- The cost price of local Nigerian rice has skyrocketed as a bag now sells for N41,000, traders in a popular Lagos market disclosed
- Increment in the cost of production on the part of farmers hike in the pump price of fuel, weak infrastructure, grappling economy, and recent economic reforms are some of the factors that have informed the current price of rice
- Interestingly, the cost price of foreign rice now competes with that of local rice due to the high demand as a bag of both items sells from 38,000 upwards and N41,000 upwards
Traders have expressed deep worry as the cost price of local rice manufactured and produced in Nigeria has increased drastically.
At a popular market in Lagos state, the price of Nigerian rice now competes with that of foreign rice.
