Economic Hardship: Cost Of Rice Rises To N88,000 As A Specialist Suggests A Fix For Nigeria's Food Crisis

The price of a 50kg bag of foreign rice has surged to over N88,000 across major stores in Nigeria, which is 22.2% higher than the N72,000 recorded earlier in the month.

A 50kg bag of foreign rice now costs over N88,000 in Nigeria's major retailers, a 22.2% increase over the N72,000 price tag earlier in the month.

Similarly, in less than a month, the price of locally produced rice rose by nearly the same percentage (21.8%) to N67,000. The Nairametrics Research team's findings are the source of this data. The price of foreign rice has increased by 244% over the same period last year, while the price of local rice has increased by 209%.

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Speaking with Mrs. Olanike, a rice vendor at Lagos' Daleko market, she revealed that the recent increase in the cost of domestic rice has been primarily caused by the spike in the cost of imported rice, which is a consequence of the naira's declining value and the ongoing prohibition on the commodity.

It's important to note that the value of the naira in relation to other currencies has declined dramatically recently, losing over 45% and 30% of its value at the official and black market thus far this year, respectively.