Hey, how much is a bag of rice in Nigeria following your recent price and cost research? A neighbour asked me lately as the date of her daughter’s marriage is fast approaching.
The question put me in a state of confusion because prices of goods in the market are the most dynamic stuff ever.
To worsen the matter, President Tinubu’s administration is popular for its daily influence on prices of goods.
You can get a sachet of tomatoe for ₦200 today only to visit the same shop on the next day and be told the goods is now sold for ₦250.
However, a bag of rice costs ₦80,000 in Nigeria as at 13 October, 2024, 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.
How Much is a Bag of Rice Now in Nigeria?
Here are some general price ranges: – In Lagos, a 50kg bag of rice costs between ₦78,000 and ₦80,000.
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.
How Much is Red Lion Rice in Nigeria?
New stock of LION RICE is now available in 25kg and 10kg bags at N10,000.00 and N5,500.00respectively.
You can get a bag for yourself at any retail outlet near you. Alternatively, they can be purchased online at any trusted e-commerce site in Nigeria.
How Many Derica is in a Bag of Rice?
64 Derika cups. So normaly, we have 64 cups, 64 Derika cups of rice. That is what makes up one bag.
And if you had to make half bag, which is um, 32 cups, that will fit in comfortably into some size 40 pots.
Difference Between the Price of a Bag of Rice in Nigeria Now and Before
The price of a bag of rice in Nigeria has fluctuated significantly in recent years.
While there have been periods of stability, the general trend has been upward, reflecting a combination of factors including inflation, exchange rate fluctuations, and supply chain disruptions.
Historical Prices
Pre-2020
The price of a bag of rice was relatively stable, with prices ranging from around N15,000 to N20,000.
2020-2021
Prices began to escalate due to the COVID-19 pandemic, which disrupted global supply chains and increased demand for essential goods. Prices reached as high as N30,000 per bag.
2022-2023
Prices continued to rise, reaching N50,000 or more in some regions.
This was primarily attributed to the devaluation of the naira, rising fuel costs, and increased import duties.
Current Prices
As of October 2024, the price of a bag of rice in Nigeria varies depending on the quality, brand, and location.
However, prices generally range between N50,000 and N80,000.
Factors Affecting Rice Prices in Nigeria
Here are the factors affecting the prices of rice in Nigeria:
Exchange Rate
The devaluation of the naira against the dollar has a significant impact on the price of imported rice, which accounts for a significant portion of Nigeria’s rice consumption.
Inflation
Rising inflation rates have contributed to increased prices for a variety of goods and services, including rice.
Supply Chain Disruptions
Global supply chain disruptions, such as those caused by the COVID-19 pandemic, can lead to shortages and higher prices.
Government Policies
Government policies, such as import duties and tariffs, can also affect the price of rice.
Bottom Line
The cost for a bag of rice in Nigeria is in Nigeria as at 13 October, 2024, 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.
We hope this has answered your question.