Our correspondents reported that the staple was selling at a significantly lower price in border towns than it was in the cities.
For example, a bag of rice was selling for about N49,000 or less in Ogun border communities like Imeko, Idiroko, Oja-Odan, and others.
A bag of rice currently costs N42,000 in Saki, an Oyo State border hamlet, according to Ms. Mayowa Tosho.
Our correspondent discovered that Compared to local brands, the prices of imported parboiled rice have decreased substantially.
According to The PUNCH, former President Muhammadu Buhari outlawed rice imports via land borders in 2015.
Rice should only be imported through seaports once all applicable duties have been paid, according to the Federal Government's Nigeria Customs Service.
To encourage domestic production, the Central Bank of Nigeria banned the importers of rice and forty-one other goods from obtaining foreign exchange through the authorized channel that same year.
However, the supreme bank lifted the prohibition on those items—including rice—in October. They can now access FX through the legitimate market as a result.
Since then, rice prices have remained extremely high above the average Nigerian's purchasing power.
The PUNCH examined data from the National Bureau of Statistics' Selected Food Prices Watch Report and found that, as of February 2023, the average cost of one kilogram of local rice had increased from N172.74 in February 2016 to N520.84.
High inflation resulted from the withdrawal of the gasoline subsidy and the naira's floating in the middle of last year, which drove up the cost of food.
In Lagos, the price of rice shot up to N90,000 in February and March as the currency depreciated.
Our correspondents, who visited marketplaces in Lagos, Abuja, Ogun, and other places, attested to the fact that the prices of food products were declining.
a few Agege rice vendors and In December 2023 and January 2024, Oshodi markets reported that the price of rice had dropped to between N65,000 and N63,000 from between N75,000 and N80,000. The traders, who spoke with our correspondent, said that long grain rice, which had been selling for between N42,000 and N50,000 in the middle of last year, had jumped to N80,000 in January, which infuriated customers. In Oshodi, Ogechukwu Amadi mentioned that she had purchased a bag of rice between N74,000 and N76,000 in December and sold it for N83,000 during that period. She now buys rice for approximately N60,000 and sells it for N63,000.
Another trader in the Agege market, who simply identified himself as Ade, confirmed to our correspondent that the price of the 50kg bag of rice had dropped to around N60,000. "We can only thank God that the hardship is not as serious as it was in February. Rice practically turned gold, but we thank God today. I wish it could return to N65,000 or N62,000,” the woman said. "Our purchase rate will always determine our selling price. In most cases, wholesalers usually add about N2,000 to their selling price,” she said.
Another trader in the Agege market, who simply identified himself as Ade, confirmed to our correspondent that the price of the 50kg bag of rice had dropped to around N60,000. "We can only thank God that the hardship is not as serious as it was in February. Rice practically turned gold, but we thank God today for its return to N40,000,” he said.
"Our selling price is always going to be determined by our purchase rate. There is often a difference in the prices that dealers sell at the market since wholesalers typically add N2,000 to their selling price.
"I was spending between N74,000 and N76,000 in December." But depending on who sold the stock to me, I now sell for N65,000 and occasionally N62,000," the woman said.
up to N40,000," he declared.
In a similar vein, the cost of a 50 kg bag of rice decreased in various Ogun State locations.
According to information obtained by our correspondent, prices vary according to an area's proximity to the Republic of Benin's boundaries. Communities such as Imeko, Ilara, Idiroko, Ipokia, Oja-Odan, and others receive lower prices for the item.
I purchased a single bag of rice for In Ilara last week, N47,000. Even at the border, it was about N70,000 in February and March. However, it is now falling apart, a merchant on Monday went by the name Adeyinka.
"I was spending between N74,000 and N76,000 in December." But depending on who sold the stock to me, I now sell for N65,000 and occasionally N62,000," the woman said.
up to N40,000," he declared.
In a similar vein, the cost of a 50 kg bag of rice decreased in various Ogun State locations.
According to information obtained by our correspondent, prices vary according to an area's proximity to the Republic of Benin's boundaries. Communities such as Imeko, Ilara, Idiroko, Ipokia, Oja-Odan, and others receive lower prices for the item.
