The Food and Agriculture Organization states that the average price of a 50 kilogram bag of rice was N2,500 in 2000. The National Bureau of Statistics states that the average cost of a 50 kilogram bag of rice in 2014 was N10,000.
A 50 kg bag of rice sold for an average of N26,000 at the end of June 2020, per surveys conducted by SBM Intelligence.
The Food and Agricultural Organization reports that the cost of the most popular basic food in Nigeria and the entire world has increased from N2,500 to N26,000 in just 20 years. A 20-year rise of 1,000%.
Price of 50kg Rice/bag in the last 10 years
2013: N12,000 2014: N10,000 2015: N10,000
2016: N13,000 2017: N16,000 2018: N18,500
2019: N19,500 2020: N26,000 2021: N25,000
2022: N31,000 2023: N55,000
