NAIJANEWS
Staple food items such as rice, beans, and tomatoes have seen significant price reductions across Nigeria, attributed to increased imports, favorable harvests, and government policies.
In a welcome development for Nigerian consumers, prices of essential food commodities have declined in major markets nationwide. A recent survey indicates that the cost of a 50kg bag of long-grain foreign rice has decreased from ₦95,000–₦100,000 to ₦82,000–₦85,000. Similarly, imported short-grain rice now sells between ₦65,000 and ₦67,000, down from ₦80,000–₦90,000. Local parboiled rice is priced around ₦89,000, a reduction from the previous ₦90,000–₦100,000.
Other commodities have also become more affordable. In Lagos’s Alaba Rago market, a 50kg bag of rice now costs between ₦65,000 and ₦70,000, a decrease from ₦80,000–₦90,000. Additionally, a 4-liter paint bucket of beans has dropped from ₦12,000 to ₦6,500. Traders attribute these price reductions to increased imports and a stronger naira.
These price drops come ahead of Ramadan, providing relief to households during the holy month. The government’s duty-free import window for food commodities, including rice and beans, has also contributed to the increased availability and reduced prices.