I purchased a single bag of rice for In Ilara last week, N47,000. Even at the border, it was about N70,000 in February and March. However, it is now falling apart, a merchant on Monday went by the name Adeyinka.
In the Ikenne Local Government Area of Ogun State, Mr. Friday Igwe, a food vendor, told our correspondent that the price of rice had decreased to N65,000 from N88,000 in February and March of 2023, from N55,000 in December of the same year.
But he bemoaned the fact that garri and beans were getting more and more expensive.
The cost of rice is decreasing. We currently charge N65,000 for a 50kg bag. Some even sell for N64,000 or more. It reached its pinnacle in February and March at N88,000 or perhaps N90,000 around N55,000 in December.
"We are grateful to God that it is finally falling. However, the cost of garri and beans is continuing to rise rather than to decline. Igwe pointed out that the government ought to take action.
The native of Ebonyi State stated that fewer people could buy a little plastic cup of rice at N2,400 instead of N700 in October of last year, citing that the increased cost of food products had hampered patronage.
A different vendor on Sagamu Road, Adamu, verified to our reporter that the cost of a rice bag was currently N65,000.
The cost of rice has decreased. It was selling for between N80,000 and N85,000 in February, but it is now only N65,000. However, the cost of beans and garri did not go down, he said.
Success stated that he could sell a single bag of rice in the Oja-Ale neighborhood of Iperu for N63,000 provided the buyer was prepared to pay right away.
"I'm not sure how much we made in December selling a bag of rice. But last month, I know it increased above N80,000. A few even brought in N90,000. It sells at N65,000 now. Success told our correspondent, "If the customer is paying in full, I can still sell it for N63,000."
According to information obtained, a 50 kg bag of rice cost N63,500 on Monday in the capital of Ogun State, Abeokuta.
A Oluwo, Abeokuta, Olubokola Odunayo resident reported that she paid N65,000 on April 1st for a bag of parboiled rice.
Our correspondent discovered that the price drop of rice is related to the naira's recovery versus the CFA, the currency that is accepted in the Benin Republic, which speaks French.
The native of Ebonyi State stated that fewer people could buy a little plastic cup of rice at N2,400 instead of N700 in October of last year, citing that the increased cost of food products had hampered patronage.
A different vendor on Sagamu Road, Adamu, verified to our reporter that the cost of a rice bag was currently N65,000.
The cost of rice has decreased. It was selling for between N80,000 and N85,000 in February, but it is now only N65,000. However, the cost of beans and garri did not go down, he said.
Success stated that he could sell a single bag of rice in the Oja-Ale neighborhood of Iperu for N63,000 provided the buyer was prepared to pay right away.
"I'm not sure how much we made in December selling a bag of rice. But last month, I know it increased above N80,000. A few even brought in N90,000. It sells at N65,000 now. Success told our correspondent, "If the customer is paying in full, I can still sell it for N63,000."
According to information obtained, a 50 kg bag of rice cost N63,500 on Monday in the capital of Ogun State, Abeokuta.
A Oluwo, Abeokuta, Olubokola Odunayo resident reported that she paid N65,000 on April 1st for a bag of parboiled rice.
Our correspondent discovered that the price drop of rice is related to the naira's recovery versus the CFA, the currency that is accepted in the Benin Republic, which speaks French.
According to Sulaimon Adewale, an Islamic scholar, a bag of rice cost N52,000 in Abeokuta last week before rising to nearly N60,000 when the naira declined once again. This information was provided to The PUNCH.
Food vendor Mr. Igwe Christian of Lagos State's Idimu Area ascribed the decrease in rice prices to lower transportation expenses brought on by lower diesel prices.
According to Christian, the price of a specific brand of long grain rice that was imported from Thailand was only N70,000, as opposed to roughly N85,000 a month before.
"The short grain used to be approximately N80,000, but it is currently around N60,000.
"The price increase of diesel was the cause of the price increase." Furthermore, since these are imported items, the lower the exchange rate is for cargo clearance, the lower the duties paid on the goods, which lowers the cost of the commodities, he said.
