By Huldah Shado
Prices of rice have dropped sharply in several markets across Lagos State following a surge in border imports, bringing relief to consumers but raising concerns among traders over declining profits and business sustainability.
The News Agency of Nigeria (NAN) reports that a 50kg bag of rice in Lagos currently sells for between ₦55,000 and ₦70,000, depending on the brand and location. The development marks a significant reversal from earlier in the year when the staple food saw a continuous price surge.
Visits to popular markets such as Oyingbo, Arena (Oshodi), FESTAC Town, and Mile 12 revealed that both local and foreign rice brands have experienced a steep price drop. 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 was ₦95,000 at the beginning of the year, currently sells for between ₦65,000 and ₦75,000, depending on the brand and market location.
At the Arena Market in Oshodi, a rice dealer, Mrs. Precious Okoro, lamented that the sudden price crash 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 urged the government to take deliberate steps toward stabilising rice prices in the country by supporting local farmers and improving infrastructure in the agricultural sector.
“The government needs to provide incentives for local farmers to increase production and improve the infrastructure for storage and distribution. This will help to reduce the cost of production and make rice more affordable for consumers,” she added.
At the FESTAC Town Market, a retailer, Mrs. Edith Nwaruh, gave a breakdown of the current rice prices in her stall. According to her, a 50kg bag of Pretty Lady rice sells for ₦57,000, Mama Africa for ₦62,000, Mama Gold for ₦67,000, and Big Bull Premium for ₦73,000.
Another trader at the Mile 12 Market, Mr. Odion Michael, described the situation as a “double-edged sword,” noting that while consumers were delighted by the price reduction, traders were counting their losses.
“Consumers are happy, but traders are weeping. We want prices to be stable, not jumping or falling suddenly. Price stability helps us to plan our business,” he said.
A rice farmer and industry stakeholder, who spoke on condition of anonymity, attributed the price drop to the reopening of land borders, which has allowed an increased inflow of rice from neighbouring rice-producing countries.
He explained that the development had flooded the market with both imported and locally produced rice, leading to a temporary decline in prices.
He, however, cautioned that the fall in prices might not be sustainable, warning that prices could rise again before December due to market instability and fluctuating supply levels.
