Imported Rice Price Surges by 114%
The average price of imported high-quality rice sold loose has surged by 144.77 percent year-on-year as the Federal Government delays implementing its duty-free food policy.
This is according to the selected food prices report from the National Bureau of Statistics (NBS).
In July 2024, the Federal Government announced a 150-day duty-free import window for food commodities as it stepped up efforts to tackle rising inflation, which had impoverished many Nigerians.
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The commodities include maize, husked brown rice, wheat and cowpeas. Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price.
Although there are claims and reports that the policy has started, the government has not officially made this public, as efforts to get it confirmed have remained unsuccessful.
However, since the announcement, the price of one kilogramme of imported rice has risen by 3.21 per cent, climbing from N2,329.05 in July to N2,403.86 in September.
It was N982.07 per 1kg in September of last year, which means that the average price has more than doubled in one year.
The average price of 50kg (one bag of imported rice) has moved from N49,103 in September 2023 to N120,193 this year.
