The price of rice has dropped significantly across major markets in Lagos, following increased imports and improved local harvests, easing pressure on consumers but leaving traders worried about losses.
Checks by the News Agency of Nigeria (NAN) showed that a 50kg bag of rice now sells for between ₦55,000 and ₦70,000, depending on the brand and location.
At markets such as Oyingbo, Arena (Oshodi), FESTAC Town, and Mile 12, local rice that sold for around ₦85,000 in January now goes for between ₦60,000 and ₦70,000, while foreign brands have dropped from ₦95,000 to between ₦65,000 and ₦75,000.
Some traders lamented that while consumers are rejoicing, sellers are counting huge losses.
At the Arena Market, Mrs Precious Okoro, a rice dealer, said she had been forced to sell at below her purchase price.
“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.
“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 the FESTAC Town Market, Mrs Edith Nwaruh listed current prices: Pretty Lady (₦57,000), Mama Africa (₦62,000), Mama Gold (₦67,000), and Big Bull Premium (₦73,000).
Farmers Blame Border Reopening
A rice farmer who spoke anonymously linked the crash to the reopening of land borders, which has allowed the inflow of rice from neighbouring countries.
“The market is flooded with imported and locally produced rice. That’s why prices have dropped, but this may not last. By December, prices could rise again because supply is unstable,” he warned.
At the Mile 12 Market, trader Mr Odion Michael described the situation 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.
For many households, the drop could not have come at a better time.
Mrs Andriana Okoromaro, a consumer, said: “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.”
Another consumer, Mrs Oluwaseun Alade, expressed hope that prices would remain low during the festive season.
“Rice is essential during Christmas and New Year. This drop, if sustained, means more families can celebrate without worry,” she said.
However, Mrs Ngozi Okolie noted that lower demand was also affecting the market.
“People don’t have much money, even with lower prices. The economy is slow, so even when goods are cheap, sales are not what they used to be,” she added.
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