Firm Reintroduces N200 Sachets of Rice Into Nigerian Markets As Bag Hits Over N90,000

In a bid to make rice more affordable for Nigerians, sachets of rice have been reintroduced into the market, following the surge in prices of the staple food.

A 50kg bag of local rice, it is learnt, now costs between N78,000 to N90,000 in the country, depending on the location and brand.

These values are higher than the average Nigerian’s monthly earnings.

An indigenous rice-producing company, Big Bull, has started manufacturing sachets of their products to enable Nigerian populations to eat rice.

The company fixed the price at N200 per sachet.

The country’s minimum wage is now set at N70,000, and many institutions, both private and public, have yet to adopt it.

This situation, among other reasons, is why eating rice has been a luxury in many Nigerian households.

In July, a publication by the National Bureau of Statistics (NBS) showed a continual increase in the prices of food items.

According to the release, as of June 2024, the average price of 1kg of beans brown (sold loose) stood at N2,292.76.

This represents a rise of 252.13% in price on a year-on-year basis from N651.12 recorded in June 2023 and a 14.11% rise in price on a month-on-month basis from N2,009.23 in May 2024.

Also, the price of Tomatoes (1kg) increased on a year-by-year basis, with a significant price of 320.67% from N547.28 in June of last year (2023) to N 2,302.26 in June 2024.

On a month-on-month basis, the average price of this item rose by 55.59% from N1479.69 in May 2024.

The average price of 1kg Garri white sold loose went up by 181.66% on a year-on-year basis from N 403.15 in June 2023 to N 1,135.51 in June 2024, while there was an increase of 1.86% on a month-on-month basis.

The price of Yam also increased on a year-on-year basis. The average price of 1kg of Yam tuber increased by 295.79% from N 510.77 in June 2023 to N 2,021.55 in May 2024.

On a month-on-month basis, it increased by 52.87% from N 1,322.36 in May 2024 to N 2,021.55 in June 2024.

The highest average price of 1kg of Tomato was recorded in Abuja at N3992.61 while the lowest was in Kebbi State at N1200.

Also, 1kg of yam tuber sold highest in Lagos state at N 3,376.54, while Adamawa recorded the lowest price at N1100.

Gombe recorded the highest average price of 1kg Garri white sold loose at N 1,619.27, while the lowest was reported in Taraba at N900.