Rice Prices Plummet Across Lagos Markets as Import Surge Eases Consumer Pressure

Rice prices have fallen sharply in major markets across Lagos following a recent increase in imports through Nigeria’s land borders, offering relief to consumers grappling with high food costs.

However, while buyers welcome the development, many traders have expressed concern that the sudden drop in prices could threaten their profit margins and long-term business viability.

A market survey by the News Agency of Nigeria (NAN) revealed that a 50kg bag of rice now sells for between ₦55,000 and ₦70,000, depending on the brand and market location.

Both local and imported rice varieties have seen significant price reductions, marking a reversal from the steep rise recorded earlier in the year.

In major trading hubs such as Oyingbo, Arena (Oshodi), Festac Town, and Mile 12, a 50kg bag of locally produced rice, which cost around ₦85,000 in January, now sells for between ₦60,000 and ₦70,000.

Similarly, the price of foreign rice, which was about ₦95,000 at the start of 2025, has dropped to between ₦65,000 and ₦75,000, depending on the brand and market.

Traders attribute the price drop to the reopening of border routes and an increase in rice inflow, which have boosted supply and stabilised the market.

While consumers have welcomed the reduction as a sign of relief amid economic hardship, some sellers say they are counting their losses after stocking up when prices were high.

Market analysts believe that maintaining price stability will depend on consistent border management and the federal government’s agricultural policies aimed at balancing local production with import supply.

The current price trend, they say, may provide temporary relief for households but poses a challenge for local farmers and retailers already struggling with production and logistics costs.