According to the Food and Agriculture Organization, in 2000, a 50kg bag of rice averaged N2,500. In 2014, according to the National Bureau of Statistics, a 50kg bag of rice averaged N10,000. According to surveys by SBM Intelligence, at the end of June 2020, a 50kg bag of rice went for an average of N26,000.
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In two decades, the price of the most widely consumed staple food in Nigeria (and the world, according to the Food and Agricultural Organization) has gone from N2,500 to N26,000. A 1000% increase in 20 years.
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
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2019: N19,500 2020: N26,000 2021: N25,000
2022: N31,000 2023: N55,000
