The cost of a 50 kg bag of rice decreased to an average of N54,000 after reports of supposedly lethal rice surfaced.
The drop is also a result of the oversupply of the staple from India, according to a report by S&P Global.
It was gathered that the price of the commodity dropped from N58,000 in April, as demand for rice reduced in the last few days due to claims that people died after buying rice in Badagry, Lagos State, and Idiroko in Ogun State.
The demand for rice dropped lately when parents and relatives sent voice messages to their loved ones, warning them against buying or consuming rice this time because it was alleged by another sender on WhatsApp that over 70 persons had died in the past few days after buying or consuming the said rice.
Even though the Nigeria Customs Service in Seme debunked the claims, it was observed that consumers boycotted rice, causing a drop in price. Our correspondent gathered that a 50kg bag of rice is now ₦50,000 in areas close to the borders.
Baffled by the low patronage, rice sellers in Badagry released videos on Thursday and Friday, debunking the deadly rice rumour. The traders said the claims were fake and unfounded, saying nobody died from buying or eating rice.
Meanwhile, a latest report on rice cost by S&P Global disclosed that West African parboiled rice prices have plummeted to record lows, driven by subdued demand and significant oversupply in the region.
Importers in Benin were said to have voiced their concerns over declining prices, linking this trend to falling prices for Indian parboiled rice oversupply itself.
