Dealers reveal the reason for rice price crash below N70,000

• The terms of atom has crashed again to N65,000 per 50kg container from N85,000. Legit.ng tin authoritatively report
• Dealers disclosed that a consignment of the commodity berthed astatine Nigeria’s ports recently, starring to the crash
• The archetypal clip atom sold astir that scope was successful February this year, erstwhile it crashed beneath N70,000 per 50kg bag

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

The terms of the staple, rice, has crashed again aft rising successful March to implicit N80,000 per 50kg bag.

Findings conducted by Legit.ng amusement that sellers person reduced the commodity's terms from N85,000 per 50kg container to N65,000 arsenic of Sunday, April 13, 2025.

Rice dealers clang atom terms by implicit 20,000 per 50 kg Credit: Novatis
Source: Getty Images

Dealers study a clang successful atom price

Dealers who spoke exclusively with Legit.ng revealed that the clang followed the wide clang successful cereal prices and other nutrient items.

They disclosed that different consignment of overseas atom berthed astatine Nigeria’s ports successful aboriginal April, which accounted for the clang successful price.

The archetypal clip the commodity sold beneath N70,000 per 50kg container was successful February this twelvemonth erstwhile the dealers reported different influx of the commodity.

Dealers study monolithic imports of rice

According to them, the 150-day import duty-free model for indispensable nutrient items contributed to the clang successful the staple’s price.

“We’ve noticed that importers are bringing successful the consignments successful ample quantities, Chinedu Eze, a foodstuff dealer, revealed.

According to him, dealers person stockpiled due to the fact that the terms is inactive volatile and could emergence shortly.

Stakeholders blasted the FG’s nutrient import duty

Legit.ng earlier reported that Agriculture stakeholders have forecasted a caller nutrient rhythm terms summation by the mediate of the year, owed to a surge successful nutrient imports past year.

According to Foreign Trade successful Goods information by the National Bureau of Statistics, the worth of nutrient imported successful 2024 roseate by 51.06% to N3.78 trillion.

Stakeholders connected the spike to the summation successful nutrient import worth to the Nigerian government’s 150-day duty-free import model connected selected nutrient items announced successful July 2024 to trim precocious prices.

Farmers and immoderate members of the backstage assemblage opposed the import waiver window, which recorded a consignment of 32,000 tonnes of atom from Thailand.

Before President Bola Tinubu’s import waiver, authorities policies restricted nutrient imports, the stakeholders said.

Food imports reduce

Investigations amusement that the worth of nutrient imports has reduced by 0.54% to N1.85 trillion successful 2023 from N1.86 trillion successful 2022.

The terms of nutrient accrued 37.65% past year, arsenic marketplace surveys reported that nutrient prices were crashing successful Kano’s Singer Market.

In March 2025, the Nigerian authorities praised the reported clang successful nutrient prices arsenic a fulfilment of its committedness to trim nutrient inflation.

FG nutrient import leads to a clang successful nutrient prices

However, stakeholders person warned that the prices of indispensable commodities volition emergence by midyear 2025.

Punch reports Kabir Ibrahim, the President of the All Farmers Association of Nigeria (AFAN), arsenic saying that contempt the import work waiver achieving its purpose, continuing imports to conscionable the country’s nutrient needs is not sustainable.

He warned that Nigeria cannot spend to import to execute nutrient information oregon availability.

Sellers and dealers clang atom terms beneath N70,000 per 50kg bag Credit: Picture Alliance/Contributor
Source: Getty Images

He asked the state to enactment wrong itself to nutrient capable nutrient to execute nutrient security.

Rice prices to alteration arsenic Nigeria faces N1.43trn shortage

Legit.ng earlier reported that determination is fearfulness that Nigeria whitethorn experience 2.18 cardinal tonnes of atom shortage valued astatine N1.43 trillion owed to debased production.

As of February 20, 2025, parboiled sold for N679.500 per tonne successful Thailand, starring to astir N33,000 per 50kg bag.

Milled atom accumulation successful Nigeria is reportedly projected to driblet from 5.60 cardinal to 5.22 cardinal successful the 2024.2025 season. Paddy atom is projected to diminution to 8.30 cardinal tonnes from 8.90 cardinal successful the season.

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Source: Legit.ng