The price of imported high-quality rice has jumped by nearly 145% compared to last year, mainly because the government has delayed a new policy that would allow certain food imports to come in without taxes.
This information comes from a report on food prices by the National Bureau of Statistics. In July 2024, the government announced a plan to allow tax-free imports for 150 days to help combat rising food prices that have hit many Nigerians hard. The foods included in this plan are maize, brown rice, wheat, and cowpeas. The government intended for these imports to have suggested retail prices.
However, even though there are rumors that this plan is already in place, the government hasn’t officially confirmed it. Despite this uncertainty, the price of imported rice has increased by 3.21% from July to September 2024, going from about N2,329 to N2,403 per kilogram. This time last year, the price was only N982 per kilogram, showing that rice prices have more than doubled over the year.
The cost of a 50kg bag of imported rice also soared from about N49,103 last year to N120,193 this September. Among different states, Kogi had the highest price for imported rice at N3,180.99 per kilogram, while Katsina had the lowest at N1,892.33.
Other types of rice have also seen price hikes since the government’s announcement in July. Loose agricultural rice went up from N1,882.39 to N1,965.64 (a 4.42% increase) and has more than doubled from N797.98 last year. Prices varied by state, with Nasarawa paying the most at N3,050.33 and Benue the least at N1,314.13.
Even broken rice saw a hike of 5.61% from July to September, costing N2,359.47 now, which is a staggering 213.36% increase compared to last September. Prices differed significantly by state; for example, Osun had the highest at N3,300, while Adamawa had the lowest at N1,375.
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Locally sold rice also continued to rise, with loose local rice going from N1,831.05 in July to N1,914.77 in September (a 4.57% increase), reflecting a 153% increase compared to N757.06 a year ago. Kogi had the highest local price at N2,688.04 while Benue had the lowest at N1,229.14.
Maize prices have also climbed, with white maize increasing from N1,028.33 to N1,065.14 (a 3.58% increase) from July to September, and up by 87.88% from last year. Yellow maize also rose by 2.69% during the same time frame.
The price of wheat flour saw a smaller rise of 2.45%, costing N3,570.75 now, which is up 135.56% from last September.
In summary, even with the government’s plans to lower food costs by eliminating import taxes, food prices continue to soar, creating hardships for many families. Inflation has pushed food prices significantly higher since July, and the government’s failure to implement its duty-free policy has made the situation even worse.
