The price of imported high-quality loose rice in Nigeria has skyrocketed by 144.77% over the past year, according to the latest report from the National Bureau of Statistics (NBS). As of September 2024, the average price of a 50kg bag of imported rice surged from ₦49,103 in September 2023 to ₦120,193.
The cost per kilogram of imported rice increased by 3.21%, rising from ₦2,329.05 in July to ₦2,403.86 in September. This marks a dramatic rise from ₦982.07 per kilogram just a year ago, indicating more than a twofold increase.
Prices for other types of rice have also seen significant hikes. The cost of loose agricultural rice rose from ₦1,882.39 in July to ₦1,965.64 in September, reflecting a 4.42% increase. Year-over-year, this represents a staggering 146.33% rise from ₦797.98. Among states, Nasarawa recorded the highest price at ₦3,050.33 per kilogram, while Benue had the lowest at ₦1,314.13.
Broken rice, commonly known as Ofada rice, experienced a 5.61% increase from ₦2,234.06 in July to ₦2,359.47 in September, translating to an impressive 213.36% increase over the past year.
Locally produced rice is also following this upward trend. The price of loose local rice rose by 4.57%, moving from ₦1,831.05 in July to ₦1,914.77 in September.
The ongoing rise in rice prices is part of a broader increase in the cost of living across Nigeria, raising concerns nationwide. Additionally, the prices of Premium Motor Spirit (PMS) have surged from around ₦175 per litre to between ₦1,000 and ₦1,300 per litre, further exacerbating the cost of goods and services across the country.