50kg bag of rice drops to N58,000 in Nigeria – Report
The price of a 50kg bag of rice in Nigeria has dropped significantly to around N58,000 in some areas, especially in remote regions, according to a new report by S&P Global.
The report revealed that the West African parboiled rice market is experiencing a major slump, hitting a near two-year low, as large supplies from India flood regional markets.
India’s recent removal of export duties on parboiled rice has led to an influx, heavily impacting prices.
Before now, a 50kg bag of rice sold for about N80,000 in Nigeria.
However, the arrival of cheaper rice through Benin Republic has caused prices to drop sharply.
Platts, a part of S&P Global Commodity, reported that warehouses in Benin are now filled to capacity with Indian rice.
Between September and December 2024, India exported around 2.11 million metric tonnes of parboiled rice to West Africa, a huge jump from 720,000 metric tonnes during the same period in 2023.
For the entire year 2024, India exported 5.35 million metric tonnes to the region, compared to 3.9 million metric tonnes the previous year.
A trader in Togo described the situation across West Africa as “quiet and bearish,” noting that despite lower prices, buyers remain cautious, waiting for prices to stabilise before making big purchases.
In Nigeria, where demand for rice is high, both local and imported rice prices have reportedly fallen over the past two weeks.
Local rice prices dropped from N80,000–N90,000 per 50kg bag to about N60,000, while imported Indian rice now sells for around N80,000.
Border communities in Ogun State are seeing even lower prices, with some areas selling a 50kg bag for less than N50,000, due to their closeness to Benin.