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Tag: Rice

N40,000 rice initiative targets public servants, others to follow
featured Food

Rice prices crash in Lagos markets over import surge

Rice prices have dropped sharply in several Lagos markets due to a surge in border imports, easing the financial burden on consumers. This development, however, has raised concerns among traders over reduced profits and the sustainability of their businesses. The News Agency of Nigeria reported that a 50kg bag of rice in Lagos currently sells […]

News

Rice production falls to 8.3MT despite interventions – Report

Nigeria’s rice production has dropped to 8.3 million tonnes for the 2024/2025 cycle, down from 8.9 million tonnes the previous year, despite ongoing government efforts to boost agricultural output. This decline has raised concerns as the Federal Government continues to implement interventions focused on improving food security and combating hunger nationwide. Data from the United […]

Economy

Price of rice crashes by over 20% in major markets

The price of rice has fallen by 20-30% within two months on major markets, amid rising food price inflation in Nigeria. This will be a relief to Nigerian households that spent N88,000 on a 50 kg bag of rice as recently as February. The report noted that analysts surveyed some markets in Lagos and found […]

Maize, paddy rice prices to increase in 2024 - AFEX
Business

Maize, paddy rice prices to increase in 2024 – AFEX

AFEX forecasts that maize and paddy rice prices in Nigeria will climb by 25% and 40%, respectively, this year. The forecast was included in the report, which was released on Wednesday in Lagos. Maize prices fluctuated substantially in 2023, peaking at N550,000/mt in Q3 and closing at N480,000/mt. AFEX also predicted that key export commodities […]

Dry season farming to create 10m jobs - FG
Agribusiness

FG to combat growing food prices with rice production

The Minister of Agriculture and Food Security, Abubakar Kyari, announced on Friday that the Federal Government had begun mass production of food crops in order to reduce food prices across the country. According to The PUNCH, he stated that the government’s goal was to lower food inflation, citing it as the primary cause of Nigeria’s […]

Rice price to surge by 32% in 2024 – Report
Business

Rice price to surge by 32% in 2024 – Report

The AFEX Wet Season Crop Production Report for 2023 projects that the price of paddy rice will rise by 32% in the 2023–2024 crop production year, while the production output is expected to grow by 3.6%. According to The Times, the report clarified in its outlook for rice production that, in contrast to 2022, when […]

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