Price of a bag of rice has crashed - Finance Minister, Wale Edun

Nigeria’s Rice Price Decline: Finance Minister Wale Edun’s Economic Outlook

In a recent statement, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that the price of a 50kg bag of rice has dropped significantly, from ₦120,000 in 2024 to an average of ₦80,000 in 2025.

This development, he argued, reflects the positive impact of President Bola Tinubu’s economic reforms, which he claims have steered the country away from fiscal collapse and toward a path of stability and growth.

Edun’s remarks were shared in a write-up titled “Nigeria Turns Towards Prosperity,” originally posted by Bayo Onanuga, Special Adviser on Information and Strategy to President Tinubu.

The piece was later amplified by the Finance Ministry. In it, Edun expressed a mix of pride and realism, acknowledging both the strides made and the challenges that remain. He emphasized that while macroeconomic indicators are improving, such as GDP growth of 4.23% in Q2 2025, inflation moderating to 18.02%, and foreign reserves climbing above $43 billion, the government remains aware that Nigerians measure progress by the affordability of everyday essentials.

The minister attributed the earlier surge in food prices to currency depreciation and the removal of fuel subsidies, which he described as necessary steps to dismantle market distortions and attract private investment. He noted that targeted interventions are now helping to ease food inflation, citing not only rice but also reductions in the prices of garri, pepper, and tomatoes.

Despite these gains, Edun acknowledged that the economic journey is far from over. He stressed the importance of ensuring that smallholder farmers remain incentivized to continue production, especially ahead of the next planting season. To that end, the government is implementing programs aimed at safeguarding farmers’ incomes and boosting agricultural output.

Public reaction to Edun’s claims has been mixed. While some Nigerians welcomed the news of falling prices, others questioned the broader impact on household budgets and disposable income. Critics pointed out that even at ₦80,000, rice remains significantly more expensive than it was before the current administration took office.

Many expressed skepticism, arguing that the same policies being praised for price reductions were responsible for the initial spikes in food costs.

In summary, Wale Edun’s announcement reflects the government’s narrative of economic recovery and reform.

While macroeconomic indicators suggest progress, the lived experience of many Nigerians continues to be shaped by high costs and limited purchasing power.

The road ahead, as Edun himself noted, will require discipline, hard work, and sustained policy support to ensure that prosperity reaches every household.