Rice prices have dropped sharply across major Lagos markets, sparking mixed reactions among traders and consumers.
A market survey by the News Agency of Nigeria (NAN) revealed that a 50kg bag of rice now sells between ₦55,000 and ₦75,000, a significant fall from the ₦85,000 recorded earlier this year — representing about a 35% price drop.
At the Mile 12 and Oyingbo markets, shoppers welcomed the development, saying the lower prices had brought some relief amid the rising cost of other food items.
“With rice now cheaper, we can finally stretch our budgets. Even if other food items remain expensive, this helps a lot,” a shopper told NAN.
However, the sharp decline has left many rice traders worried about their survival.
“The fall was too sudden,” lamented a rice dealer at Oyingbo Market. “We’re selling at a loss just to stay in business. Small traders may not survive this.”
Analysts attribute the sudden price slump to the reopening of land borders and the import waiver policy recently introduced by the Federal Government to ease food inflation.
While the drop in rice prices is a welcome relief for millions of Nigerians, many small-scale traders fear prolonged low prices could drive them out of business unless the market stabilises soon.
