Rice Prices Drop to N58,000 in Parts of Nigeria Amid Benin Imports, Claims S&P Global

The price of a 50kg bag of rice has dropped to as low as N58,000 in some parts of Nigeria, particularly in remote areas, following an increase in imports from the Republic of Benin, a report by S&P Global has revealed.

According to the report, the influx of imported rice has eased pressure on local markets, resulting in noticeable price reductions outside major urban centers. In several rural regions, traders and consumers have welcomed the lower prices, offering temporary relief amid ongoing concerns about food inflation.

Rice, a staple food in Nigeria, has seen fluctuating prices over the past few years due to factors such as insecurity, high production costs, and disruptions in the supply chain. The recent imports from Benin, however, have provided an alternative source, stabilizing supply in some markets.

S&P Global noted that while the immediate effect benefits consumers, the increased reliance on imports could undermine Nigeria’s efforts to achieve self-sufficiency in rice production. “The influx of cheaper imported rice may discourage local farmers and affect domestic agricultural growth if not carefully managed,” the report warned.

Agricultural stakeholders have called on the government to implement stronger measures to protect and support local rice farmers. Some have urged for improved infrastructure, access to financing, and better market regulation to ensure Nigerian-produced rice remains competitive.

As of now, authorities have not officially responded to the findings. However, economic analysts suggest that without long-term solutions, Nigeria risks deeper dependency on external food sources, which could have wider implications for food security and the economy.