Nigeria Reduces Rice Prices, 50kg Bag Now N40,000 With 20 Trucks Released

Nigeria Reduces Rice Prices, 50kg Bag Now N40,000 With 20
Nigeria Reduces Rice Prices, 50kg Bag Now N40,000 With 20

Nigeria’s Rice Price Slashed by 50% Amid Food Inflation Rise

In a bid to ease the rising cost of living in Nigeria, the government has reduced the price of a 50kg bag of rice by 50% to N40,000 across the country. The minister of Information and National Orientation, Mohammed Idris, made the announcement at the end of a Federal Executive Council meeting in Abuja.

According to Idris, the reduction in rice prices is being facilitated by the recent release of 20 trucks of the product to various state governors for distribution to Nigerians. The governor of each state has been tasked with taking the rice to designated centers across all 36 states of the federation, where it is being sold at the reduced price of N40,000.

In a statement, Idris emphasized that the rice being sold at this price point is being sold at about 50% of its cost. “A bag of rice is being sold as we speak now. This rice has been taken to various centres across all the states of the federation and is being sold at N40,000. Centres have been created, so that those who need this rice can go there and buy it at N40,000,” he said.

However, a Media Talk Africa survey revealed that the actual cost of a 50kg bag of rice varies significantly in different markets in Abuja. The survey found that the same bag of rice is being sold for between N75,000 and N80,000 in Dutse, Wuse, and Kubwa markets in the capital city.

The move by the government comes as Nigeria grapples with a rising food inflation rate. According to the National Bureau of Statistics, food inflation rose to 40.87% in June, making basic commodities like rice and other staples increasingly difficult to afford for many Nigerians.

The government’s decision to reduce rice prices is seen as a step towards addressing the country’s food inflation and making basic necessities more accessible to the average citizen.

Recent News

Naira harmonisation achieved - Presidency

Nigeria Achieves Naira Harmonisation Under Tinubu’s Renewed Hope Agenda

Naira records highest depreciation against dollar in weeks

Naira records appreciation across official black markets, presidency reacts

Russian inflation cooling down – Bloomberg  — RT Business News

Russia Inflation Slows Sharply, Central Bank Rate Cuts in Focus

Scroll to Top