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Home Business & Finance

The Rising Cost of Rice in Nigeria: Implications and Solutions

Benita OrumabyBenita Oruma
April 1, 2024
in Business & Finance
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The Rising Cost of Rice in Nigeria: Implications and Solutions
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The escalating price of rice, a staple food in Nigeria, has raised significant concerns amidst people across the country.

Rice holds a central place in the heart of Nigerians when it comes to food. Consumed at least once a week in many households, it is also the most preferred for occasions and festivities.

However, the recent price surge has affected the financial capability of Nigerians, who either prepare meals at home or purchase food from different meal outlets and restaurants, transforming this essential staple into a luxury item, thereby making it especially challenging for low-income families to purchase food.

In major cities like Lagos and Ibadan, rice prices range from ₦1,300 to ₦1,400 per “de Rica” and ₦2,800 to ₦3,200 per “Congo” respectively.

To illustrate, an average family of five in Lagos, consuming two “de Rica” portions of rice twice a week, will likely spend between ₦11,000 to ₦14,000 monthly, totaling ₦130,000 to ₦160,000 annually solely on rice purchases.

The vice President of the Rice Farmers Association of Nigeria (RIFAN), Nnenna Ejim recently highlighted a number of factors that have contributed to the price hike. She complained of insecurity in the country, stating that farmers are scared to visit their farmlands due to recent concerns of kidnappings and unexpected killings, the farmer-herder crisis caused by the grazing of livestocks on farmlands. Increased input costs, and fluctuations in global markets, exacerbated by the Russian-Ukraine conflict affecting fertilizer supply.

The inability of farmers to harvest crops due to security concerns among other things have strained the availability of rice in the market. Additionally, challenges such as non-implementation of government policies, lack of insurance for farmers, and climate change impacts compound the situation.

Addressing these challenges requires concerted government efforts to ensure the safety of farmers and improve agricultural practices. Measures such as subsidizing inputs, including fertilizer and pesticides, promoting climate-smart agriculture, and enhancing security in farming communities are crucial steps towards stabilizing rice production and prices.

Through sustainable interventions, the government can alleviate the burden of rising rice costs and foster food security in the nation.

Tags: Businessfederal characterThe Rising Cost of Rice in Nigeria: Implications and Solutions
Benita Oruma

Benita Oruma

Benita Oruma is a lawyer in training, a 400 level student in the university of Ibadan. She is a content writer with interest in corporate affairs and the marketplace.

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