By Ayomide Otitoju
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the country’s economic reforms under President Bola Ahmed Tinubu are beginning to deliver measurable results, citing a notable reduction in the price of rice as evidence of progress.
Edun disclosed that the average price of a 50kg bag of rice, which previously sold for about ₦120,000, has now dropped to around ₦80,000. He attributed the decline to the administration’s ongoing fiscal and monetary policy adjustments designed to stabilize the economy.
“Targeted measures are beginning to ease the pressure on households. The hardest days are behind us,” the minister said, expressing confidence that the economic recovery would be sustained.
According to him, Nigeria’s foreign reserves have surpassed $43 billion — the highest level since 2019 — while the exchange rate gap between the official and parallel markets has narrowed to less than one percent. He added that the nation’s GDP growth rate rose above 4% in the second quarter of 2025.
However, independent market surveys by several media outlets show that rice prices still vary widely across the country. In some regions, a 50kg bag sells for between ₦54,000 and ₦70,000, while in others, it remains above ₦80,000, depending on brand and location. Analysts note that the price drop may also be influenced by increased imports, global market trends, and temporary oversupply rather than domestic reforms alone.
Despite differing views, Edun maintained that the Tinubu administration’s economic agenda remains on track to deliver long-term relief, assuring that food inflation would continue to ease in the coming months.
