The cost of a 50kg bag of rice has dropped by 27 percent, falling to ₦58,000 from ₦80,000 in some remote areas of Nigeria, according to a recent S&P Global report.
The report highlights that West Africa’s rice market has tumbled to its lowest level in nearly two years, driven by a surge in supply after India scrapped export duties on parboiled rice.
This move led to an influx of more affordable rice into Nigeria’s neighboring country Benin Republic, filling warehouses and pushing prices down significantly.
While major markets in Abuja, such as Kubwa and Dutse, still sell 50kg bags between ₦81,000 and ₦115,000 for local and imported brands, some regions are already experiencing notable price relief.
This development comes as the Nigeria Customs Service reported that rice and petrol remain the most smuggled goods into the country in its 2025 first quarter update. Nonetheless, the fall in rice prices is a welcome development for consumers, especially in rural communities.
