Rice Prices Drop Across Lagos Markets as Supply Improves

Rice Prices Drop Across Lagos Markets as Supply Improves.
Traders lament heavy losses due to sudden price fall.
Farmers blame border reopening for market glut.

The price of rice has dropped sharply across major markets in Lagos following increased imports and improved local harvests. While consumers welcome the price relief, traders are lamenting huge financial losses.

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EKO HOT BLOG reports that a market survey revealed that a 50kg bag of rice now sells between ₦55,000 and ₦70,000 depending on the brand and location. At Oyingbo, Arena (Oshodi), FESTAC Town, and Mile 12 markets, local rice that sold for about ₦85,000 in January now goes for between ₦60,000 and ₦70,000, while foreign brands have fallen from ₦95,000 to as low as ₦65,000 to ₦75,000.

At the Arena Market, a rice dealer, Mrs Precious Okoro, said she has been forced to sell below cost.
“We are selling at a loss. I bought several bags at ₦80,000 and ₦85,000 earlier this year, and now I’m selling for ₦65,000. The fall came suddenly,” she lamented. She urged the government to support local farmers with incentives and improve storage infrastructure to stabilise prices.

At FESTAC Town Market, current prices include Pretty Lady (₦57,000), Mama Africa (₦62,000), Mama Gold (₦67,000), and Big Bull Premium (₦73,000).

A rice farmer who spoke anonymously attributed the crash to the reopening of land borders.
“The market is flooded with imported and local rice. That’s why prices have dropped, but by December, they may rise again,” he warned.

Another trader, Mr Odion Michael, described the situation as a “double-edged sword,” saying, “Consumers are happy, but traders are suffering. We want price stability.”

For consumers, the drop is a welcome relief.
“At least rice is affordable again. I can now buy a full bag for my family,” said Mrs Andriana Okoromaro.

However, another trader, Mrs Ngozi Okolie, noted that despite the price drop, sales remain slow due to low purchasing power.