Prices of rice have dropped significantly across major markets in Lagos, offering relief to consumers but sparking concern among traders over shrinking profits.
According to reports by the News Agency of Nigeria (NAN), a 50kg bag of rice now sells between ₦55,000 and ₦70,000, depending on the brand and market. This marks a steep decline from earlier in the year when local rice sold for around ₦85,000 and imported varieties reached ₦95,000.
In markets such as Oyingbo, Arena (Oshodi), Festac Town, and Mile 12, traders confirmed that both local and foreign rice brands have experienced a sharp price correction.
At the Arena Market, rice dealer Mrs. Precious Okoro lamented the losses traders are facing.
“We’re selling at a loss. I bought bags for ₦80,000 and ₦85,000 early this year, but now I have to sell them for as low as ₦65,000. Customers are happy, but we’re counting losses,” she said.
Okoro urged the government to stabilise prices by supporting local farmers and improving infrastructure for production, storage, and distribution.
At the Festac Town Market, retailer Mrs. Edith Nwaruh listed current prices: Pretty Lady (₦57,000), Mama Africa (₦62,000), Mama Gold (₦67,000), and Big Bull Premium (₦73,000). She said the drop began in August, driven by improved harvests and increased supply from northern states.
“There’s more rice in the market now — both local and imported. When supply rises this much, prices must fall,” she explained.
Similarly, Mr. Odion Michael of Mile 12 Market described the situation as a “double-edged sword.”
“Consumers are happy, but traders are struggling. What we need is price stability, not sudden drops or spikes,” he said.
The National Bureau of Statistics (NBS) recently reported that Nigeria’s headline inflation fell to 18.02% in September 2025, down from 20.12% in August — the sixth consecutive monthly decline. The drop was largely driven by a reduction in food prices, with food inflation falling from 21.87% to 16.87%.
Analysts linked the disinflation to lower prices of staple foods, including rice, maize, garri, beans, and tomatoes.
A rice farmer, who requested anonymity, attributed the fall in rice prices to the reopening of land borders, which has boosted imports from neighbouring countries.
However, he cautioned that the decline might be short-lived, warning that prices could rise again before December due to market fluctuations.
Another trader, Mr. Ben Chidi of Oyingbo Market, noted that government support for local farmers and improved supply chains also contributed to the current glut.
Consumers, on the other hand, are celebrating the price drop.
Mrs. Andriana Okoromaro said the development was timely given the high cost of other food items.
“I used to buy half a bag because rice was too expensive. Now, I can afford a full bag. It’s a big relief,” she said.
Mrs. Oluwaseun Alade expressed hope that prices would remain stable during the festive season.
“If rice stays affordable through Christmas and New Year, many families can celebrate without worry,” she said.
However, Mrs. Ngozi Okolie, another shopper, suggested that the drop was also linked to weakened purchasing power.
“People don’t have much money. Even with lower prices, sales aren’t booming because demand is low,” she observed.
While traders face losses, consumers are relishing a rare moment of relief — one they hope will last beyond the year-end festivities.
