
The price of local rice in Nigeria has skyrocketed, increasing by an alarming 137.32% in October 2024 compared to the same period last year. This sharp rise highlights the deepening cost-of-living crisis as food inflation in the country continues to soar, according to the National Bureau of Statistics (NBS).
Breaking Down the Numbers
The average price of locally produced rice surged to ₦1,944.64 per kilogram in October 2024, up from ₦819.42 per kilogram in October 2023. Month-on-month, prices also increased by 1.56%, rising from ₦1,914.77 in September 2024.
The trend extends beyond local rice, affecting other staples:
- Agricultural Rice: A 138.90% year-on-year increase, averaging ₦2,023.68 per kilogram, with prices ranging from ₦1,354.87 in Benue to ₦3,120.49 in Nasarawa.
- Ofada Rice: Witnessed a staggering 199.16% increase, averaging ₦2,428.65 per kilogram. Osun State recorded the highest price at ₦3,400, while Adamawa offered a lower price at ₦1,425.
- Imported Rice: Climbed by 143.21% year-on-year, reaching an average of ₦2,471.28 per kilogram. Prices were highest in Kogi at ₦3,187.35 and lowest in Niger at ₦2,017.04.
Regional Disparities
The price of local rice varied significantly across states, reflecting differences in supply chains, production costs, and regional demand:
- Highest Price: Kogi State at ₦2,693.41.
- Lowest Price: Benue State at ₦1,267.25.
Similar patterns were observed with other rice varieties, underscoring the uneven burden of food inflation across the country.
Inflation at a Glance
Food inflation surged to 39.16% in October 2024, a significant jump from 31.52% in October 2023. Month-on-month, the inflation rate rose by 2.94%, further straining household budgets. Key drivers included the rising costs of staples like yam, palm oil, and cereals, alongside the persistent impact of factors such as exchange rate volatility and high production costs.
Implications for Nigerians
The escalating cost of rice—a staple food for millions—has profound implications:
- Household Budgets: Families are forced to allocate a larger portion of their income to food, exacerbating poverty levels.
- Agricultural Strain: Rising production costs and logistical hurdles are squeezing local farmers and producers.
- Policy Challenges: The reliance on imported rice, combined with a devalued naira, underscores the urgent need for self-sufficiency in food production.
Government Call to Action
Senator Babangida Husaini has urged federal, state, and local governments to intervene in stabilizing food prices. As the harvest season progresses, stakeholders are called to address supply chain inefficiencies and support local producers to mitigate the inflationary pressures.
The Road Ahead
As rice prices continue to climb, the economic strain on Nigerians persists. Addressing this crisis requires coordinated efforts to boost local production, reduce import dependency, and stabilize the currency. Without such measures, the upward trend in food prices is likely to continue, leaving many households struggling to make ends meet.
This report was curated using data from the National Bureau of Statistics and sourced from Punch.