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2 weeks ago
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- Rice dealers person announced an summation of N10,000 per 50kg container aft 2 months of comparative stability
- Findings by Legit.ng amusement that dealers blamed the emergence successful terms connected the extremity of the import waiver by the Nigerian government
- A 50kg container of rice, which sold for N57,000 for the past 2 months, present sells for N65,000, an N10,000 addition
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
Following the extremity of the import work waiver announced by the Nigerian authorities connected indispensable nutrient items, including rice, dealers person hiked the commodity’s price.
A marketplace survey conducted by Legit.ng shows that the terms of atom has accrued by implicit N10,000 for a 50kg bag.
Source: Getty Images
Importers blasted the extremity of the import waiver
According to a trader successful the Ogba country of Lagos, Uzoma Egbe, the terms of the staple roseate by N10,000 per 50kg precocious past week.
“Last week, we sold a 50kg container for N57,000, and today, we received accusation that the aforesaid quantity has added N10,000,” Egbe told Legit.ng.He cited the extremity of the 150-day import duty-free model introduced by the Nigerian authorities for the terms rise.
He disclosed that overseas speech unit is besides responsible, arsenic astir importers find it challenging to root FX to import the product.
“One of my suppliers said helium has not placed orders since June due to the fact that of precocious forex. He said it is hard to unafraid FX from authoritative sources but from the achromatic market, which is much expensive,” Egbe said.50kg container to deed N80,000, importers predict
Felix Ike, different importer, said that the terms of a 50kg container whitethorn deed N80,000 successful 2 weeks, stating supplies are low.
“Thailand and India are cutting backmost connected exports, which is affecting our supplies. This is the crushed for the abrupt terms hike,” helium said.Legit.ng reported that the Nigerian overseas speech marketplace is experiencing renewed volatility, with the naira depreciating for astir of past week earlier rising against the dollar connected Friday, June 19, 2025.
At the adjacent of trading connected Friday, the section currency appreciated to N1,547 to a dollar, from N1,551.
Also, the Central Bank of Nigeria (CBN) pegged the Customs overseas speech complaint for work clearance astatine N1,548, somewhat higher than the authoritative rate.
The extremity of debased atom prices
Rice terms stabilised for astir of May and June arsenic importers flooded the marketplace with grains from Thailand and India, which lifted export restrictions connected its grains recently.
The surge from 2 of the world’s highest producers crashed the commodity’s terms successful Nigeria.
However, the abrupt emergence successful prices has thrown importers, retailers, and consumers disconnected equilibrium pursuing the extremity of the import waiver.
Source: Getty Images
Also, unit from section farmers whitethorn person contributed to the extremity of the argumentation by the Nigerian government.
Rice prices to alteration arsenic Nigeria faces N1.43trn shortage
Legit.ng earlier reported that determination is fearfulness that Nigeria whitethorn acquisition a 2.18 cardinal tonnes of rice 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
