The price of rice in Nigeria is projected to increase by 32 per cent in 2024, according to AFEX’s recent wet season crop production report.
However, the report stated that rice production is expected to rise by approximately 4 per cent.
“While there is an expected increase in production by approximately 4 per cent, we anticipate a potential surge in the price of paddy rice by up to around 32 per cent,” the leading African commodities player stated.
The report attributed the projected production increase to the absence of a flood in 2023.
Meanwhile, DAILY POST gathered a 50kg bag of rice jumped to an average price of N55,000 from N12,000 ten years ago.
The development comes as Nigeria’s food inflation rate increased to 31.52 per cent in October 2023 from 30.64 per cent in September 2023, according to the latest National Bureau of Statistics report.