Rice prices crash across Lagos markets

The price of rice has fallen significantly across major markets in Lagos State, following increased imports and improved local harvests that have flooded the market with supply.

The development has brought relief to consumers battling high food costs but left many traders lamenting losses as profit margins shrink.

A market survey by the News Agency of Nigeria (NAN) shows that a 50kg bag of rice now sells for between ₦55,000 and ₦70,000, depending on the brand and market location — a steep drop from the ₦85,000 to ₦95,000 range recorded earlier this year.

At popular markets such as Oyingbo, Arena (Oshodi), FESTAC Town, and Mile 12, both local and foreign rice brands have recorded notable price declines.

Local rice that sold for around ₦85,000 in January now costs ₦60,000–₦70,000 while imported rice, which previously went for ₦95,000, now sells between ₦65,000 and ₦75,000.

At the Arena Market, a rice trader, Mrs. Precious Okoro, said many traders are now selling at a loss.

“I bought several bags at ₦80,000 to ₦85,000 early this year, and now I’m forced to sell at ₦65,000. The fall came suddenly, and it’s been tough,” she told NAN.

Okoro urged the government to stabilize rice prices by supporting local farmers and improving supply chain infrastructure.

“We need incentives for farmers and better storage systems. That’s the only way to balance prices for both traders and consumers,” she added.

At the FESTAC Town Market, retailer Mrs. Edith Nwaruh listed current prices for major brands: Pretty Lady Rice — ₦57,000, Mama Africa — ₦62,000, Mama Gold — ₦67,000 and Big Bull Premium for ₦73,000.

Nwaruh noted that the price fall began around August after reports of improved harvests from northern Nigeria and increased rice imports.

“We have more rice now both local and imported. When supply increases, prices must drop,” she explained.

Reacting to this, a trader, Mr. Odion Michael described the trend as a “double-edged sword.”

“Consumers are happy, but traders are weeping. Price stability helps us plan our business better,” he said.

A rice farmer, who preferred anonymity, attributed the drop to the reopening of land borders, which has allowed a surge of rice imports from neighbouring countries.

“The market is saturated. But the current decline may not last prices could rise again before December if supply tightens,” he warned.

For many Lagos households, the drop in rice prices has come as a huge relief amid rising costs of other food items.

“At least rice is affordable again,” said Mrs. Andriana Okoromaro, a shopper at Oyingbo Market. “I can now buy a full bag for my family instead of half.”

Another consumer, Mrs. Oluwaseun Alade, expressed hope that the trend continues into the festive period.

However, Mrs. Ngozi Okolie noted that declining purchasing power has also contributed to the slower pace of sales.

“Even with lower prices, people don’t have much money. The economy is tight, so sales are not as good as before,” she said.