Olusegun Adeyemo
Some rice traders in Ibadan, the Oyo State capital, have denied recent reports suggesting a surge in rice prices, stating that the cost of rice has remained stable in recent weeks.
Speaking in an interview with The Journal Nigeria, two rice dealers at Bodija Market, Mr. Abdul-Akeem Inuolaji and Mr. Rasheed Abiola, dismissed the online claims as misleading and politically motivated.
Mr. Inuolaji described the reports of a price hike as “fake rumours,” suggesting they were part of an agenda to undermine the government’s efforts in stabilizing food prices.
“Nigerian rice is still selling at ₦67,000 per bag, while foreign rice, which is scarce, is priced around ₦75,000. The prices have not changed,” Inuolaji stated. “People should come to the market themselves to confirm. The news circulating online is just another attempt by some individuals to talk down the government’s progress in reducing food costs.”
Echoing similar sentiments, Mr. Rasheed Abiola urged consumers not to panic or rush into bulk purchases based on unverified media reports.
“The price of rice remains the same. There is no need for alarm,” Abiola added.
This rebuttal follows recent reports from some media outlets indicating that the price of rice, which had dropped to about ₦65,000 per bag six months ago, is rising again—allegedly reaching up to ₦100,000 in some southwest markets.
According to those reports, the price increase is tied to the presumed expiration of the 150-day duty-free import window for essential food items, part of the Presidential Accelerated Stabilisation and Advancement Plan.
Meanwhile, some rice millers argue that the initiative was implemented without transparency. Peter Dama, Chairman of the Board of Trustees of the Competitive African Rice Forum, Nigeria Chapter (CARF-FSD Nigeria), claimed that only a few companies, mostly large firms in Lagos and Kaduna, benefited from the duty waivers for rice imports.
Despite these broader national concerns, rice sellers in Ibadan insist that, at least in their region, the market remains stable.