Nigerians, especially rice lovers, may soon heave a sigh of relief as the price of the produce – a common staple in the country, is set to crash, if the report of imported rice, facilitated by the ‘Federal Government’ from Thailand is anything to go by.
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At the weekend, according to a Bloomberg report, Nigeria received a shipment of 32,000 tons of brown rice from Thailand, as part of Federal Government’s plans to lessen the rising cost of food in the country.

According to the report citing the logistics company that facilitated the shipment, DUCAT, the consignment, the first in a decade, has arrived Lagos.

This intervention, many Nigerians believe, will bring the needed relief as the price of grain has practically gone beyond the reach of the masses.

As at last December, the price of a 50kg of rice, sold around N28, 000 before this administration assumed office in May 2023, skyrocketed to over N95, 000, a staggering 240 per cent increase

Many households could not afford rice to celebrate the yuletide owing to the rise in price of the commodity.

The price of a 50kg bag is currently hovering between N85, 000 and N100, 000, as against between N50, 000 and N60, 000 price in major markets around April and May last year.

The price drop in major markets at the period, falling by 20 to 30 per cent, brought relief to households who spent as high as N88, 000 to buy the commodity early in the year, but their joy was temporary, as the price was jerked up after two months owing to inflation.

While a lot of households resorted to the local rice as alternative, they were, however, disappointed to discover that the local rice did not fare better, as the price hovered around N80, 000 and N105, 500; depending on the market.

There were even speculations that the price of the local rice would further surge in coming weeks due to a looming increase in price of locally produced paddy, which is expected to increase by approximately 55 per cent during the 2024/2025 season, but this shipment is likely to douse tension.

Quoting the Chief Executive Officer of the logistic company, Adrian Beciri, the report said the produce was shipped after the Federal Government issued a tariff moratorium in wheat, corn, rice, and other food crops in 2024. “Nigeria has been working hard to find solutions to broaden and strengthen its food supply accessibility.”

Recall that last July, the Federal Government approved a 150-day duty free period for importing maize, husked brown rice, and wheat, under which it was to import 250,000 metric tonnes of wheat and maize to boost the strategic grain reserve.

Part of the policy include setting up a Guaranteed Minimum Price (GMP) for commodities, increasing production among small holder farmers for the 2024/2025 season, and promoting fortified food production.

The Initiator and Chief Executive Officer, Betterment Hub a.k.a. Transformation Centre, Ibadan, Oyo State, Mr. Lawrence Omotayo Olajide-Taiwo, who expressed optimism that the shipment would lead to drop in the price of rice, however, called for caution, advising that that the produce should be evenly distributed across the country.

“The price surge we are witnessing is traceable to the exchange rate, high cost of transportation and other inputs.

“With this development, and a concerted, conscious and intentional focus on reduction in the cost of inputs through subsidy along the value chain and improvement in distribution networks, the price of rice may come down in the long run.”

A rice farmer based in Abeokuta, Ogun State, John Timileyin, said though the shipoment is a good development, but added that the price reduction but may be temporary, as the challenges facing the industry is enormous.
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