Cost Of Bag Of Rice After Dollars Crashed & Naira Rebound (April 2024) -

What is supposed to be good news for Nigerian rice lovers after the crash of the dollar exchange rate to the naira and the recovery of the naira in April is becoming a sad tale as most Nigerians across the country are still buying bags of rice at exorbitant prices.

The cost of bag of a 50 kg bag of rice after the dollars crashed and the naira rebound is still almost as the same before the crash of the dollar in April 2024.

OgaPrice reporters stormed various markets majorly in the southern part of Nigeria to check on the prices of bags of rice and our findings show that there is either an insignificant drop or no drop in the prices of bags of rice at all.

Findings show that a 50kg bag of local Nigeria rice is still selling from between N68,000 to N75,000 while its foreign counterpart is selling from between N78,000 to N85,000 in most markets across the southern states like Delta, Edo, port Harcourt, and Abuja

Let’s go into detail on the pricing of bags of rice in various parts of the country after the naira gains.

Table of Contents

Bag of Rice before the Dollar Crash

Earlier this year, rice prices went through the roof because of some reasons, such as the end of fuel subsidies and a weaker Naira.

In major cities like Lagos, a bag of rice could cost as much as N85,000 in February and March 2024. Nigerians eat a lot of rice, so this puts a huge strain on their budgets.

How much is a 50kg bag of rice after the dollar crash and naira gains?

Recently, though, positive economic developments have made the Naira stronger. Because of this, the price of Nigerian rice has dropped a lot (only on the pages of the newspapers).

Nigerians will be glad to see that the price of this important food item has gone down. But the market survey showed otherwise.

The prices of locally produced Nigerian rice are still being sold for N68,000 to N75,000. In some cases, the price drop is just N2,000 which in my opinion is not something “they should be making noises about”. After all, it was about 30,000 to 35,000 before the inflation came.

For example, a popular Nigerian-made rice called African Princess was sold for N70,000 for a 50kg bag when the dollar rate was between N1,800 to N1,900, that same bag of rice is now being sold for 68,000 after the dollar rate has dropped to between N1,230 to N1,260.

Current Price of 50kg, 25kg, and 10kg Bags of Local Rice in Nigeria by Brand

As of April 30, 2024, after the market survey by our correspondents, below are the current prices of 50kg, 25kg, and 10kg Bags of local rice in Nigeria by various brands.

Cost of 50kg bags of rice

Mama Gold: ₦65,000 – ₦75,000 (50kg)
Mama Pride: ₦65,000 – ₦75,000 (50kg)
Basma Rice: ₦70,000 – ₦75,000 (50kg)
Lake Rice: ₦65,000 – ₦68,000 (50kg)
Elephant Pride: ₦70,000 – ₦76,000 (50kg)
Mango: ₦70,000 – ₦75,000 (50kg)
African Princess: ₦67,000 – ₦70,000 (50kg)
Tomatoe: ₦70,000 – ₦75,000 (50kg

Cost of 25kg bags of rice

Mama Gold: ₦34,000 – ₦38,000 (50kg)
Mama Pride: ₦34,000 – ₦38,000 (50kg)
Basma Rice: ₦35,000 – ₦40,000 (50kg)
Lake Rice: ₦32,000 – ₦35,000 (50kg)
Elephant Pride: ₦35,000 – ₦38,000 (50kg)
Mango: ₦35,000 – ₦40,000 (50kg)
African Princess: ₦33,000 – ₦35,000 (50kg)
Tomatoe: ₦35,000 – ₦38,000 (50kg

You can only see some of these local rice brands in some regions of the country,

Current Prices and Regional Variations

While the general picture shows that there is very little drop in the price of rice, however, rice prices still vary depending on location.

Major cities (Lagos, Abuja, Ogun, Delta, Edo): The average price of a 50kg bag of rice has dropped to around N67,000.
Border communities: According to news reports which was not verified by OgaPrice, better deals can be found in areas close to Nigeria’s borders. Prices can be as low as N42,000 per bag in areas close to the borders.

Price of Bags of Rice before the Dollar Fall

The current price of a 50kg bag of rice before the naira gains are given below, these data were compiled in the first week of April 2024.

Mama Gold: ₦65,000 – ₦76,000 (50kg)
Mama Pride: ₦65,000 – ₦85,000 (50kg)
Royal Stallion: ₦75,000 – ₦79,000 (50kg)
Anambra Rice: ₦60,000 – ₦65,000 (50kg)
Lake Rice: ₦65,000 – ₦68,000 (50kg)
Elephant Pride: ₦70,000 – ₦76,000 (50kg)
Mango: ₦75,000 – ₦80,000 (50kg)
Princess: ₦70,000 – ₦75,000 (50kg)
Tomatoe: ₦65,000 – ₦75,000 (50kg

Ofada Rice: ₦15,000 – ₦18,000 (5kg) – This rice variety generally attracts a higher price due to its unique flavor and limited production.

Does The Price Of Rice Really Crash?

The so-called reduction in the cost of rice is unquestionably a favorable trend for consumers in Nigeria. On the other hand, it is essential to keep in mind that N67,000 to N75,000 is still a sizeable sum for a lot of families. Furthermore, as a result of inflation, the overall cost of living continues to be quite high.

A crashed in the price of between 1,000 to 3,000 is not something we should be happy about, if the price of a bag of rice can be reduced to 30 to 50 percent it will bring lots of relief for many Nigeria families because Nigerians depend mainly on rice as common food for the families.

The way forward

The future of rice prices in Nigeria will be determined by several factors, including the sustained stability of the Naira and the prospective initiatives of the government to further improve food security.

Conclusion

Before purchasing rice, it is usually a good idea to make sure you are up to date on the current market price. Do not be too happy with what you hear from the pages of newspapers, go to the market yourself to find out the true nature of price of commodities, or confirm from online marketplaces like JIJI.

It is hoped that the current trend of falling rice prices would continue, which will provide Nigerian people with some significantly needed relief.

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