JUST IN: Jaw-Dropping Rice Price Update Sends Waves Through Nigeria

JUST IN: Jaw-Dropping Rice Price Update Sends Waves Through Nigeria

Written By Oshiobugie John

Rice prices are once again on the decline, bringing hope to residents of Ilorin, the Kwara State capital. The cost of this staple food has significantly decreased, with a 50kg bag now selling for between ₦52,000 and ₦54,000, marking a notable drop from ₦80,000 during Ramadan and ₦65,000 just a week ago in various markets across Ilorin. READ THE FULL ARTICLE HERE

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Rice vendors in Kwara State are optimistic about further price reductions, with some projecting that a 50kg bag could soon be priced as low as ₦30,000 or even ₦25,000. This positive trend is attributed to the recent strengthening of the naira against the dollar, among other contributing factors.

Pastor Adeyanju Adeyemo, a rice seller in Ilorin, expressed confidence that prices could continue to decline, stating, “Last week, it was ₦61,000, but now ₦54,000. And I have told my customers that with this trend, in another one month, it may drop to ₦25,000.” Similarly, Mr. Abdullateef AbdulAfeez mentioned that they currently retail a 50kg bag for ₦52,000 but anticipate a drop to ₦30,000 in the near future, given the prevailing favorable conditions.

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