A wholesale food vendor named Mr. Idris, who works out of Isolo Market in the Oshodi/Isolo Local Government Area of Lagos State, told The PUNCH that the cost of a bag of rice has decreased from N80,000 in March to N66,000.
He pointed out that the naira's strengthening relative to the dollar was the reason for the price decline.
Idris continued, saying that smugglers also use the CFA, which was very strong compared to the naira, to purchase grains.
A wholesale food vendor named Mr. Idris, who works out of Isolo Market in the Oshodi/Isolo Local Government Area of Lagos State, told The PUNCH that the cost of a bag of rice has decreased from N80,000 in March to N66,000.
He pointed out that the naira's strengthening relative to the dollar was the reason for the price decline.
Idris continued, saying that smugglers also use the CFA, which was very strong compared to the naira, to purchase grains.
claiming that in February it had an impact on the cost of smuggled grains.
"Rice is being smuggled from Cotonou over the border with Seme, and the importation of rice—including the illicit product—is being impacted by the depreciation of the naira. Therefore, the exchange rate from Nigerian currency to CFA is greater to buy rice now that the naira has appreciated in value.
The expense of transportation and the fees that rice smugglers must pay some of the security agents at these borders and areas where they pass through are the main reasons it was so expensive, according to Idris.
A bag of the "Pretty Lady" brand of rice at the Wuse market in the Federal Capital Territory, Abuja, cost N65,000 instead of N70,000.
"Rice is being smuggled from Cotonou over the border with Seme, and the importation of rice—including the illicit product—is being impacted by the depreciation of the naira. Therefore, the exchange rate from Nigerian currency to CFA is greater to buy rice now that the naira has appreciated in value.
The expense of transportation and the fees that rice smugglers must pay some of the security agents at these borders and areas where they pass through are the main reasons it was so expensive, according to Idris.
A bag of the "Pretty Lady" brand of rice at the Wuse market in the Federal Capital Territory, Abuja, cost N65,000 instead of N70,000.
Big Bull decreased in value a few weeks ago from N80,000 to N68,000.
Every seller in the market had the same prices.
The latest price modifications were ascribed by experts to a number of variables, such as shifts in government policy, supply dynamics, and exchange rates.
Nonetheless, the recent strengthening of the naira in relation to other currencies has probably contributed to the lower cost of imported items.
Consumers expressed relief, but economists remained cautious, highlighting the necessity for the rice market to remain stable over time.
A 50kg bag of Optimum rice sold for between N68,000 and N71,000 at the Dutse Market in the Bwari Area Council of Abuja, with half of the bag costing between N34,000 and N36,000. In contrast, a bag of Mama Gold rice costs N82,000, up from the previous N76,000 in December pricing.
Every seller in the market had the same prices.
The latest price modifications were ascribed by experts to a number of variables, such as shifts in government policy, supply dynamics, and exchange rates.
Nonetheless, the recent strengthening of the naira in relation to other currencies has probably contributed to the lower cost of imported items.
Consumers expressed relief, but economists remained cautious, highlighting the necessity for the rice market to remain stable over time.
A 50kg bag of Optimum rice sold for between N68,000 and N71,000 at the Dutse Market in the Bwari Area Council of Abuja, with half of the bag costing between N34,000 and N36,000. In contrast, a bag of Mama Gold rice costs N82,000, up from the previous N76,000 in December pricing.
A vendor named Mr. Obiem claims that in October of last year, a 50 kg bag of optimal rice sold for N42,000.
"I paid N42,000 for this exact bag of rice in October of last year, during a significant family gathering. I now have to spend almost the same amount of money on half of the same bag of rice. I was charged N68,000 for a whole bag, so I'm not sure if it's coming down," he remarked.
At the Wuse International Market, a 50kg bag of Royal Stallion rice currently sells for between N80,000 and N85,000, up from over N77,000 as of March 2024. A 25kg bag sold for roughly N42,000.
Mrs. Angela, another client, expressed her hope that the Price regulation initiatives by the Federal Competition and Consumer Protection Commission would encompass the market.
