See more as dealers crash rice price as FG introduces 2 new varieties

• The terms of atom has dropped beneath N60,000 per container amid panic implicit alleged deadly atom and oversupply from India
• The Nigeria Customs Service has debunked caller rumours astir deadly rice, but the concerns person already driven down prices
• The national authorities successful collaboration with HarvestPlus, has introduced 2 caller varieties of rice

Legit.ng journalist Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The terms of a 50kg container of atom successful Nigeria has plunged to an mean of N54,000, pursuing a operation of factors.

One of the factors includes reports of oversupply from India and panic implicit the alleged circulation of deadly atom successful immoderate borderline communities.

Rice terms drops beneath N60,000 per bag Credit: NurPhoto/Contributor
Source: Getty Images

Market surveys conducted successful Lagos and Ogun States revealed that the terms of atom fell from astir N58,000 successful April to arsenic debased arsenic N50,000 successful immoderate areas adjacent to the Seme and Idiroko borders, Punch reports.

Traders and manufacture experts property the diminution to reduced demand, sparked by viral dependable notes informing Nigerians to debar atom allegedly liable for aggregate deaths successful Badagry and Idiroko.

Although, the Nigeria Customs Service (NCS) successful Seme, which called the rumours false, user assurance remains shaken. Videos shared by atom sellers successful affected areas connected Thursday and Friday sought to debunk the claims, insisting that nary deaths had been linked to atom consumption.

Rice proviso successful Nigeria

The concern is made worse by excessively overmuch atom successful West Africa.

A study by S&P Global indicates that parboiled atom prices successful the portion person plummeted to grounds lows, driven by subdued request and dense imports from India.

Data from the Agricultural and Processed Food Products Export Development Authority (APEDA) shows that India exported astir 4.9 cardinal metric tonnes of atom to the portion betwixt April 2024 and January 2025, with Benin, Guinea, and Ivory Coast arsenic the apical importers.

The study stated:

“Nigeria, being the largest atom marketplace for the Benin Republic, continues to spot an influx of Indian parboiled atom smuggled done its porous borders."

As a result, some imported and section atom prices person dipped importantly implicit the past 2 weeks.

According to marketplace watchers, section atom present sells for astir N62,000 per bag, a N10,000 driblet from April levels.

Relief arsenic terms of atom drops successful Nigeria Photo credit: Bloomberg/contributor
Source: Getty Images

FG Introduces zinc rice

Meanwhile, the Federal Ministry of Agriculture and Food Security successful concern with HarvestPlus, has launched 2 caller biofortified atom varieties, Faro 71 and Faro 7.

The national authorities said the 2 atom varieties are designed to combat zinc deficiency and related malnutrition.

The varieties are the archetypal zinc-enriched atom types released successful Nigeria and crossed Africa, aimed astatine boosting dietary intake and reducing anaemia, which affects an estimated 68% of children nether 5 successful Nigeria.

Yusuf Dolapo Fouad, Country Manager for HarvestPlus Nigeria, said during the unveiling that the inaugural reflects a strategical effort to amended nutrient information done subject and innovation.

He said.

“These atom varieties connection a sustainable, affordable solution to nutritional challenges facing millions of Nigerians, peculiarly successful susceptible groups."

Top 10 states successful Nigeria residents wage much for nutrient successful Nigeria

Earlier, Legit.ng reported the National Bureau of Statistics (NBS) has revealed that the nutrient ostentation complaint successful April 2025 was 21.26% connected a year-on-year basis.

April's nutrient ostentation complaint was 19.27% points little compared to the complaint recorded successful April 2024 (40.53%).

The bureau added that the important diminution successful the yearly nutrient ostentation fig successful April 2025.

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Source: Legit.ng