NewStats: 3,261,183 , 8,173,324 topics. Date: Wednesday, 28 May 2025 at 01:32 PM 4m515k

The price of a 50kg bag of rice has dropped to an average of N54,000 following rumours of alleged deadly rice in circulation. The drop is also a result of the oversupply of the staple from India, according to a report by S&P Global.

It was gathered that the price of the commodity dropped from N58,000 in April, as demand for rice reduced in the last few days due to claims that people died after buying rice in Badagry, Lagos State, and Idiroko in Ogun State.

The demand for rice dropped lately when parents and relatives sent voice messages to their loved ones, warning them against buying or consuming rice this time because it was alleged by another sender on WhatsApp that over 70 persons had died in the past few days after buying or consuming the said rice.

Even though the Nigeria Customs Service in Seme debunked the claims, it was observed that consumers boycotted rice, causing a drop in price. Our correspondent gathered that a 50kg bag of rice is now N50,000 in areas close to the borders.

Baffled by the low patronage, rice sellers in Badagry released videos on Thursday and Friday, debunking the deadly rice rumour. The traders said the claims were fake and unfounded, saying nobody died from buying or eating rice.

Meanwhile, a latest report on rice cost by S&P Global disclosed that West African parboiled rice prices have plummeted to record lows, driven by subdued demand and significant oversupply in the region.

Importers in Benin were said to have voiced their concerns over declining prices, linking this trend to falling prices for Indian parboiled rice oversupply itself.

“The oversupply issue is not limited to Benin. In Togo, importers are facing a similar situation, with abundant availability, yet demand for white rice remains virtually nonexistent.

“A Togo importer said containers were more expensive than breakbulks before, but now the price difference is narrowing, and people are preferring containers at lower volumes. Another trader said container and breakbulk freight prices had narrowed to $3-$4 per metric tonne,” the report said.

S&P Global added that data from the Agricultural and Processed Food Products Export Development Authority shows that India exported approximately 4.9 million MT of rice to the region between April 2024 and January 2025, with Benin the largest importer, followed closely by Guinea and Ivory Coast.

As Nigeria, the largest rice market for the Benin Republic, continues to illegally import rice from Benin, both local and imported rice prices in Nigeria have plummeted over the past two weeks.

“The price of Indian imported rice coming through Benin has dropped substantially, from N58,000 per 50 kg bag on April 23 to just N54,000 per 50 kg bag on May 13. Concurrently, local rice prices have also fallen by N10,000, reaching N62,000, according to another market participant,” S&P Global disclosed.

https://punchng.com/death-scare-oversupply-drag-50kg-rice-price-to-n54000/?amp

ogododo:
The price of a 50kg bag of rice has dropped to an average of N54,000 following rumours of alleged deadly rice in circulation. The drop is also a result of the oversupply of the staple from India, according to a report by S&P Global.

It was gathered that the price of the commodity dropped from N58,000 in April, as demand for rice reduced in the last few days due to claims that people died after buying rice in Badagry, Lagos State, and Idiroko in Ogun State.

The demand for rice dropped lately when parents and relatives sent voice messages to their loved ones, warning them against buying or consuming rice this time because it was alleged by another sender on WhatsApp that over 70 persons had died in the past few days after buying or consuming the said rice.

Even though the Nigeria Customs Service in Seme debunked the claims, it was observed that consumers boycotted rice, causing a drop in price. Our correspondent gathered that a 50kg bag of rice is now N50,000 in areas close to the borders.

Baffled by the low patronage, rice sellers in Badagry released videos on Thursday and Friday, debunking the deadly rice rumour. The traders said the claims were fake and unfounded, saying nobody died from buying or eating rice.

Meanwhile, a latest report on rice cost by S&P Global disclosed that West African parboiled rice prices have plummeted to record lows, driven by subdued demand and significant oversupply in the region.

Importers in Benin were said to have voiced their concerns over declining prices, linking this trend to falling prices for Indian parboiled rice oversupply itself.

“The oversupply issue is not limited to Benin. In Togo, importers are facing a similar situation, with abundant availability, yet demand for white rice remains virtually nonexistent.

“A Togo importer said containers were more expensive than breakbulks before, but now the price difference is narrowing, and people are preferring containers at lower volumes. Another trader said container and breakbulk freight prices had narrowed to $3-$4 per metric tonne,” the report said.

S&P Global added that data from the Agricultural and Processed Food Products Export Development Authority shows that India exported approximately 4.9 million MT of rice to the region between April 2024 and January 2025, with Benin the largest importer, followed closely by Guinea and Ivory Coast.

As Nigeria, the largest rice market for the Benin Republic, continues to illegally import rice from Benin, both local and imported rice prices in Nigeria have plummeted over the past two weeks.