The idea that market management exists but does nothing to regulate pricing is absurd. The cost of rice has skyrocketed. For a bag, N80,000? The dollar was then the justification. What justification is there now? She enquired.
Some of the traders told our correspondent that they had to make up for losses resulting from the collapse of the value of the dollar relative to the naira when they were questioned about the commodity's prices.
"We purchased these bags at a time when the N1,500 to $1 conversion rate was over. The dollar is now worth less than N1,000. Who covers the loss if, for example, I sell for N61,000?
"Everyone is in pain." economic crisis in the nation, but I need to keep my business afloat," Chimezie, a trainee salesperson at the Dutse Market, informed our reporter.
When our correspondent went to the well-known village market in the FCT suburb of Kubwa, she saw that a 50 kg bag of rice from the area sold for between N70,000 and N72,000.
"Most of us here sell 50kg bags of Optimum rice for N72,000; 50kg Big Bull for N75,000 and Mama Pride 50kg for N69,000." stated Baba Joseph, a rice vendor.
He pointed out that although rice prices overseas were sharply declining, domestic rice prices were only slightly declining.
The cost of rice is decreasing. This Optimum rice was sold for N75,000 in January, but it is currently only available for N72,000.
The foreign rice alone is what is only present in Lagos and is falling very quickly. 50kg of imported rice cost between N100,000 and N120,000 in December, but it is currently available for N80,000, according to the dealer.
According to Kubwa, a businesswoman at the Arab Market, a 50kg bag of Nigerian rice was going for almost N67,000.
Even though Nigerian rice was becoming less expensive, she cautioned consumers to be cautious of fake goods.
"Now, Big Bull goes for N70,000, and Optimum 50kg goes for N67,000." the woman stated. Even if the cost of Nigerian rice is gradually declining, I still advise Nigerians to be cautious and look up the kind of rice to prevent buying phony rice.
Food merchants in Abuja's Wuse Market report a minor drop in pricing of rice.
"The price has dropped but not as expected," Idris Hakeem, a food trader at Wuse Market, told The PUNCH. A 50kg bag of the local rice known as Big Bull used to cost N72,000. It should now be selling for roughly N50,000, but it's currently asking N68,000. We're not sure if it will decrease any further at this time.
A another food dealer named Victor Chinwoba told The PUNCH that a bag of foreign rice cost N68,000.
It was between N70 and N75,000 in December. The current price of Big Bull is N68,000, according to Chinwoba.
Another trader in the Wuse Market, Abdul Hassan, expressed optimism by stating, "Rice prices are starting to decline." For example, imported rice In December, Per Excellence was sold for N120,000 per 50kg. Right now, it sells for N145,000. The same rice was sold for N150,000 in the start of the year, when the dollar exchange rate was higher. It indicates a decrease in pricing," he said in closing.
Since then, Nigerians have shared the prices at which they were purchasing rice on social media.
Okey Kingsman, an X user, posted about his recent experience buying rice. He revealed that the cost of a bag of Big Bull Nigerian rice at Dalèko Market in Lagos was N69,500.
Yemo also stated that, depending on the brand, foreign rice at the Sango Market cost between N50,000 and N52,000.
Akowonjo King reported rates ranging from N50,000 to N55,000, while Jobi recounted paying N55,000 for rice in Ojota, Lagos. within the Agege Market.
Olukosi Olutayo added, "I bought mine in Ilorin last Wednesday for N55,000."
But not every location saw the same trends in prices.
Omo Obalufe revealed his astonishment upon finding rice priced at an astounding N75,000, suggesting possible variations in market prices in other regions.
Another X user, Fearless, expressed similar opinions, denying reports that rice costs had dropped in Lagos and confirming that the price per bag was still N75,000.
According to Austyn Hasbiland, an Ogun local, the going rate for rice in the area is N57,000.
Patty Ebo also drew attention to geographical disparities, observing that "the price drop seems to be only in Abuja or Lagos." Asaba and Onitsha continue to have pricey rice. Last Saturday, I went to three malls, and the prices ranged from N83,000 to N95,000 for every 50 kg.
Comments
Post a Comment