Cynthia Ezegwu
Prices of rice have fallen sharply across major markets in Lagos, following a surge in imports through reopened borders and improved local supply, bringing relief to consumers but heavy losses to traders.
A market survey 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 — a significant drop from the ₦85,000 to ₦95,000 range recorded earlier in the year.
At Oyingbo, Arena (Oshodi), FESTAC Town, and Mile 12 markets, both local and imported rice brands have witnessed a drastic price reduction. A 50kg bag of local rice that sold for about ₦85,000 in January now goes for between ₦60,000 and ₦70,000, while foreign rice, previously ₦95,000, now sells between ₦65,000 and ₦75,000.
However, traders lamented that the sudden price crash has eroded their profits and tied down capital.
Mrs. Precious Okoro, a dealer at Arena Market, said the fall came unexpectedly. “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 ₦65,000. Our capital is trapped, and some of us can’t restock,” she said.
Okoro urged the government to stabilise rice prices by supporting local farmers and improving production infrastructure. “Incentives for farmers, better storage, and distribution systems will reduce production costs and make prices more stable,” she said.
At the FESTAC Town Market, Mrs. Edith Nwaruh, another retailer, said a 50kg bag of Pretty Lady rice sold for ₦57,000, Mama Africa for ₦62,000, Mama Gold for ₦67,000, and Big Bull Premium for ₦73,000. She said the decline began around August due to improved harvests and increased supply from northern states.
“We have more rice in the market now. Local production improved, and imports increased. When there’s too much supply, prices must drop,” she said.
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 fluctuating. Stability helps us plan our business,” he said.
A rice farmer who spoke anonymously attributed the price fall to the reopening of land borders, which allowed an inflow of rice from neighbouring countries. He, however, warned that the decline might not last, predicting that prices could rise again before December as supply levels fluctuate.
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Another trader at Oyingbo Market, Mr. Ben Chidi, said improved supply chains and government support for local farmers had eased distribution and reduced hoarding.
Consumers, however, expressed relief at the development.
Mrs. Andriana Okoromaro said the lower prices had made rice more affordable. “I used to buy half a bag because of the cost. Now, I can buy a full bag for my family. It’s a big relief,” she said.
Mrs. Oluwaseun Alade expressed hope that the trend would continue into the festive season. “Rice is essential during Christmas and New Year. If prices remain low, more families can celebrate without worry,” she said.
Another consumer, Mrs. Ngozi Okolie, however, linked the decline partly to weakened purchasing power. “People don’t have much money. Even though rice is cheaper, sales are still slow because demand is low,” she said.
While the price drop has eased the burden on consumers, traders and farmers remain uncertain about sustainability as the market braces for possible shifts ahead of the festive season.