Residents of Ilorin, the capital of Kwara State, are celebrating a significant drop in the price of rice, a staple food for many families and individuals. Currently, a 50kg bag of rice is being sold for between ₦52,000 and ₦54,000, marking a sharp decrease from ₦80,000 during Ramadan and ₦65,000 just a week ago.
Rice vendors in various markets throughout Ilorin have expressed optimism, predicting that the price could drop even further to ₦30,000 or ₦25,000 in the coming days.
The recent appreciation of the naira against the dollar, along with other contributing factors, has been credited for this price reduction.
Pastor Adeyanju Adeyemo, a rice seller in Ilorin, expressed his observation, stating that the current price drop may continue, with the possibility of a 50kg bag of rice selling for ₦25,000 in a month’s time.
Mr. Abdullateef AbdulAfeez also confirmed the current retail price of ₦52,000 for a 50kg bag and anticipates a further drop to ₦30,000 soon due to the prevailing favorable circumstances.
