Weekly Price Update: Rice, Beans, And Tomatoes Take A Financial Hit Across Nigerian Markets!

The recent decrease in the price of a 50kg bag of rice to ₦64,000 has provided some relief for consumers. However, fresh produce like tomatoes and pepper continue to be expensive, with a small basket of tomatoes priced at ₦4,500 and a small basket of pepper at ₦2,500.

The cost of a 50kg bag of rice, which previously soared to ₦70,000–₦75,000 in recent months, has now fallen to ₦64,000.

This price reduction can be attributed to:

• Increased supply from local rice farmers
• Easing of importation restrictions on certain rice brands
• Seasonal harvests boosting market availability

Despite this slight price relief, many consumers are still struggling to afford rice. Retailers are selling in smaller quantities, with 1kg now priced between ₦1,300 and ₦1,500, depending on location and brand.

Tomatoes remain costly, with a small basket now priced at ₦4,500, while larger baskets range from ₦25,000 to ₦30,000 depending on the region.

The high cost of tomatoes is attributed to:

• Off-season production leading to lower supply
• Increased transportation costs due to fuel price hikes
• Post-harvest losses due to poor storage facilities

Traders predict that prices may fall as the rainy season progresses, improving tomato yields.

Pepper prices have also surged, with a small basket now selling for ₦2,500, compared to ₦1,500–₦1,800 just a few weeks ago.