The price of rice in Nigeria is projected to increase by 32 percent in 2024, according to AFEX’s recent wet season crop production report.
However, the report stated that rice production is expected to rise by approximately 4 percent.
“While there is an expected increase in production by approximately 4 percent, we anticipate a potential surge in the price of paddy rice by up to around 32 percent,” the leading African commodities player stated.
The report attributed the projected production increase to the absence of a flood in 2023.
Meanwhile, media reports indicate that a 50kg bag of rice jumped to an average price of N55,000 from N12,000 ten years ago.
The development comes as Nigeria’s food inflation rate increased to 31.52 percent in October 2023 from 30.64 percent in September 2023, according to the latest National Bureau of Statistics report.