Rice prices have experienced a significant drop across Lagos markets, driven by increased imports and improved local harvests. This unexpected decline brings relief to consumers but creates financial strain for traders facing substantial losses.
Market surveys show a 50kg bag of rice now sells between ₦55,000 and ₦70,000 depending on brand and location. At Oyingbo, Arena (Oshodi), FESTAC Town, and Mile 12 markets, local rice previously priced around ₦85,000 in January now ranges from ₦60,000-₦70,000. Imported brands have similarly fallen from ₦95,000 to ₦65,000-₦75,000.
Trader Struggles Amid Price Collapse
Many traders report selling below cost price. Mrs Precious Okoro at Arena Market lamented: “We’re operating at a loss. Bags bought for ₦80,000-₦85,000 now sell for ₦65,000. This sudden plunge has been devastating.” She urged government support for local farmers and improved storage infrastructure to stabilize production costs.
Current FESTAC Town prices reflect the downturn: Pretty Lady (₦57,000), Mama Africa (₦62,000), Mama Gold (₦67,000), and Big Bull Premium (₦73,000). Mile 12 trader Mr Odion Michael described the situation as a “double-edged sword,” emphasizing the need for price stability for business planning.
Consumer Relief and Market Uncertainties
For households, the timing provides crucial relief. Mrs Andriana Okoromaro shared: “I can now afford full bags instead of halves. This is a major burden lifted.” Mrs Oluwaseun Alade hopes prices remain low through the festive season: “Affordable rice means happier celebrations.”
An anonymous rice farmer attributed the crash to reopened land borders increasing imports. “The market is flooded now, but December may bring price hikes due to unstable supply,” he cautioned. Mrs Ngozi Okolie noted reduced consumer demand despite lower prices: “Even with cheaper goods, sales remain slow in this economy.”
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