Nigerians Groan As Rice Prices Surge 123%, 50kg Sells For ₦130,000 …C0NTINUE READING HERE >>>
Nigerians are now paying around N105,000 for a 50kg bag of locally-produced parboiled rice, surpassing the new minimum wage of N70,000.
This rise follows the removal of the petrol subsidy and the devaluation of the naira, pushing local rice prices up by 123% over the past year.
Imported rice has also become costly, with a 50kg bag now priced at N130,000, according to a recent BusinessDay market survey.
The steep increase in rice prices highlights the limited capacity of smallholder farmers to meet local demand, due to challenges like insecurity, high input costs, and logistical…
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