Rice prices in Lagos have fallen drastically due to a surge in imports and local supply, bringing relief to consumers but losses to traders who bought at higher rates earlier in the year
Rice Prices Crash in Lagos Markets as Imports Surge, Consumers Rejoice
…Traders Count Losses
LAGOS, Nigeria — Prices of rice have dropped sharply across several major markets in Lagos, offering much-needed relief to consumers but sparking concern among traders who now face heavy losses due to sudden market shifts.
According to findings by the News Agency of Nigeria (NAN), a 50kg bag of rice now sells for between ₦55,000 and ₦70,000, depending on the brand — a sharp decline from prices as high as ₦95,000 earlier in the year.
The price crash follows an influx of rice imports through reopened land borders and improved local harvests from northern states, leading to an oversupply in the market.
In markets such as Oyingbo, Arena (Oshodi), FESTAC Town, and Mile 12, local rice that sold for around ₦85,000 in January now goes for ₦60,000–₦70,000, while imported brands that peaked at ₦95,000 are now within the ₦65,000–₦75,000 range.
At the Arena Market, a rice dealer, Mrs Precious Okoro, lamented the situation, saying traders 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 excited about the drop, many traders are struggling to recover their capital.
“Rice doesn’t spoil easily like other food items, but when prices crash this way, our capital just ties down. Some of us can’t even restock,” she added.
Okoro urged the government to help stabilize the rice market and provide more incentives for local farmers.
“If the government supports local production and improves infrastructure for storage and distribution, rice will remain affordable without hurting traders,” she said.
At FESTAC Town Market, Mrs Edith Nwaruh, another retailer, said the decline started around August as both local harvests and imports increased.
“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.
A rice farmer and industry stakeholder, who preferred anonymity, said the price crash was largely due to the reopening of land borders, allowing rice from neighboring countries to flood Nigerian markets.
He, however, warned that the current low prices may not last long.
“This decline might not be sustainable. Prices could surge again before December as supply fluctuates,” he cautioned.
At Oyingbo Market, a trader, Mr Ben Chidi, credited the drop to improved distribution and better government support for local farmers.
“We now have better logistics and more supply, which is good for consumers,” he said.
For consumers like Mrs Andriana Okoromaro, the drop couldn’t have come at a better time.
“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,” she said.
Another buyer, Mrs Oluwaseun Alade, expressed hope that the low prices would continue through the festive season.
“Rice is essential during Christmas and New Year. If this drop continues, more families will be able to celebrate without financial pressure,” she said.
However, some consumers believe the drop also reflects weakened purchasing power.
“Even with lower prices, people don’t have much money. The economy is slow, so sales aren’t what they used to be,” said Mrs Ngozi Okolie.
While consumers continue to celebrate cheaper prices, market analysts warn that the relief may be short-lived if border policies or supply conditions change.
For now, Lagosians are enjoying a rare moment of price reprieve in a year marked by steep food inflation and economic uncertainty. Read More
NAN
