The price of rice has dropped sharply across major markets in Lagos, bringing some relief to consumers but raising concern among traders who say they are now selling at a loss.
A market survey by the News Agency of Nigeria showed that a 50kg bag of rice now sells for between N55,000 and N70,000, depending on the brand and market location. Earlier in the year, the same quantity sold for between N85,000 and N95,000.
At Oyingbo, Arena (Oshodi), Festac Town, and Mile 12 markets, both local and imported rice brands have recorded steep price reductions. A bag of local rice that sold for N85,000 in January now goes for about N60,000 to N70,000, while foreign rice brands that sold for N95,000 are now priced between N65,000 and N75,000.
A rice dealer at the Arena Market, Mrs Precious Okoro, said traders were counting losses due to the sudden crash.
“We are selling at a loss. I bought several bags at N80,000 and N85,000 earlier this year, and now I have to sell them for as low as N65,000. The fall came suddenly, and it’s been tough for us,” Okoro said.
She added that while customers are pleased, traders are struggling to recover their investments. “Rice doesn’t spoil easily, but when prices drop this way, our capital just ties down. Some of us can’t even restock,” she said.
Okoro urged the government to help stabilise prices by supporting local farmers and improving production and distribution.
“The government needs to provide incentives for local farmers and improve infrastructure for storage and distribution. That way, the cost of production will reduce, and rice will remain affordable,” she said.
At Festac Town Market, a retailer, Mrs Edith Nwaruh, said that Pretty Lady rice now sells for N57,000, Mama Africa for N62,000, Mama Gold for N67,000, and Big Bull Premium for N73,000.
She explained that the decline began around August following improved 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 said.
Another trader at the Mile 12 Market, Mr Odion Michael, said the situation had both positive and negative sides. “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 who preferred to remain unnamed linked the drop in prices to the reopening of land borders, which has allowed more rice imports from neighbouring countries.
“The market is now flooded with both imported and locally produced rice, so prices are down. But this may not last, as prices could rise again before December due to unstable supply,” he said.
At Oyingbo Market, a trader, Mr Ben Chidi, said that the glut was caused by improved supply and reduced hoarding. “Government support for farmers and better transport systems helped increase distribution. It’s good news for consumers,” he said.
Some buyers said the drop had come at the right time.
A consumer, Mrs Andriana Okoromaro, said, “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.”
Another shopper, Mrs Oluwaseun Alade, said she hoped prices would remain low during the festive season. “Rice is important during Christmas and New Year. If this drop continues, more families can celebrate without stress,” she said.
However, another consumer, Mrs Ngozi Okolie, noted that reduced purchasing power might also be affecting sales. “People don’t have much money. Even though prices are down, demand is still low because the economy is slow,” she said.
