The price of locally produced paddy rice is expected to rise by about 55% during the 2024/2025 season, worsening high living standards.
A new report by Afex Wet Season Crop Production 2024 shows a steady increase in rice prices. The report says that during the season under review, rice prices rose 78%, with the average price hitting N630,000/MT.
The astronomical rise was due to a drop in market supply and a surge in demand for the commodity, which surpassed supply.
Also, the Afex report predicts an additional seasonal price increase of about 55%.
The projected rise is caused by the high starting price for the season, estimated at N75,000 metric tons, showing a persistent shortage.
According to the report, paddy rice prices will rise by the third quarter of next year, hitting between N1.1 million and N1.3 million per metric tonne....Read Full Article [Click Here>]
The report stated that several factors, such as low access to financing and inputs, delayed and excess rainfall, and insecurity, caused paddy rice to rise in 2024.
A previous report by Legit.ng shows that the price of a 50kg bag of local rice increased 152.9% per year to N95,738 in September 2024 from N37,853 in September 2023.
Data on selected food prices for September 2024 show that 1kg of local rice was sold for N1,914.77.
The NBS report also indicated that the price of beans recorded a higher annual increase rate of over 200%.
