price of a bag of rice has crashed Wale Edun
Nigeria’s Finance Minister, Wale Edun, has stated that the price of a 50-kg bag of rice has “crashed,” falling from about ₦120,000 last year to around ₦80,000 currently.
Edun described this drop as a clear indicator that economic pressures on Nigerians, especially regarding food inflation, are beginning to ease. He acknowledged food inflation had been a major burden and suggested that recent policy measures and increased supply are helping to reduce costs.
In markets such as Lagos, actual observations confirm a steep decline in rice prices, largely driven by a surge in imports and improved supply at border points.
