The price of rice has witnessed a sharp decline across major Lagos markets following a surge in imports through reopened borders, offering relief to consumers but raising concerns among traders over declining profits.

A market survey by the News Agency of Nigeria (NAN) revealed that a 50kg bag of rice now sells between ₦55,000 and ₦70,000, depending on the brand and market location—significantly lower than the ₦85,000 to ₦95,000 price range recorded earlier in the year.

At markets such as Oyingbo, Arena (Oshodi), FESTAC Town, and Mile 12, both local and foreign rice brands have dropped steeply in price. A 50kg bag of local rice that sold for around ₦85,000 in January now costs between ₦60,000 and ₦70,000, while foreign rice, previously ₦95,000, is now sold for ₦65,000 to ₦75,000.

Traders Count Losses as Consumers Rejoice

At the Arena Market, rice dealer Mrs. Precious Okoro lamented the losses many traders are suffering due to the sudden price crash.

“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 added that while buyers are celebrating, traders’ capital remains tied up in old stock.

“Rice doesn’t spoil easily, but when prices crash like this, our money is stuck. Some of us can’t even restock,” she said, urging the government to stabilise rice prices and support local farmers to sustain production.

At FESTAC Town Market, retailer Mrs. Edith Nwaruh confirmed that brands such as Pretty Lady now sell for ₦57,000, Mama Africa for ₦62,000, Mama Gold for ₦67,000, and Big Bull Premium for ₦73,000. She said the drop began in August, following increased local harvests and improved supply from northern Nigeria.

“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 explained.

Border Reopening Fuels Supply Surge

A rice farmer and industry stakeholder, who requested anonymity, attributed the development to the reopening of land borders, which has led to increased inflows of rice from neighbouring countries.

He, however, warned that the current price drop might be temporary, cautioning that prices could rise again before December due to market volatility and fluctuating supply.

At Mile 12 Market, trader Mr. Odion Michael described the situation as a “double-edged sword.”

“Consumers are happy, but traders are weeping. We want prices to be stable, not jumping or falling suddenly. Stability helps us plan our business,” he said.

Consumers Welcome Relief

For many Lagos residents, the price decline offers much-needed relief amid soaring food costs.

At Oyingbo Market, consumer Mrs. Andriana Okoromaro said the drop was timely.

“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 the family. It’s a big relief,” she said.

Another consumer, Mrs. Oluwaseun Alade, expressed hope that prices would remain stable throughout the festive season.

“Rice is essential during Christmas and New Year. If the prices stay low, more families will be able to celebrate without worry,” she said.

However, Mrs. Ngozi Okolie, another shopper, noted that the decline might also reflect reduced purchasing power among Nigerians.

“People don’t have much money. Even with lower prices, sales aren’t what they used to be,” she said.

Despite traders’ losses, the easing of rice prices is a welcome relief for millions of households battling food inflation across Nigeria.