Rice Price Falls 22%, But Nigerians Still Struggle to Afford It

Rice Price Falls 22%, But Nigerians Still Struggle to Afford It

Rice Price has dropped by 22% globally, yet  millions of Nigerians are still battling to buy it. While other countries enjoy cheaper prices due to surplus supply, Nigeria’s situation remains difficult as food inflation keeps rising.

sharp fall in global rice price came after Indiad, the world’s top rice exporter, lifted its export ban from 2022. Vietnam, Thailand, and even the United States are also reporting record-low rice prices. But in Nigerian markets, the impact is not fully felt by ordinary families.

Data from global trade platforms show that Nigeria imported $7.26 million worth of rice in 2023. India was the biggest supplier, with $5.9 million worth of rice sent to Nigeria. Other suppliers include the UAE, Thailand, Benin, and the US.

The result of this import wave is a slight drop in the price of a 50kg bag of rice. Before, it was selling for ₦85,000 to ₦95,000. Now, it’s between ₦75,000 and ₦85,000, depending on the brand. In February 2025, prices dipped below ₦70,000 briefly due to a flood of imported rice.

Still, for many families earning minimum wage or less, even this reduction in rice price is not enough. The National Bureau of Statistics (NBS) reports that food inflation stands at 39.16% year-on-year. Back in October 2024, the price of local rice had already gone up by 137.32% compared to the previous year.

Some states are hit harder than others. NBS data shows the highest rice price per kilogram is found in Imo (₦2,223), Akwa Ibom (₦2,215), and Abia (₦2,121). The cheapest rates are in Kwara (₦1,075), Gombe (₦1,103), and Ogun (₦1,148). Even with regional price drops, rice is still not within reach for many.

To make things worse, the Nigerian Customs Service has been intercepting thousands of bags of foreign rice smuggled into the country. Seven trucks loaded with over 2,000 bags of parboiled rice were recently seized in the Southwest. Officials say these actions aim to protect local farmers and stabilize the market.

But the bigger issue lies in the country’s own rice production system. Experts predict a 7.2% decline in local production for the 2024–25 season. Why? Because insecurity is driving farmers off their lands. On top of that, rising fertilizer costs and weak government support are choking growth in the sector.

With these production issues, rice price may rise again. Paddy rice, which is used to process white rice, is expected to go up by 55% in 2024/2025. By the third quarter of 2025, the price per metric ton could hit ₦1.3 million.

Trying to slow down inflation, the federal government recently waived import duties on key food items like wheat, maize, and brown rice. However, experts warn that without fixing deep-rooted problems like transport costs, foreign exchange rates, and insecurity, the relief may not last long.

So while global rice price is dropping fast, Nigerians are yet to feel real comfort. Until the country boosts its own farming and cuts down hidden costs, rice will remain expensive for the average home.