Rice Prices Fall to N55,000–N70,000 as Local Supply and Imports Surge Across Nigerian Markets
Rice prices have dropped significantly across major Lagos markets, with a 50kg bag now selling between N55,000 and N70,000 due to improved harvests, increased imports, and a temporary oversupply. While consumers welcome the relief, many traders are counting heavy losses after purchasing rice at much higher prices earlier in the year.
Local and imported brands recorded sharp declines, with prices falling from as high as N95,000 in January to as low as N57,000 in October. Traders warn that the sudden slump has destabilized business planning, and experts caution that the decrease may be temporary, as fluctuating supply could push prices up again before December.
Consumers are relieved by the temporary affordability, though some note weakened purchasing power remains a challenge. Meanwhile, the Nigerian Customs Service has warned that rice smuggling continues to worsen Nigeria’s forex situation and threatens local producers.
Rice prices have dropped significantly across major Lagos markets, with a 50kg bag now selling between N55,000 and N70,000 due to improved harvests, increased imports, and a temporary oversupply. While consumers welcome the relief, many traders are counting heavy losses after purchasing rice at much higher prices earlier in the year.
Local and imported brands recorded sharp declines, with prices falling from as high as N95,000 in January to as low as N57,000 in October. Traders warn that the sudden slump has destabilized business planning, and experts caution that the decrease may be temporary, as fluctuating supply could push prices up again before December.
Consumers are relieved by the temporary affordability, though some note weakened purchasing power remains a challenge. Meanwhile, the Nigerian Customs Service has warned that rice smuggling continues to worsen Nigeria’s forex situation and threatens local producers.
Rice Prices Fall to N55,000–N70,000 as Local Supply and Imports Surge Across Nigerian Markets
Rice prices have dropped significantly across major Lagos markets, with a 50kg bag now selling between N55,000 and N70,000 due to improved harvests, increased imports, and a temporary oversupply. While consumers welcome the relief, many traders are counting heavy losses after purchasing rice at much higher prices earlier in the year.
Local and imported brands recorded sharp declines, with prices falling from as high as N95,000 in January to as low as N57,000 in October. Traders warn that the sudden slump has destabilized business planning, and experts caution that the decrease may be temporary, as fluctuating supply could push prices up again before December.
Consumers are relieved by the temporary affordability, though some note weakened purchasing power remains a challenge. Meanwhile, the Nigerian Customs Service has warned that rice smuggling continues to worsen Nigeria’s forex situation and threatens local producers.
0 التعليقات
·0 المشاركات
·86 مشاهدة
