The price of local rice in Nigeria surged by 137.32% in October 2024 compared to the same period last year, according to the National Bureau of Statistics (NBS). This sharp increase has propelled rice into the top ten most expensive staple foods in the country.
The NBS's Selected Food Prices report for October 2024 highlighted the significant rise, with the average price of local rice reaching N1,944.64 per kilogram, up from N819.42 in October 2023. This increase underscores the ongoing inflationary pressures affecting food prices and exacerbates the economic challenges faced by Nigerian households.
Month-on-month, local rice prices also saw a 1.56% rise, climbing from N1,914.77 per kg in September 2024. The report indicated notable regional disparities, with Kogi State registering the highest price for local rice at N2,693.41 per kg, while Benue State recorded the lowest at N1,267.25. These variations reflect regional differences in supply, demand, and distribution challenges, which local farmers and producers are grappling with amid rising production costs.
The NBS report also pointed to a broader trend of high food inflation in Nigeria, which was 39.16% in October 2024, up from 31.52% in the same month the previous year. The rise in food inflation was attributed to price increases across several categories, including rice, maize, yams, palm oil, vegetable oil, and other essential foodstuffs.
On a month-on-month basis, food inflation rose by 2.94%, compared to 2.64% in September 2024, signaling that food prices are likely to continue rising. The report highlighted that inflationary pressures are being driven by factors such as exchange rate volatility, fuel price hikes, and persistent supply chain disruptions.
In addition to local rice, the price of agricultural rice, often sold by local farmers, also saw a significant increase. Agricultural rice prices rose by 138.90% year-on-year, reaching N2,023.68 per kg in October 2024, up from N847.08 in the same period in 2023. The price of agricultural rice varied across states, with Nasarawa reporting the highest price at N3,120.49 per kg and Benue recording the lowest at N1,354.87.
Even local rice varieties like Ofada rice, popular in southwestern Nigeria, have experienced steep price increases. Ofada rice saw a 199.16% year-on-year rise, with the average price reaching N2,428.65 per kg in October 2024, up from N811.83 in October 2023. Prices varied significantly across states, with Osun State recording the highest price at N3,400 per kg.
Imported rice, which remains a significant part of Nigeria’s rice supply, also saw a dramatic rise in price. The average price for imported rice increased by 143.21% year-on-year, reaching N2,471.28 per kilogram in October 2024, up from N1,016.12 in October 2023. The highest price for imported rice was recorded in Kogi State at N3,187.35, while Niger State had the lowest at N2,017.04. This increase is largely due to the devaluation of the naira, import tariffs, and global rice price hikes, influenced by factors such as the ongoing conflict in Ukraine and rising energy costs.
These price increases in local, Ofada, and imported rice are contributing significantly to Nigeria’s escalating food inflation, which continues to strain household budgets across the country. While local rice production has grown in recent years, it remains insufficient to meet domestic demand, further increasing Nigeria’s reliance on imported rice.
