The price of rice has dropped significantly across major Lagos markets, providing much-needed relief for consumers but sparking concern among traders over reduced profit margins and business sustainability.
According to a market survey conducted 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 and location — a sharp decline from earlier prices in the year.
At popular markets such as Oyingbo, Arena (Oshodi), Festac Town, and Mile 12, a 50kg bag of local rice that sold for about ₦85,000 in January 2025 now goes for ₦60,000 to ₦70,000. Similarly, foreign rice, which cost around ₦95,000 earlier in the year, now sells for ₦65,000 to ₦75,000.
Traders attribute the price crash to increased supply and reduced demand following improved local harvests and easing import restrictions.
At the Arena Market, a rice dealer, Mrs. Precious Okoro, lamented that the rapid drop had negatively impacted traders’ profits.
“We were buying at higher prices earlier in the year, so the sudden fall means many of us are selling at a loss just to keep goods moving,” she said.
While consumers have welcomed the new prices as a relief amid high living costs, traders fear the current trend could threaten business viability if it persists without corresponding cost adjustments from suppliers.
