Rice prices have tumbled across several Lagos markets, following a significant rise in imports, bringing relief to consumers but raising concerns among traders over shrinking profits.
According to The Punch, a 50 kg bag of rice in Lagos now sells for between ₦55,000 and ₦70,000, depending on the brand—a sharp drop from prices earlier this year.
Traders and consumers said both local and imported rice brands have seen “a sudden crash in price,” reversing the surge observed in the first months of 2025.
In markets like Oyingbo, Arena (Oshodi), Festac Town, and Mile 12, local rice that sold for around ₦85,000 in January now goes for ₦60,000–₦70,000. Imported rice, previously at ₦95,000 per 50 kg bag, is now priced between ₦65,000 and ₦75,000, varying by brand and market location.
At Arena Market, Mrs. Precious Okoro, a rice dealer, lamented the losses traders are incurring.
“We are selling at a loss. I bought several bags at ₦80,000 and ₦85,000 early this year, and now I have to sell them for as low as ₦65,000. The fall came suddenly, and it’s been tough for us,” she said.
Okoro noted that while consumers are excited by the lower prices, traders are struggling.
“Rice doesn’t spoil easily like other food items, but when prices crash this way, our capital just ties down. Some of us can’t even restock,” she said.
She urged the government to stabilise rice prices by supporting local farmers and improving the supply chain.
“The government needs to provide incentives for local farmers to increase production and improve the infrastructure for storage and distribution. This will help to reduce the cost of production and make rice more affordable for consumers,” Okoro said.
At FESTAC Town Market, retailer Mrs. Edith Nwaruh detailed current prices: a 50 kg bag of Pretty Lady rice sells for ₦57,000, Mama Africa for ₦62,000, Mama Gold at ₦67,000, and Big Bull Premium at ₦73,000.
Nwaruh said the decline began in August, following improved local harvests and increased rice supply from northern states.
“We have more rice in the market now. Local production improved, and imports also increased. When there’s too much supply, prices must drop,” she said.
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Another trader at Mile 12 Market, Mr. Odion Michael, described the price drop as a “double-edged sword.”
“Consumers are happy, but traders are weeping. We want prices to be stable, not jumping or falling suddenly. Price stability helps us to plan our business,” he said.
A rice farmer who spoke on condition of anonymity linked the decline to the reopening of land borders, which allowed increased inflow of rice from neighbouring countries. He explained that the influx of both imported and locally produced rice “flooded the market,” temporarily pushing prices down. He warned, however, that the drop may not last, cautioning that prices could rise again before December due to market volatility and fluctuating supply.
At Oyingbo Market, trader Mr. Ben Chidi attributed the plunge to improved supply and reduced market stockpiles, noting that government support for local farmers and better distribution channels contributed to the current glut, which has offered relief to consumers.
Mrs. Andriana Okoromaro, a Lagos consumer, welcomed the drop, especially given the rising cost of other food items.
“At least rice is affordable again. I used to buy a half-bag because it was too expensive. Now, I can buy a full bag for the family. It’s a big relief,” she said.
