Agency Report
Rice prices have fallen sharply in Lagos as increased imports and improved local harvests boost supply, offering relief to consumers but squeezing traders’ profits.
A 50kg bag of rice now sells for between ₦55,000 and ₦70,000 across major markets, down from as high as ₦95,000 earlier in the year, traders said on Saturday.
At Oyingbo, Arena, Festac Town and Mile 12 markets, local rice that sold for ₦85,000 in January now goes for ₦60,000–₦70,000, while imported brands fetch ₦65,000–₦75,000.
“We are selling at a loss,” said dealer Precious Okoro at Arena Market. “I bought at ₦85,000 early this year, now I sell at ₦65,000. The fall came suddenly.”
Retailers say the decline began around August following border reopenings and a surge in supply from northern states and neighbouring countries.
“Consumers are happy, but traders are weeping,” said Odion Michael, a Mile 12 trader. “We want stable prices, not sudden drops.”
Farmers and market watchers warn the price slump may be temporary, as market volatility and fluctuating supply could trigger another rise before December.
For consumers, however, the drop is welcome. “I can finally afford a full bag again,” said Lagos resident Andriana Okoromaro. “It’s a big relief.”