FULL LIST: 7 Times the Price of 50kg Bag of Rice Goes Up in Nigeria Over the Past 30 Years
- Over the past 30 years, the price of a 50kg bag of rice in Nigeria has seen drastic increases due to government policies and economic shifts
- From new tariffs and import bans to the devaluation of the naira, each surge tells a story of the nation’s economic struggles
- This report highlights seven key moments that shaped the rice market, revealing the deep impact of policy decisions on everyday essentials
Rice is a staple food in Nigeria, but the cost of a 50kg bag has been anything but stable.
Over the past three decades, several economic and policy changes have caused prices to soar dramatically, Archivi data shows.
The policy shifts that pushed Nigeria’s rice prices to record highs. Photo credit: Kola Sulaimon via Getty ImagesSource: Getty Images
From devaluation and import bans to border closures and foreign policy shifts, the following are seven key moments when the price of rice surged, revealing the delicate balance between government actions and market realities.
1. N1,800 in 1994
Cause: The imposition of new duties, tariffs, and taxes
In 1994, the price of a 50kg bag of rice spiked to N1,800 following new duties, tariffs, and taxes imposed by the government. These measures were meant to boost local production, but they had the immediate effect of driving up prices for consumers.
2.N2,500 in 1999
Cause: Devaluation of the naira
The devaluation of the naira in 1999 sent ripple effects through the economy, raising the price of imported goods, including rice. By the end of the year, a 50kg bag of rice cost N2,500, marking a significant increase from the previous years.
3. N4,500 in 2004
Cause: Ban on rice importation
In 2004, the Nigerian government imposed a ban on the importation of rice to encourage local production. However, the immediate outcome was a price surge to N4,500, as supply struggled to meet demand.
4. N9,000 in 2008
Cause: Import duties and global food crisis
By 2008, rice prices had risen to N9,000. This increase was driven by import duties imposed by the Nigerian government and exacerbated by the global food crisis, which affected the price of grains worldwide.
5. N10,000 in 2015
Cause: Central Bank of Nigeria’s foreign policy on importation
In 2015, the Central Bank of Nigeria introduced new foreign exchange policies that restricted access to foreign currency for rice importers. This policy shift pushed the price of rice to N10,000 per 50kg bag.
N25,000 in 2019
Cause: Border closure
The price of rice skyrocketed to N25,000 in 2019, following the Nigerian government’s decision to close its borders. This move, intended to crack down on smuggling, left the local market grappling with a shortage of rice, leading to a sharp increase in price.
7. N88,000 in 2024
Cause: Depleting value of the naira and continuous importation ban
By 2024, a 50kg bag of rice reached a staggering N88,000. The continuous ban on rice importation combined with the rapid devaluation of the naira left consumers facing the highest rice prices in Nigeria’s history.
See the data from Archiving:
11 key FG’s initiatives
Meanwhile, TheTalk.NG earlier reported that President Bola Ahmed Tinubu-led federal government has continued to roll out different initiatives to support Nigerians from across the different categories of life.
No fewer than eleven key initiatives have been established with functioning websites for Nigerians to apply and register.
Source: TheTalk.NG
