Consumers in Lagos are experiencing welcome relief as rice prices have dropped sharply across major markets, following a surge in both local production and border imports. The development marks a significant shift in Nigeria’s food economy, reversing months of inflationary pressure on staple commodities.
According to reports from the News Agency of Nigeria (NAN), the price of a 50kg bag of rice — which had soared to ₦85,000 earlier in the year — now sells for between ₦55,000 and ₦70,000, depending on the brand and market location. Popular markets such as Oyingbo, Arena (Oshodi), Festac Town, and Mile 12 have all recorded steep declines in rice prices, affecting both local and foreign brands.
“The market is flooded with rice now. We’re seeing more imports and local supply than we’ve had in months,” said a trader at Mile 12 market. “It’s good for buyers, but many of us bought stock at higher prices and are now struggling to break even.”
While consumers are celebrating the drop, traders are expressing concern over reduced profit margins and the sustainability of their businesses. Some fear that the current price dip may be temporary, with potential volatility expected as the festive season approaches.