Rice Prices Stabilize in Nigeria Amid Improved Supply

As of August 2026, rice prices in Nigeria have shown signs of moderation after months of elevated costs, with the median price for a 50kg bag remaining stable at ₦55,000, unchanged from early June. Prices had dipped to about ₦52,000 in late July before returning to ₦55,000 in August.

A July market survey indicated that 50kg bags of popular rice brands sold between ₦40,000 and ₦87,000, depending on brand, quality, and location. Dealers attribute the price reduction to improved supply and increased competition among wholesalers and retailers.

Notable brands such as Big Bull, Mama Gold, Royal Stallion, and Mama’s Pride serve as important price benchmarks. For instance, Big Bull's price decreased from ₦80,000 in July to around ₦66,900, while Royal Stallion's price fell from ₦87,000 to approximately ₦70,000.

The overall market remains stable, with a reasonable September 2026 benchmark for 50kg bags set between ₦55,000 and ₦75,000.