Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced a significant drop in the price of rice, claiming that a bag now sells for about ₦80,000—down from ₦120,000 last year.
In a statement shared by Presidential aide Bayo Onanuga and titled “Nigeria Turns Towards Prosperity,” Edun said President Bola Tinubu’s economic reforms have put the nation “firmly on the right path,” despite ongoing challenges.
He noted that prices of staple foods like garri, pepper, and tomatoes have also reduced, adding that inflation, though still high, has moderated to 18.02 percent after months of steady decline.
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“Nigeria has turned a decisive corner,” he said. “The road ahead will demand hard work and discipline, but we are firmly on the right path.”
According to Edun, GDP growth reached 4.23 percent in the second quarter of 2025, while foreign reserves rose to over $43 billion—the highest since 2019. He also cited a near convergence between official and parallel exchange rates, narrowing from a 70 percent gap to just about 1 percent.
Acknowledging that “the economy is ultimately about people, not statistics,” Edun said government efforts now focus on supporting smallholder farmers to sustain agricultural productivity and ensure long-term food security.
