The National Bureau of Statistics has reported that the average price of imported high-quality loose rice in Nigeria has shot up by 114% in just one year.
According to NBS data, the price of a 50kg bag of imported rice climbed from N49,103 in September 2023 to a steep N120,193 in 2024, reflecting the harsh impact of rising costs across the country.
For smaller quantities, a kilogram of imported rice has increased from N982.07 in September 2023 to N2,403.86 this September, marking more than double the previous year’s price.
Other rice types have also seen significant jumps, with loose agricultural rice rising 4.42% from N1,882.39 in July to N1,965.64 by September.
Year-on-year, this is a 146.33% increase, with Nasarawa showing the highest price for loose rice at N3,050.33 per kilogram, while Benue recorded the lowest at N1,314.13.
Even local rice types have not been spared. Broken rice (Ofada) rose by 5.61% in the last quarter, with an annual increase of 213.36%, while loose local rice prices went up by 4.57% from July to September this year.
The NBS report highlights that these price hikes add to the rising cost of living nationwide, which is also fueled by the increase in fuel prices.
Premium Motor Spirit prices have soared from around N175 per litre to between N1,000 and N1,300, which has had a ripple effect on the costs of goods and services across Nigeria.
