News Update
THE price of a 50kg bag of rice has reduced to N58,000 in certain areas of Nigeria, especially in rural regions.
This drop comes as a result of increased imports from the Republic of Benin, a new report from S&P Global reveals.
The report explained that the West African market for parboiled rice has faced a downturn, reaching its lowest point in nearly two years.
This decline follows India’s decision to lift export duties on parboiled rice, leading to an influx of rice into the region.
The price of a 50kg bag of rice has fallen from N80,000 to N58,000 due to the arrival of rice from Benin, which is mostly sourced from India.
According to Platts, part of S&P Global, warehouses in Benin are now full, reflecting the large quantities of rice being imported.
Between September and December 2024, India shipped over 2 million metric tonnes of parboiled rice to West Africa, a sharp increase from the 720,000 metric tonnes exported during the same months in 2023.
Overall, India’s rice exports to the region rose from 3.9 million metric tonnes in 2023 to 5.35 million metric tonnes in 2024.
A trader from Togo shared that West African markets are generally quiet and prices are falling.
Despite the price drop, consumer demand has not increased significantly, as many buyers are waiting for prices to stabilize before purchasing.
In Nigeria, where Benin is a key rice supplier, the price of local rice has dropped to around N60,000 per 50kg bag, down from N80,000 or even N90,000.
Meanwhile, imported Indian rice now costs about N80,000 per 50kg.
In border areas of Ogun State, rice is sold for less than N50,000 due to the proximity to Benin.
Despite a ban on rice imports, smuggling remains widespread, and the Nigerian Customs Service continues to struggle with controlling it.
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The price of rice in Nigeria is expected to remain low until demand rises closer to the Christmas season, around September, according to some traders.
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