Investigation has revealed that the price of locally produced rice has surged by 73.2 percent in a year due to rising production costs, transportation expenses, and other factors.

Despite the Central Bank of Nigeria’s multi-billion naira funding support for the rice value chain to boost local production and curb the importation of foreign rice, the cost of one kilogram of local rice has escalated.

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The average price of 1kg of local rice rose from N500.80 to N867.20 between November 2022 and November 2023, according to data from the National Bureau of Statistics analyzed by reporters.

The commodity now sells for between N55,000 and N60,000 for a 50kg bag, depending on the location of purchase.

Comparatively, the price of 1kg of foreign imported rice increased by 61.53 percent from N704.13 to N1,137 within the same period.

Lagos State recorded the highest price for local rice at N1,122.42, despite the presence of the 32-tonne per hour Lagos Rice Mill in Imota, which produces the Eko Rice brand. In contrast, Kebbi State had the lowest price at N688.

National President of the All Farmers Association of Nigeria, Kabir Ibrahim, attributed the high price to inflation and increased production costs, including logistics, packaging, and labor.

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He disputed the NBS figures, deeming them unrealistic and not market-based.

In related news, a report titled “West Africa Regional Supply and Market Outlook” jointly published by the Food and Agricultural Organisation, World Food Program, and others predicts increased prices of staple foods, including rice, maize, millet, and cereals, in Nigeria and other West African countries in 2024.