See more top 5 cheapest, most expensive states to buy rice in Nigeria

• The outgo of buying atom has somewhat reduced crossed markets successful the state successful the past fewer months, but prices are inactive precocious for galore households
• Nigerian billionaires Aliko Dangote and Rabiu Abdulsamad person some made moves to assistance little the terms of rice
• Residents of Imo, Abia, Kwara and Akwa Ibom are among the states with the highest prices for rice

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

There is simply a important driblet successful planetary atom prices, which person fallen to their lowest levels successful respective years.

According to information gathered from a Reuters canvass Indian parboiled atom export prices deed a 22-month low, a period aft Delhi lifted the last export restrictions connected the atom imposed successful 2022.

Rice terms successful Nigeria has reduced Photo credit: Bloomberg/contributor
Source: Getty Images

In Vietnam, prices fell to astir five-year lows, portion successful Thailand, they dropped to their lowest constituent successful almost 3 years.

According to traders and industry leaders, prices person recovered a level aft plunging by astir one-third from their 2024 peaks.

However, they are expected to stay astatine this level for the remainder of 2025, constrained by surpluses successful each important exporting nations.

Rice terms successful Nigeria drop

Nigeria being an importer proceed to payment from the simplification successful planetary atom prices.

Nigeria imported $7.26 cardinal worthy of atom successful 2023, ranking 158th successful the satellite for atom imports. These imports came chiefly from the United States, Thailand, Benin, the United Arab Emirates, and India.

India ($5.9M), the United Arab Emirates ($743k), Thailand ($307k), Benin ($101k), and the United States ($95.4k) were Nigeria's apical atom importers successful 2023.

Between 2022 and 2023, Nigeria's atom imports from India ($2.87M), the United Arab Emirates ($291k), and Thailand ($119k) grew astatine the fastest rates.

New atom terms look astatine markets

A survey by Legit.ng recovered that the terms of atom present sells betwixt N75,000 and N85,000, depending connected the brand.

Some months ago, consumers had to person betwixt N85,000 to N95,000 to spend a bag.

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

Hope rises for little terms of rice Photo credit: Bloomberg/contributor
Source: Getty Images

NBS data shows the states with the highest and lowest atom prices per KG

Top 5 astir costly states to bargain atom successful Nigeria (average terms per kg)

• Imo: N2,223
• Akwa Ibom: N2,215
• Abia: N2,121
• Rivers: N2,085
• Cross River: N2,081

Bottom 5 slightest costly states to bargain atom successful Nigeria (average terms per kg)

• Kwara: N1,075
• Gombe: N1,103
• Ogun: N1,148
• Niger: N1,152
• Plateau: N1,156

Nigeria Customs intercepts 7 trucks with implicit 2000 bags of overseas rice

Earlier, Legit.ng reported that The Nigerian Customs Service has intercepted and seized 7 trucks containing 2000 bags of overseas parboiled rice.

The Federal Operations Unit, Zone A, Ikeja, carried retired the operation.

Kola Oladeji, the Customs Area Comptroller successful complaint of the unit, revealed that the items were intercepted astatine antithetic parts of the Southwest region.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng