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Sh*ck Drop! Price Of 50kg Bag Of Rice Nosedives Nationwide — New Report Reveals
The price of a 50kg bag of rice in Nigeria has plummeted to as low as ₦58,000, especially in border areas, due to a surge in imports from the Republic of Benin, according to a new report by S&P Global.....KINDLY READ THE FULL STORY HERE▶
The report reveals that the West African parboiled rice market has dropped to its lowest point in nearly two years, largely because of an oversupply following India’s recent decision to lift export duties on parboiled rice.
Platts, a division of S&P Global Commodity Insights, noted that warehouses in Benin are overflowing with cheaper Indian rice.
Between September and December 2024, India reportedly shipped around 2.11 million metric tonnes of parboiled rice to West Africa—nearly three times the 720,000 metric tonnes exported during the same period in 2023.
In total, India’s parboiled rice exports to the region soared to 5.35 million metric tonnes in 2024, up from 3.9 million metric tonnes the year before, according to data from the Agricultural and Processed Food Products Export Development Authority.
Nigeria’s Rice Market Feels the Heat
As the largest rice consumer in West Africa, Nigeria is feeling the ripple effects of the regional oversupply.
Local rice prices have dropped significantly—from ₦80,000–₦90,000 per 50kg bag to around ₦60,000. Meanwhile, imported Indian rice is now being sold for approximately ₦80,000 per bag.
In border communities like those in Ogun State, smuggling through Benin has driven prices even lower, with some sellers offering 50kg bags for under ₦50,000.
Buyers Still Holding Back
Despite the steep price cuts, consumer demand remains subdued.
“Even though prices are falling, demand has not picked up. Buyers are waiting for the market to stabilise before making large purchases,” the report said.
A rice trader in Togo also confirmed that markets across the region remain slow and bearish, despite the price relief.
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