By Franklin Ogude
Big Bull Rice, a premium milled, stone-free RICE brand’s pocket-friendly Sachet rice debuts for as low as N200 per sachet to meet economic demands and satisfy the burning want for the staple by Nigerians.
The economy is not friendly anymore to the masses, and rice, which is a staple and one of the most affordable food items, is skyrocketing daily. The minimum wage is lower than a bag of rice despite the government and Nigeria Labour Congress (NLC) having raised it to N70,000. Both public and private firms are yet to adopt the new amount.
Nigerian rice prices have increased significantly as of November 2024 due to several causes, including changes in the exchange rate, import limitations, and the expense of local production.
Depending on the brand and quality, a 50kg bag of local rice in Nigeria currently costs between ₦60,000 and ₦85,000. For example, a 50kg bag of well-known brands like Mama Gold and Royal Stallion costs between ₦80,000 to ₦110,000. Foreign rice is often a little more costly; a 50kg bag of rice from brands like Royal Stallion and Caprice can cost anywhere from ₦85,000 to ₦95,000. A 25kg bag of rice costs between ₦40,000 and ₦50,000, depending on the brand, if you’re thinking about buying in smaller quantities. Even smaller quantities, like sacks weighing 10 kg, usually cost between ₦14,000 and ₦19,500.
Speaking to a final consumer on the price purchased, she said: “Last month, when my younger brothers were returning to school, I bought a bag of My Choice Rice in Lagos for N85,000 and about two weeks later in that same October, it had risen to N95,000. Everything is adding money to the country by the day. You go to market today to purchase an item, come back tomorrow and the price has changed.”
The high cost of importing rice, particularly given the depreciation of the Nigerian Naira versus the dollar, which impacts the pricing of foreign rice brands, and the difficulties facing local agriculture are both reflected in these costs.
