The price of one kilogram of local rice has risen by over 200 percent in recent times.
This is happening at a time insecurity, import ban and other factors in the country are said to have been responsible for the hike in price.
The price has continued to soar despite multi-billion naira funding support of the Central Bank of Nigeria for the nation’s
rice value chain aimed at boosting production.
Data from the selected food prices watch report of the National Bureau of Statistics shows that the average price
of one kilogram of local rice Rose from N172.74 as of February 2016 to N520.84 as of February 2023.
In order to promote domestic production, the CBN barred imports of rice and 41 other products from using the official window to receive foreign currency in 2015.
Additionally, the federal government prohibited the import of rice across land borders and maintained tariffs of 70% on port-based imports.
