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Rice prices drop to N48,000 per 50kg bag, benefiting consumers but hurting local farmersImported rice influx raises concerns over Nigeria’s domestic rice industry’s survivalRising production costs push local millers to shut down amid competition from cheaper imports
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The price of rice has fallen sharply in parts of Nigeria, with a 50kg bag reportedly selling for between N48,000 and N49,000, bringing relief to consumers but raising fresh concerns among local farmers and rice millers.
The National Chairman of the Rice Millers Association of Nigeria, Peter Dama, said the decline in prices was being driven partly by the influx of cheaper imported rice following government measures aimed at improving food availability and reducing inflation.
Local farmers cry out as rice crashes to N48,000 per bag. Credit: Picture Alliance/ContributorSource: Getty Images
While consumers are benefiting from the lower prices,
