Dealers Quote New Price for Imported Rice as FG Delays Duty-Free Import Policy
- The price of imported rice has increased by 144.77% in 2024, data from the National Bureau of Statistics says
- The data shows that as of September 2023, the price was N982.07 per kilogramme, showing that the average price has doubled within a year.
- The development comes as the proposed 150-day duty-free import policy of the Nigerian government has stalled since the July announcement
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The average price of imported high-quality loose rice has increased dramatically by 144.77% over the past year as the Nigerian government delayed implementing its duty-free food import policy.
This data is from the National Bureau of Statistics (NBS) on selected food prices.
Source: Getty Images
FG’s proposed duty-free import policy stalls
Read also
4 oil marketers import N833 billion worth of fuel as Dangote finally releases petrol prices
Legit.ng earlier reported that in July 2024, the Nigerian Government announced a 150-day duty-free import window for selected food items to combat the country's rising inflation.
The affected items include maise, husked brown rice, wheat and cowpeas. The scheme will allow imported items to undergo a Recommended Retail Price.
However, importers have cited the stringent guidelines released by the Ministry of Finance and Nigeria Customs Service NCS) for the delayed take-off of the policy.
The price of imported rice rises to N120,000
Since the government announced the policy, the price of one kilogram of imported rice has risen by 3.21%, from N2,329 in July to N2,403.86 in September 2024.
As of September 2023, the price was N982.07 per kilogram, showing that the average price has doubled within a year.
Read also
New price list emerges in Lagos, Abuja, others as NNPC addresses increase in cost of petrol
NBS data shows that the price for a 50kg bag of imported rice has skyrocketed from N49.103 in September 2023 to N120,193 in 2024.
Other types of rice have also increased in price since the duty-free import duty announcement.
States with the highest rice prices in 2024
Per the NBS report, loose agricultural rice rose from N1,882.39 to N1,965.64 in September, marking a 4.42% rise.
Yearly, the price represents a 146.33% increase from N797.98.
Nasarawa recorded the highest price at N3,050.33, while Benue recorded the lowest.
Broken rice, or Ofada, rose 5.61% from N2,234.06 in July to N2,359.47 in September, representing 213.36% last year.
The price of locally sold rice rose in the same trajectory, increasing by 4.57% from N1,831.05 in July to N1,914.77 in September this year.
Data shows the cheapest, most expensive brands
Legit.ng earlier reported that the price of a 50kg bag of local rice increased yearly by 152.9% to N95,738 in September 2024 from N37,853 in September last year.
Data from the National Bureau of Statistics (NBS) on selected food prices for September 2024 show that 1kg of local rice was sold for N1,914.77.
The NBS report also indicated that the price of beans recorded a higher growth rate of over 200% annually.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
