Business2 years ago
“Rice Crisis Deepens: Abuja Trader Nabbed for Counterfeit Packaging Amid Skyrocketing Prices” The relentless surge in rice prices, a dietary staple for millions of Nigerians, has reached alarming heights, skyrocketing by a staggering 98.47 percent over the past year, exacerbating the struggle for food security and affordability. ADVERTISEMENT Blamed on a scarcity of paddy, the primary ingredient for local parboiled rice production, industry experts warn of dire consequences as mills nationwide grapple with the repercussions. A recent investigation by BusinessDay delves into the escalating costs of top local parboiled rice brands across selected Lagos markets, exposing the grim reality faced by consumers. Mama Gold Rice, prized for its generous yield, now commands a staggering average price of N78,500 for a 50kg bag, placing it beyond the reach of many households. Royal Stallion Rice, a stalwart in the market, fetches between N77,000 to N80,000 per bag, while Big Bull Rice mirrors this price range. Mama’s Choice Rice, celebrated for its purity, has surged to between N87,000 and N90,000 per bag, further straining household budgets. Elephant Rice, a beloved brand in the south-south region, is now priced at a steep N77,000 to N83,000. Foreign rice varieties, imported mainly from Thailand and other Asian countries, offer little relief, commanding prices between N90,000 and N95,000 per 50kg bag. Amid this crisis, an Abuja trader faces charges for duplicitous tactics, accused of repackaging local rice into foreign rice bags to exploit soaring prices and rake in illicit profits.
Rice Crisis Deepens: Abuja Trader Nabbed For Counterfeit Packaging Amid Skyrocketing Prices The relentless surge in rice prices, a dietary staple for millions of Nigerians, has...
