Rice prices have dropped significantly across several Lagos markets following a surge in imports through reopened borders, offering temporary relief to consumers but raising concerns among traders over shrinking profits and business sustainability.
A market survey revealed that a 50kg bag of rice now sells between ₦55,000 and ₦70,000, depending on the brand and market location.
Traders and consumers who spoke with reporters said the staple food has witnessed a sudden price crash, reversing the sharp increase recorded earlier in the year.
In popular markets such as Oyingbo, Arena (Oshodi), FESTAC Town, and Mile 12, a 50kg bag of local rice that sold for around ₦85,000 in January now goes for between ₦60,000 and ₦70,000.
Similarly, foreign rice, which cost about ₦95,000 at the beginning of the year, currently sells for between ₦65,000 and ₦75,000, depending on the brand and market.
At the Arena Market, Mrs. Precious Okoro, a rice dealer, lamented that the recent price slump had left many traders struggling to recover their investments.
“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,” Okoro said.
She added that while customers are pleased with the lower prices, traders are counting losses.
“Rice doesn’t spoil easily like other food items, but when prices crash this way, our capital gets tied down. Some of us can’t even restock,” she said.
Okoro urged the government to stabilise rice prices by supporting local farmers and strengthening the supply chain.
“The government needs to provide incentives for local farmers to boost production and improve storage and distribution infrastructure.
This will help reduce production costs and make rice more affordable for consumers,” she said.
At the FESTAC Town Market, a retailer, Mrs. Edith Nwaruh, said a 50kg bag of Pretty Lady rice sold for ₦57,000, Mama Africa ₦62,000, Mama Gold ₦67,000, and Big Bull Premium ₦73,000.
Nwaruh said the decline began around August, following reports of improved local harvests and increased 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 explained.
At the Mile 12 Market, another trader, Mr. Odion Michael, described the development as a “double-edged sword.”
“Consumers are happy, but traders are weeping. We want prices to be stable, not rising or falling suddenly. Price stability helps us plan our business,” he said.
A rice farmer and industry stakeholder, who preferred anonymity, attributed the price drop to the reopening of land borders, which has allowed increased inflow of rice from neighbouring countries.
He said the development led to a market glut of both imported and locally produced rice, causing a temporary fall in prices.
However, he cautioned that the decline might not last, warning that prices could rise again before December due to market instability and fluctuating supply levels.
At the Oyingbo Market, a trader, Mr. Ben Chidi, linked the situation to improved supply and reduced stockpiles.
“Government support for local farmers and better distribution networks have increased availability. For now, consumers are relieved,” he said.
A consumer, Mrs. Andriana Okoromaro, said the drop was timely, given the high cost of other food items.
“At least rice is affordable again. I used to buy half a bag because it was too expensive. Now, I can buy a full bag for my family. It’s a big relief,” she said.
Another consumer, Mrs. Oluwaseun Alade, expressed hope that prices would remain low during the festive season.
“Rice is essential during Christmas and New Year. If the drop continues, more families can celebrate without worry,” she said.
However, Mrs. Ngozi Okolie, another buyer, said the price fall might also be linked to reduced consumer spending power.
“People don’t have much money. Even though rice is cheaper, sales are not as strong as before because the economy is slow,” she said.
