News

April 23, 2024

Bag of rice falls below N60k; see other items experiencing price reduction

Rice

With the recent appreciation of the Naira against the dollar, the cost of certain commodities in Nigeria have begun to witness a decline, particularly rice, a staple food item in the country.

Recent market surveys reveal the cost of a 50-kilogram bag of rice has reduced to less than N60,000 in some markets. However, in major cities like Lagos, Abuja, and Ogun, the average cost hovers around N67,000, which still represents a significant drop from the N90,000 price recorded in February 2024.

The removal of petrol subsidies and the floatation of the Naira in the middle of last year had previously led to a surge in food prices, contributing to high inflation rates.

During the period between February and March, as the Naira depreciated against the dollar, the cost of rice skyrocketed, reaching as high as N90,000 in Lagos alone.

However, the recent appreciation of the Naira against other currencies, coupled with shifts in market dynamics and government policies, has resulted in a notable decrease in rice prices, much to the relief of Nigerians.

This downward trend in prices reflects a positive development for consumers across the country, signaling a potential easing of economic pressures and a return to more affordable living costs.

With the news of the significant drop in the cost of a bag of rice, some Nigerians took to X to share their relief and optimism for better economic conditions.

@Renoomokri wrote: “The dollar is going down 

Rice is going down 

Indomie noodles are going down 

Diesel is going down 

Airfares are going down 

Cement is going down 

And even insecurity is going down 

The bottom line is this: As part of the opposition, we can fight Tinubu without fighting Nigeria. And if we condemn when things go wrong, then, by all means, we should also commend when they go right!”

@comfortfajugba1 noted: “I am most glad that bag of rice price is finally reducing. When it’s finally back to 15k ,pls tag me to finally appreciate APC for a Job well done.”

@Midexhairgrowt1 remarked: “I really feel for those who stocked up their warehouse in bulk at expensive price.”

@DANNIE_ADEL said: “If you wise .. Get Married Now wey Bag of rice price don reduce.”

Amid the notable drop in rice prices, several other items in Nigeria have experienced reductions in their previously inflated costs. One such item is diesel, which has seen a significant decrease in price following an announcement by Dangote Petroleum Refinery.

The refinery declared a reduction in the prices of both diesel and aviation fuel, with rates now set at N940 and N980 per litre, respectively. 

This marks the third substantial reduction in diesel price within less than three weeks, with prices initially ranging from N1,700 to N1,200, then further reducing to N1,000, and now reaching N940 per litre. Similarly, aviation fuel prices have decreased to N980 per litre.

Also, a recent survey conducted in the country revealed that the prices of some mobile phones have also plummeted since the appreciation of the Naira against the dollar. 

This additional reduction in prices signifies a broader trend of decreasing costs across various sectors, reflecting the positive impact of market dynamics and economic policies on consumer affordability.

Vanguard News