Food commodity prices across Nigeria continue to vary significantly by location as the nation grapples with stagnant wages and escalating living costs. This variation persists even as the Federal Government has yet to make decisive moves to increase the national minimum wage, leaving many Nigerians struggling to afford basic necessities.....Read The Full Story Here ▶
The price of staples like beans, rice, and garri reflects these economic pressures, with many citizens calling for an urgent salary adjustment to improve their purchasing power.
Despite repeated appeals to both Federal and state governments, the Nigeria Labour Congress (NLC), the Trade Union Congress (TUC), and government officials have not reached a consensus on a new wage structure.
Amidst these economic challenges, there is a glimmer of hope that a new policy recommendation might help relieve commodity prices.
The Presidential Committee on Fiscal Policy and Tax Reforms recently proposed that the Federal Government adopt an exchange rate of ₦800 per dollar for customs import duties. This recommendation aims to stabilize the volatile costs associated with importing goods into Nigeria.
The committee’s chairman, Taiwo Oyedele, highlighted this proposal during a press briefing in Lagos last Thursday.
According to Oyedele, adopting a stable exchange rate for import duties could lead to a decrease in the prices of various commodities by making the cost of imported goods more predictable and potentially lower.
As Nigerians await the government’s decision on the proposed exchange rate adjustment, the hope is that this measure, coupled with a potential increase in wages, would provide much-needed economic relief and contribute to reducing the financial strain on millions of households across the country.
Price Of Bag Of Rice
Foreign rice – ₦78,000
Dantata Parboiled Rice – ₦68,000
Mama Pride Premium – ₦95,500
Price Of Bag Of Beans
White Beans 25kg (₦30,000)
Brown Beans 25kg (₦30,000)
Honey beans 25kg (₦37,500)
White Beans 50kg (₦60,500)
Brown Beans 50kg (₦60,000)
Honey beans 50kg (₦75,000)
White Beans 100kg (₦120,000)
Brown Beans 100kg (₦120,000)
Honey beans 100kg (₦150,000)
Price Of Bag Of Garri
1kg – ₦1,000
5kg – ₦5,000
10kg – ₦10,000
25kg – ₦25,000
50kg – ₦50,000
100kg – ₦100,000
1 ton – ₦1,000,000