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.