Consumers across Nigeria are beginning to feel relief as the price of rice has dropped significantly, with a 50kg bag now selling for up to N20,000 less in several major markets. Dealers attribute the decline to a sudden surplus occasioned by increased supply from local mills and improved distribution channels.
Market surveys in Lagos, Kano, Abuja, and Port Harcourt show that popular brands now sell between N55,000 and N60,000, compared to previous levels of N75,000 to N80,000. Some regions report even steeper reductions depending on stock availability and transportation costs.
Traders say the surplus is partly tied to harvest cycles and reduced panic buying. The decline has also forced down prices of other essential commodities, particularly beans, garri, maize, and vegetable oil.
Food economists note that if the trend holds, inflation in the food basket may ease in coming months. However, they caution that supply stability, fuel prices, and security in farming communities will determine whether the downward trend is sustained.
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