Relief for Nigerians as 50kg Bag of Rice Drops to N54,000

By Mar Onyia

The price of a 50kg bag of rice has dropped to an average of N54,000 as a result of the oversupply of the staple from India, according to a report by S&P Global.

The price of the commodity dropped from N58,000 in April, as demand for rice reduced in the last few days due to oversupply and unfounded claims that people some died after buying rice in Idiroko in Ogun State and Badagry in Lagos State.

It was gathered on Sunday that a 50kg bag of rice is now N50,000 in areas close to the nation’s borders.

A latest report on rice cost by S&P Global disclosed that West African parboiled rice prices have plummeted to record lows, driven by subdued demand and significant oversupply in the region.

Importers in Benin were said to have voiced their concerns over declining prices, linking this trend to falling prices for Indian parboiled rice oversupply itself.

“The oversupply issue is not limited to Benin. In Togo, importers are facing a similar situation, with abundant availability, yet demand for white rice remains virtually nonexistent.

“A Togo importer said containers were more expensive than breakbulks before, but now the price difference is narrowing, and people are preferring containers at lower volumes. Another trader said container and breakbulk freight prices had narrowed to $3-$4 per metric tonne”, the report said.

S&P Global added that data from the Agricultural and Processed Food Products Export Development Authority shows that India exported approximately 4.9 million MT of rice to the region between April 2024 and January 2025, with Benin the largest importer, followed closely by Guinea and Ivory Coast.

As Nigeria, the largest rice market for the Benin Republic, continues to illegally import rice from Benin, both local and imported rice prices in Nigeria have plummeted over the past two weeks.

“The price of Indian imported rice coming through Benin has dropped substantially, from N58,000 per 50 kg bag on April 23 to just N54,000 per 50 kg bag on May 13. Concurrently, local rice prices have also fallen by N10,000, reaching N62,000, according to another market participant”, S&P Global disclosed.