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Price of 50kg Rice Drops to N58,000 in Nigeria Amid Import Surge

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1 year ago

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The price of a 50kg bag of rice has fallen to N58,000 in parts of Nigeria, particularly in remote areas, following an influx of rice from the Republic of Benin. According to a report by S&P Global, the West African parboiled rice market has dropped to a near two-year low due to a surge in supplies, prompted by India lifting its export duties on parboiled rice.....KINDLY READ THE FULL STORY HERE▶

The price reduction marks a significant drop from the previous N80,000, with rice now entering Nigeria via Benin, which has become a major entry point for rice imports. Market reports from S&P Global’s Platts indicate that warehouses in Benin are now filled to capacity due to an increase in low-cost rice imports from India.

India’s exports to West Africa skyrocketed between September and December, with 2.11 million metric tonnes of parboiled rice shipped to the region—up from 720,000 metric tonnes in the same period of 2023. Overall, in 2024, India exported 5.35 million metric tonnes to West Africa, up from 3.9 million metric tonnes in 2023.

In Nigeria, both local and imported rice prices have plummeted in the past two weeks as illegal rice imports from Benin continue to flood the market. Local rice now costs between N60,000 and N80,000 for a 50kg bag, while Indian rice is priced at approximately N80,000.

Despite the drop in prices, demand has not risen, with many buyers remaining cautious and waiting for the market to stabilize. A trader based in Togo noted that the West African rice market is currently experiencing a “quiet and bearish” phase, and predicted that demand will pick up closer to the Christmas season.

In border communities near Benin, the price of rice has even dropped below N50,000, owing to their proximity to the Benin Republic. Despite Nigeria’s ban on rice importation, it remains the most smuggled product, with Customs facing ongoing challenges in controlling its entry.

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