Price Of Rice Crashes Across Lagos Markets

Rice prices have dropped drastically in several Lagos markets, easing the burden on consumers.

The development however, has raised concern among traders over reduced profits and business sustainability.

It was reported that a 50kg of rice is currently selling in Lagos for between N55,000 and N70,000 depending on the brands.

The traders and consumers in Lagos disclosed that the stable food has witnessed a sudden crash in the price.
They noted that both local and foreign rice brands have witnessed a steep drop in price reversing the surge seen earlier in the year

In popular markets such as Oyingbo, Arena (Oshodi), FESTAC Town and Mile 12, a 50kg bag of local rice that sold for around N85,000 in January now goes for between N60,000 and N70,000.

Similarly, foreign rice, which was N95,000 at the beginning of the year, currently sells for between N65,000 and N75,000, depending on the brands and market location.

At the Arena Market, Mrs Precious Okoro, a rice dealer, lamented that the recent crash had left many traders struggling to recover their investments.

We are selling at a loss. I bought several bags at N80,000 and N85,000 early this year, and now I have to sell them for as low as N65,000. The fall came suddenly, and it’s been tough for us,” Okoro said.

She added that while customers are excited about the new prices, traders are counting heavy losses.

She said: “Rice doesn’t spoil easily like other food items, but when prices crash this way, our capital just ties down. Some of us can’t even restock”.

Okoro said that the government needed to be intentional in stabilising the price of rice in the country through regular support to local farmers to boost the supply chain.

The government needs to provide incentives for local farmers to increase production and improve the infrastructure for storage and distribution.

“This will help to reduce the cost of production and make rice more affordable for consumers,” Okoro said.

At the FESTAC Town Market, a retailer, Mrs Edith Nwaruh, said a 50kg rice Pretty Lady sold for N57,000, Mama Africa, N62,000, Mama Gold, N67,000 and Big Bull Premium N73,000

Nwaruh said the decline began around August, following reports of improved local harvests and increased rice supply from northern states.

She said: “We have more rice in the market now. Local production improved, and imports also increased. When there’s too much supply, prices must drop”.

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

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

The National Bureau of Statistics (NBS) in its latest Consumer Price Index (CPI) Report indicated that headline inflation rate dropped by 210 basis points from 20.12 per cent in August 2025 to 18.02 per cent in September 2025. It was the sixth consecutive time since April 2025.

The decline in headline inflation rate was driven by broad improvements in prices, especially with substantial drop in prices of food items. Food inflation had dropped by 500 basis points from 21.87 per cent in August 2025 to 16.87 points in September 2025.