Border Closure Takes Its Toll On The Price Of Rice


Wednesday, October 22, 2019 / 07:35 PM / by FDC / Header Image Credit:  FDC

 The price of a 50kg bag of rice has spiked 40% to N25,000 in the last month.


The impact of the Seme border closure in late August appears to be now filtering through into consumer prices.


The border closure was imposed in part to halt the smuggling of foodstuff into Nigeria.


However, it is not sustainable because local produce is simply inadequate to feed the country's large and fast-growing population.


This is reflected in September's inflation numbers with imported food inflation increasing 15.57% y-o-y. This is well above the headline inflation rate of 11.24%.


Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Related News on Border Closure

1.      Inflation Succumbs to Border Closure and Money Supply Growth - Spikes to 11.24% - FDC, Oct 16, 2019

2.     Border Closure Hitting The Price of Rice CSL Research, October 04, 2019 

3.     Border Closures May Only Offer Temporary Subsidy Reprieve CardinalStone Research, October 11, 2019  

4.     Effects of Closing The SEME Border - Coronation Research, October 15, 2019

5.     Border Closures Begin to Take Toll on Prices - CardinalStone Research October 15, 2019



Proshare Nigeria Pvt. Ltd.

Related News

  1. Average Price of 1kg of Rice Increased By 4.07% MoM to N371.13 in September 2019 - NBS
  2. AFEX Prepares for New Season with Fresh Products and Outlook
  3. Lower Than Expected US Harvest Could Push Up Grain Prices In The Near Term
  4. Coffee Output In Nigeria Estimated At 1,900 Tonnes
  5. 7 Important Facts and Benefits of Gold Investment
  6. Okro Output In Nigeria Estimated At 1.98mn Tonnes
  7. AFEX Discusses Cocoa as the Future for Export Marketers in Nigeria
  8. Cocoa Prices Slipped By 0.23% On Expectations Of A Large Harvest From Ivory Coast
  9. Why Gold Prices Are About To Skyrocket Even Higher
  10. Yam Output In Nigeria Estimated At 44mn Tonnes
  11. Sugar Prices Dropped By 0.42% Due To Improved Weather Conditions In India


 Proshare Nigeria Pvt. Ltd.



Related News