,000 in Abeokuta last week before it jumped to over ₦60,000 when the naira slipped again.
Perspectives from Abuja and Other Regions
In Abuja, the price of rice has exhibited a downward trend, with popular brands like ‘Pretty Lady’ and ‘Big Bull’ witnessing price reductions to ₦65,000 and ₦68,000, respectively.
Similarly, in markets like Dutse Market in the Bwari Area Council, rice prices have moderated, offering relief to consumers.
According to a trader, Obiem, a bag of 50kg Optimum rice was sold for ₦42,000 last October.
“I bought this same bag of rice last October at N42,000 when I had a major family event. Now, I have to buy half of that same bag of rice for nearly the same price. If it is coming down, I can’t tell because I was charged N68,000 for a full bag,” he said.
Navigating the Fluctuating Rice Market
The fluctuations in rice prices underscore the dynamic nature of agricultural markets, shaped by various economic factors and external influences.
While recent reductions in rice prices offer temporary relief to consumers, sustained efforts are needed to ensure long-term food security and affordability.
By fostering collaboration between government agencies, stakeholders, and market participants, Nigeria can navigate the complexities of the rice market and foster sustainable growth in the agricultural sector.
