Weekly Price Update: Bag Of Rice, Beans, And Other Food Commodities

Food commodity prices across Nigeria remain highly variable, reflecting the nation’s ongoing struggle with stagnant wages and soaring living costs. Despite calls for a national minimum wage increase, the Federal Government has yet to take decisive action, leaving many Nigerians grappling with the challenge of affording essential goods………..CONTINUE READING

Staples like beans, rice, and garri have seen significant price hikes, further straining the budgets of citizens. Calls for urgent salary adjustments persist among the populace, but consensus between the Nigeria Labour Congress (NLC), the Trade Union Congress (TUC), and government officials on a new wage structure has not been reached.

Amid these economic hardships, there’s a glimmer of hope in the form of a proposed policy recommendation aimed at alleviating commodity prices. The Presidential Committee on Fiscal Policy and Tax Reforms has suggested adopting an exchange rate of ₦800 per dollar for customs import duties. This move aims to stabilize the costs associated with importing goods, potentially leading to more predictable and lower prices for various commodities.

Chairman of the committee, Taiwo Oyedele, highlighted this proposal during a recent press briefing in Lagos, emphasizing its potential benefits for the economy.

As Nigerians await a decision on the proposed exchange rate adjustment, there’s optimism that such measures, coupled with a potential wage increase, could offer much-needed relief to households across the country, easing their financial burdens.

Here are the current prices of some food commodities:

Price Of Bag Of Rice:

• Foreign rice – ₦78,000
• Dantata Parboiled Rice – ₦68,000
• Mama Pride Premium – ₦95,500

Price Of Bag Of Beans:

• White Beans 25kg (₦30,000)
• Brown Beans 25kg (₦30,000)
• Honey beans 25kg (₦37,500)
• White Beans 50kg (₦60,500)
• Brown Beans 50kg (₦60,000)
• Honey beans 50kg (₦75,000)
• White Beans 100kg (₦120,000)
• Brown Beans 100kg (₦120,000)
• Honey beans 100kg (₦150,000)

Price Of Bag Of Garri:

• 1kg – ₦1,000
• 5kg – ₦5,000
• 10kg – ₦10,000
• 25kg – ₦25,000
• 50kg – ₦50,000
• 100kg – ₦100,000
• 1 ton – ₦1,000,000

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