A bag of rice now N60,000; view additional products where prices are being reduced

The cost of some commodities in Nigeria has started to decrease with the recent strengthening of the Naira vs the US dollar, especially rice, which is a staple grain in the nation.

According to market surveys, the average cost of a 50-kg bag of rice in major cities like Lagos, Abuja, and Ogun has dropped to N67,000, which is a substantial decline from the N90,000 price tag that was recorded in February 2024.

Food costs had previously increased due to the elimination of petrol subsidies and the Naira’s floating in the middle of last year, which raised inflation rates.

During the period between February and March, as the Naira depreciated against the dollar, the cost of rice skyrocketed, reaching as high as N90,000 in Lagos alone.

However, the recent appreciation of the Naira against other currencies, coupled with shifts in market dynamics and government policies, has resulted in a notable decrease in rice prices, much to the relief of Nigerians.

This downward trend in prices reflects a positive development for consumers across the country, signaling a potential easing of economic pressures and a return to more affordable living costs.

With the news of the significant drop in the cost of a bag of rice, some Nigerians took to X to share their relief and optimism for better economic conditions.

@Renoomokri wrote: “The dollar is going down

Rice is going down

Indomie noodles are going down

Diesel is going down

Cement is going down

And even insecurity is going down

The bottom line is this: As part of the opposition, we can fight Tinubu without fighting Nigeria. And if we condemn when things go wrong, then, by all means, we should also commend when they go right!”

@comfortfajugba1 noted: “I am most glad that bag of rice price is finally reducing. When it’s finally back to 15k ,pls tag me to finally appreciate APC for a Job well done.”

@Midexhairgrowt1 remarked: “I really feel for those who stocked up their warehouse in bulk at expensive price.”

@DANNIE_ADEL said: “If you wise .. Get Married Now wey Bag of rice price don reduce.”

Amid the notable drop in rice prices, several other items in Nigeria have experienced reductions in their previously inflated costs. One such item is diesel, which has seen a significant decrease in price following an announcement by Dangote Petroleum Refinery.

The refinery declared a reduction in the prices of both diesel and aviation fuel, with rates now set at N940 and N980 per litre, respectively.

This marks the third substantial reduction in diesel price within less than three weeks, with prices initially ranging from N1,700 to N1,200, then further reducing to N1,000, and now reaching N940 per litre. Similarly, aviation fuel prices have decreased to N980 per litre.

Also, a recent survey conducted in the country revealed that the prices of some mobile phones have also plummeted since the appreciation of the Naira against the dollar.

This additional reduction in prices signifies a broader trend of decreasing costs across various sectors, reflecting the positive impact of market dynamics and economic policies on consumer affordability.