See the price of a 50kg bag in the Benin Republic as rates crash in Nigeria

• The prices of Thailand parboiled atom person plummeted owed to the planetary oversupply caused by India’s production.
• However, Nigerians wage astir 79% much oregon N58,000, for a 50kg container of atom from neighbouring countries specified arsenic the Benin Republic.
• Findings amusement that Thailand’s atom terms successful the Benin Republic dropped by 14% astatine an estimated landing outgo of N21,600 per 50kg bag.

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

The planetary atom glut has crashed the terms of Thailand parboiled atom from $502 to $390 per tonne oregon N12.480 per 50kg bag, starring to a drastic drop.

However, Nigerian consumers reportedly wage astir 79% oregon N58,000 per 50kg connected smuggled parboiled atom from neighbouring countries specified arsenic the Benin Republic owed to a N1.4 trillion shortage successful section production.

The terms of Thai atom has crashed successful Nigeria, but much costly than successful neighbouring countries. Credit: Picture Alliance
Source: Getty Images

India floods the marketplace with rice

According to reports, export restrictions by India, the world’s largest producer, person been removed, starring to a glut successful the planetary market.

Findings amusement that India’s atom stockpile totalled astir 63.09 cardinal successful April, astir 5 times its government-approved target.

According to information from the Food and Agriculture Organisation (FAO), planetary atom accumulation would scope 543.6 cardinal metric tons betwixt 2024 and 2025, with a full proviso hitting 743 cardinal tonnes, supra the projected request of 539.4 cardinal tonnes.

Rice terms crash, but Nigerians wage more

Reports accidental that atom prices began to clang successful April 2025 owed to India’s determination to assistance the 2022 export embargo.

The determination reportedly drove Indian atom prices to a 22-month low, with prices successful Thailand and Vietnam declining to their lowest successful 3 years.

The New Telegraph reports that Nigeria has continued to beryllium connected the planetary marketplace to conscionable its atom needs, contempt the longstanding import ban.

Nigeria’s fastest-growing import routes included India, with a $2.87 cardinal yearly increase.

Thailand and Vietnam ramp up exports

Thailand and Vietnam person reportedly scaled down exports owed to a planetary glut, starring to Thailand’s exports falling by 30% successful the archetypal 4th of 2025, and are projected to autumn by 24% successful 2025.

Legit.ng earlier reported that successful January, Nigeria received a 32,000-tonne cargo of brownish atom from Thailand nether the 150-day duty-free import model announced by the authorities to easiness nutrient inflation.

In March this year, Thailand’s atom export to the Benin Republic crashed by 14% from $502 to $432 per tonne, astatine an estimated landing outgo of N21,600 per 50kg container successful the country.

Rice: Pakistan and Vietnam chopped prices successful West Africa

Additionally, Pakistan and Vietnam person chopped prices to let them to vie with Thailand successful the West African market.

An probe shows that dealers merchantability a 50kg container of atom successful Nigerian markets astatine N56,000 and N58,000 to consumers.

In April, the Nigeria Customs Service (NCS) successful Lagos intercepted 3,832 bags of 50kg of overseas atom heading to the southeast.

Global atom glut crashes terms of Thailand atom arsenic Nigeria battles shortage. Credit: PIUS EKPEI UTOMI/Stringer
Source: Getty Images

Experts person said that atom accumulation successful Nigeria volition diminution from 5.60 cardinal tonnes to 5.22 successful the 2024/25 season, portion paddy atom is besides projected to diminution to 8.30 cardinal tonnes.

Rice dealers clang prices by N20,000 per 50kg bag

Legit.ng antecedently reported that the terms of rice has crashed by N20,000 arsenic dealers reported a glut successful the marketplace aft Christmas.

Legit.ng exclusively gathered that the terms of the commodity, which sold for N85,000 successful January, has crashed to N65,000 per 50kg bag.

A marketplace survey conducted by Legit.ng shows that dealers besides crashed the prices of different indispensable commodities.

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Source: Legit.ng