Gradually, based on the recent appreciation of the Naira against the United States dollar, the value of commodities is reducing including how much households now buy rice. However, the price still varies depending on if the sellers are marketing old or new stocks.

A look back at February, when the Naira was exchanging at a rate of ₦1,700 to $1, the price of a 50kg bag of rice then was sold for as much as ₦90,000 in some parts of Nigeria and that was something households couldn’t afford being that they were already pressed with burdensome high transportation costs which was also worsening food inflation.

Now two months on, the consumers would be glad about things improving because the average price to get the 50kg quantity in the megacity of Lagos now ranges between ₦50,000 and ₦65,000 according to a market survey. Getting half the size gives room for the buyer to pay ₦25,000 or ₦32,500 based on which brand interests them the most.

ALSO READ: What can put the brake on costly Nigerian rice?

The changes noticed started to happen despite the 40% food inflation hike not easing up so there are questions around if the drop would be sustained.

While the price of rice in the northern Nigeria markets seems to be slower to see a reduction, border town communities in the south are having it far easier like those living in Ilara-Ogudu located in Ogun State.

Ilara-Ogudu is close to the Republic of Benin where residents have nearer access to foreign rice coming into Nigeria. I bought one bag of rice for ₦47,000 in Ilara last week. It was close to ₦70,000 in February and March, even here at the border. But now it is coming down, says a trader Adeyinka who was speaking to The Punch about her experience.

But the drop that is being recorded only ties with imported rice and not the local ones and that has made Nigerians on social media feel somewhat puzzled about the situation. This is because of their expectation that locally produced commodities should possess a lesser price value because they are free from import duties and tariffs.

Bag of foreign rice is now 53,000. Na Nigeria rice price we no know. They are still selling old stock, reads a tweet via user Mr_Asiwaju’s X profile.

Bag of foreign rice is now 53,000.

Na Nigeria rice price we no know. they are still selling old stock 😂

— Asiwaju (@mr_asiwaju) April 22, 2024

This comment then opens room for a question by Ohiozei who is asking: The real question is, why did Nigeria rice price go up with foreign rice in the first place. Is the [Nigerian] rice made in China?

The real question is, why did Nigeria rice price go up with foreign rice in the first place. Is the Nigeria rice made in China?

— O_o (@ohiozei) April 16, 2024

All the thoughts are valid probes into what is driving a reduction in the price of imported rice but not the local ones. There is no question that cheaper diesel being made available to fuel marketers and trucks is slowly inducing the change that is being seen.

Ayodele Johnson

Ayodelé is a Lagos-based journalist and the Content and Editorial Coordinator at Meiza. All around the megacity, I am steering diverse lifestyle magazine audiences with ingenious hacks and insights that spur fast, informed decisions in their busy lives.