The rice crisis in Nigeria has taken a turn for the worse, with prices skyrocketing to unprecedented levels.
A 50kg bag of local rice now costs a staggering N78,000 to N90,000, surpassing the country’s minimum wage of N70,000.
In response to this crisis, innovative solutions are emerging. Big Bull, a local rice producer, has introduced affordable sachets of rice priced at N200 each. This move aims to bridge the gap between affordability and accessibility.
According to recent data from the National Bureau of Statistics (NBS), the prices of staple foods have witnessed a significant surge:
- Beans (1kg, brown, sold loose): Up 252.13% to N2,292.76
- Tomatoes (1kg): Increased 320.67% to N2,302.26
- Garri (1kg, white, sold loose): Rose 181.66% to N1,135.51
- Yam tuber (1kg): Jumped 295.79% to N2,021.55
These staggering price hikes have rendered staple foods unaffordable for many Nigerian households, exacerbating food insecurity.
The country’s economic landscape, coupled with the delayed adoption of the N70,000 minimum wage, has contributed to the worsening food insecurity.
