Rice prices have plummeted across major Lagos markets following a surge in imports and improved local supply, offering relief to consumers but worries for traders.
A 50kg bag of rice now sells for between ₦55,000 and ₦70,000, depending on the brand — a sharp drop from ₦85,000 to ₦95,000 earlier in the year. Markets such as Oyingbo, Mile 12, Arena (Oshodi), and FESTAC Town report that both local and foreign rice brands have fallen by as much as ₦25,000 per bag.
Traders, however, say the sudden crash has slashed profits. Mrs Precious Okoro, a dealer at Arena Market, said she now sells rice bought at ₦80,000 for as low as ₦65,000. “Consumers are happy, but we’re losing money,” she lamented, urging government support for local farmers to stabilise prices.
At FESTAC Market, retailer Mrs Edith Nwaruh attributed the drop to improved harvests and higher imports since August. “When supply increases, prices must drop,” she said.
Other traders echoed similar concerns. Mr Odion Michael from Mile 12 Market described the situation as a “double-edged sword,” calling for stable prices to help businesses plan.
A rice farmer linked the decline to the reopening of land borders, which flooded markets with imported rice. He warned that the fall might be temporary, with prices possibly rising again before December.
Despite traders’ worries, consumers welcome the change. “At least rice is affordable again,” said Mrs Andriana Okoromaro. “Now I can buy a full bag for my family.”
Another shopper, Mrs Oluwaseun Alade, said she hopes the prices remain low through the festive season, while others noted that weak purchasing power continues to affect overall sales.
