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Price of 50kg Rice Drops to N58,000 in Nigeria Amid Import Surge
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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Tinubu Government Increases Allowances, Welfare And Exit Package Of Nigerian Workers.
The administration of President Bola Tinubu has approved an upward review of peculiar allowances, welfare benefits, and exit packages for civil servants across Nigeria.....KINDLY READ THE FULL STORY HERE▶
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Oyedele Steps In As Finance Minister, Takes Over National Economy Portfolio.
Taiwo Oyedele has officially taken over as Nigeria’s Minister of Finance and Coordinating Minister of the Economy following a formal handover from his predecessor, Wale Edun.....KINDLY READ THE FULL STORY HERE▶
The transition, which reportedly took place on Thursday evening, was confirmed in a statement issued by the Ministry’s Head of Information and Public Relations, Efe Ovuakporie.
According to the statement, the handover was concluded within the timeframe set by President Bola Ahmed Tinubu.
In his inaugural address, Oyedele pledged to consolidate ongoing reforms while delivering measurable economic outcomes.
He said his administration would prioritise fiscal discipline, transparency, and improved performance across key sectors of the economy.
He also expressed his readiness to work closely with staff of the ministry to strengthen efficiency and service delivery.
Oyedele commended his predecessor, Wale Edun, for his role in advancing Nigeria’s economic reform agenda, and thanked President Tinubu for entrusting him with the responsibility.
The Permanent Secretary, Raymond Omachi, alongside the Permanent Secretary (Special Duties), Mohammed Danjuma, welcomed the new minister and assured him of the full support and cooperation of the ministry’s workforce.
During Edun’s tenure, the ministry implemented several fiscal reforms aimed at improving revenue generation and economic coordination. However, the period also faced challenges, including budget implementation constraints that affected ministries, departments, and agencies.
There were also concerns over outstanding payments owed to pensioners and contractors during the same period.
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Court Orders Arrest Of Abuja Lawyer, Police Officer Over N300m Eviction Dispute.
A High Court of the Federal Capital Territory (FCT), sitting in Maitama, has issued a bench warrant for the arrest of an Abuja-based lawyer, Victor Giwa, and a police officer, Edith Erhunmuuse, after they failed to appear in court.....KINDLY READ THE FULL STORY HERE▶
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