“The price of Indian imported rice coming through Benin has dropped substantially, from N58,000 per 50 kg bag on April 23 to just N54,000 per 50 kg bag on May 13. Concurrently, local rice prices have also fallen by N10,000, reaching N62,000, according to another market participant,” S&P Global disclosed.

https://punchng.com/death-scare-oversupply-drag-50kg-rice-price-to-n54000/?amp

if I say the truth

Igbo people will attack me for ing tinubu

kaltonga

You wan attack me right

Enjoy your ban

With d way rice dey foam when cooking
Dat foam self nah poison

Nawa Nlfpmod, border don open?

muyico:
With d way rice dey foam when cooking
Dat foam self nah poison

No be lie.

ogododo:

https://punchng.com/death-scare-oversupply-drag-50kg-rice-price-to-n54000/?amp

werin una wan 9ja people, unaliketo raise FALSE NEWS to crumble pppl business.

muyico:
With d way rice dey foam when cooking
Dat foam self nah poison

if na that one u wont EAT RICE here in UK, it WORSE, SPAGHETTI is na NO NO... if u allow it to cook it becomes mashy, it FOAMS and much STARCH , so we perboil and wont let it done before taking off HEAT, it is like it was WRAPPED i the RICE SHAPE capsules and releases the WHITE THINGY wen done cooking... like tuwo or egbo

drehdinho:


Is the experience same with rice from African shops too?

I was told GMO products could look extremely big and fresh but way cheaper than the organic ones.

Because our rice in Nigeria needs thorough cooking for consumption.

#GMO is the same as ORGANIC sir, we have both SHORT GRAIN and LONGRAIN and BASMATI GMO

Chetas81:
hhhhmmmm you mentioned egbo, nice one😀

yes i Know it, but haven't tasted that, i dont like it look.

Agbegbaorogboye:

That means you're eating short grain rice
Try long grain rice
You can't be in the UK and be living like an aboki in one village in the north

so no GMO in LONG GRAINS? stop it!
GMO are all round in every varieties bruv.. u can only select by BRAND and first rule dont buy in african shops ran by asian pakistani ( dey repackage) shops liks ASDA, wait rose , Sainsbury are sure GOOD SHOT.. na to SHINE EYES.

Gentlemen & Ladies, anoda bird flu saga is upon us...

where fear-fear ppl who were too afraid to die totally boycotted eggs & chicken!

Eggs was been sold at d rate of #15 a piece, baba... I was using egg to eat anything dat period!

I fried like 7 eggs in d morning, boil like 11 put for bag, and round am up wit scintillating omelette made wit around like 9 eggs in d evening.

it was a good time to be alive as a human dat loves egg so much!

may dis poisoned rice brouhaha tow dat same path iJN!

One bag still goes for 65,000- 68000 around here in Ibadan...

Nah only online the price dey always fall. Keep lying to yourselves

is still high

The kind of news that get Obidients really upset. 😆
Somebody said in the other thread recently that he bought 50kg rice for 65k at a particular location. Obidients descended on him, insulted him and his family, claiming rice is still 90k and above everywhere, only for another person to confirm it with a receipt.

I still wonder why good news get them so livid.

Firebox123:
if I say the truth

Igbo people will attack me for ing tinubu

Yeah, it does not mean our economy is any better. Tinubu is still keeping our economy oil dependent.

APC got to diversify , otherwise we are going to keep having issues.

And don't sing that old song of 'it takes time'

It's still 75k here in Abuja.
When will APC stop lying to the Nigerian public.

Rice was selling for less than ₦8,000 during Jonathan’s istration, yet today after mismanaging the economy the APC wants Nigerians to roll out the drums and celebrate the same rice now selling for over ₦70,000

"It is fake news" crew will soon be here.

EndBuhariNow:
Nah only online the price dey always fall. Keep lying to yourselves

bluefilm:
Story for the gods

tommykiwi:
Abeg tell us the market where we can buy at that price.
Scam Government.

See them, they don't disappoint.

I believe it's all hoax.

No shaking!

Firebox123:
kaltonga

You wan attack me right

Enjoy your ban

Good news.

Abeg where is that guy called SLAWOMIR or has he left Benin?

Story for the gods

Abeg tell us the market where we can buy at that price.



Scam Government.

MrDean01:
Abeg where is that guy called SLAWOMIR or has he left Benin?

On holiday.

50kG is still far higher than that

EndBuhariNow:
Nah only online the price dey always fall. Keep lying to yourselves

I tire ooooooooo

Online propaganda

muyico:
With d way rice dey foam when cooking
Dat foam self nah poison

That's common everywhere

Online price reduction...
Rice wey person buy for Edo state 80k for 50kg

EndBuhariNow:
Nah only online the price dey always fall. Keep lying to yourselves

You Dey mind dem? Me wey go price rice just yesterday because of the price drop I Dey always see here, omo na run I run 0. Still 85k

ogododo:

https://punchng.com/death-scare-oversupply-drag-50kg-rice-price-to-n54000/?amp

Not uhuru yet

That's 20k shy of min wage

Pristine664:
The kind of news that get Obidients really upset. 😆

Imported rice + Deadly rice scare = Reduced price.🤔