Nigeria's 50kg Rice Price Drops to N58,000 Amid Increased Imports

Rice prices in Nigeria have dropped significantly, with a 50kg bag now selling for as low as N58,000 in some remote areas, down from previous highs of N80,000–N90,000. This decline is attributed to a surge in imports of lower-priced Indian parboiled rice flooding West African markets, especially after India removed export duties on the product. Warehouses in Benin, Nigeria's neighbor, are filled to capacity, facilitating the flow of cheaper rice into Nigeria despite ongoing bans and smuggling concerns. Market reports indicate that despite the price crash, demand has not risen proportionally as buyers wait for price stabilization, resulting in a quiet and bearish market. Nigerian authorities have also reported rice as the most smuggled commodity, while the government is preparing policies to further stabilize food prices and boost agricultural output. The price drop offers some relief to consumers amid high inflation, though traders remain cautious about future demand trends.