Traders Sell 50kg Bag of Rice at New Price as Report Shows Top 8 Brands with Lowest Costs
- Nigerians have reported a spike in the price of rice in the last three months, with many saying the product is becoming too expensive
- Nigeria is one of the biggest consumers of rice in the world and has witnessed a rise in the price of the commodity
- However, a recent survey showed some brands selling the product at affordable prices, depending on location and grain type
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The price of rice, a staple in Nigeria, is fast becoming unaffordable for most citizens as grain prices have skyrocketed 98.47% in the last 12 months.
Experts say the continued rise in the price of local parboiled rice is due to the scarcity of paddy rice in the country.
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Top rice brands and their prices
A current survey of some food markets in Lagos, Nigeria’s commercial centre, shows the prices of 50kg bags of top brands.
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1. Mama Gold Rice
Some retailers in Nigeria have reported that the commodity's price has risen to about N78,500 in Lagos.
Retailers say the Mama Gold brand is a top choice among Nigerians due to its relative affordability.
2. Royal Stallion Rice
This rice brand is produced and packaged by the Stallion Group, and it is one of the top choices among Nigerians. A subsidiary of the Stallion Group produces the rice brand.
A 50kg Stallion brand sells for N77,000 to N80,000, depending on the location and grain type.
3. Big Bull Rice
Wacot Rice Limited, considered one of Africa's largest rice mills, makes this brand.
The company’s headquarters is in Kebbi state, producing two parboiled rice brands in Nigeria.
The company sells a 50kg bag for between N77,000 and N80,000, depending on the location and grain type.
4. Mama’s Choice Rice
Olam Group makes the Mama's Choice brand, and Nigerians consider the rice brand premium.
This rice brand commands a lot of Nigerian patronage because it is clean and rarely contains stones.
The product is sold for between N87,000 and N90,000 per 50kg.
5. Elephant Rice
This Nigerian brand is also among the most patronised in the country.
The company in Rivers state is said to be a leading brand in Nigeria’s south-south region.
It sells 50kg bags for N77,000 to N83,000, depending on the seller, location, and grain type.
6. Mama’s Pride Rice
This rice brand is grown in Nigeria by Olam group, and depending on location, it sells for N70,000 and N85,000 per 50kg bag.
7. Pretty Lady Rice
According to reports, the brand is made by Kaira Rice Mills Limited and is considered among the best in Nigeria.
The rice mill began operation in 2022 and has become a top brand among Nigerian rice consumers.
Depending on location, seller, and grain type, it sells for N72,000 and N80,000 per 50kg.
8. White Lily
A relatively unpopular brand, White Lily is produced in Nigeria and is quickly becoming one of the country's most consumed brands, following the scarcity of products.
The rice brand sells for about N83,000 per bag, depending on the location and dealer.
Nigerians groan as rice price Hits N77,000 per bag
Legit.ng also reported that sellers of food items in many states in Nigeria lamented that the high cost of rice, a staple food in Nigeria, has risen almost 200%.
Reports say long grain rice, which sold for N45,000 and N50,000 in November 2023, now costs more than N70,000.
The remarkable increase in commodity prices has caused a nationwide hardship, leading to Nigerians protesting the high cost of living in many parts of the country.
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Source: Legit.ng
