You are welcome to Chef’s Base. On this page, we will discuss how much a bag of rice costs today. Let’s get into the discussion now.
Today’s price of a rice bag changes due to several factors, including location, brand, and market conditions. In Nigeria, for instance, the cost of rice has risen steadily in recent years, driven by inflation, import restrictions, and exchange rate volatility.
However, a 50kg bag of rice, which is the most common size purchased by households, ranges from ₦70,000 to ₦75,000 depending on whether it is local or imported rice.
Local varieties such as the popular Ofada rice are more expensive due to their unique flavor and higher demand among health-conscious consumers.
Meanwhile, imported rice like those from Thailand and India have historically been cheaper, but import bans and high tariffs have caused their prices to surge.
Also, transportation costs and regional variations further influence the cost. In major cities like Lagos, prices are usually higher than in more rural areas due to logistical and storage expenses.
Global factors like the COVID-19 pandemic, disruptions in the global supply chain, and Russia’s war with Ukraine have also impacted rice prices, as countries grapple with food shortages and higher energy costs.
How Much is a Bag of Rice in Different Locations
A bag of rice costs between ₦78,000 and ₦80,000 in Lagos. In Jos and Ilorin, the price ranges from ₦73,500 to ₦75,000. In Ibadan and Port Harcourt, it is approximately ₦75,000 to ₦80,500.
The above analysis shows that a bag of rice is sold differently in terms of price based on location. According to the statistics, those in the Northern parts of the country tend to enjoy discounts on every purchase made.
Apart from location, the quality and variety of rice also determine the price.
How Much Does a Bag of Rice Cost in Nigeria?
In Nigeria, a bag of rice costs ₦80, 000 for imported long grain rice. ₦70,000 for short-grain foreign rice. ₦65,000 for stone-free local rice, and ₦55,000 for local rice.
However, you might get a bag for an amount lesser or higher than the figure stated above depending on your location.
How Much Rice is in a Bag?
A 50kg bag of rice contains approximately 500 cups (peak milk cup), which is 20 custard containers. Although not all bags are the same, the figures above are quite true.
If you bought it for retailing purposes, you can generate a profit close to the capital used in purchasing it.
What is the Price of Rice in Nigeria in 2024?
Selected Food Price Watch for April 2024 presents that the average price of 1kg Rice locally sold loose stood at N1,399.34.
This indicates a rise of 155.93% in price on a year-on-year basis from 546.76 recorded in April 2023 and a 3.47% rise in price on a month-on-month basis from N1,340.74 in March 2024.