Across major markets such as Oyingbo, Arena (Oshodi), FESTAC Town, and Mile 12, both local and imported rice varieties have recorded significant price declines. A 50kg bag of local rice that sold for around ₦85,000 in January now goes for between ₦60,000 and ₦70,000, while foreign brands that cost as high as ₦95,000 earlier in the year now sell between ₦65,000 and ₦75,000, depending on the market and brand.
For consumers, the development is a welcome relief amid Nigeria’s persistent food inflation. For traders, however, it has become a financial nightmare.
At Arena Market, a rice dealer, Mrs Precious Okoro, said the sudden crash has forced many sellers to sell at heavy losses.
“We are selling at a loss. I bought several bags at ₦80,000 and ₦85,000 earlier 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,” she lamented.
Okoro noted that while customers are excited about the drop, many traders have their capital tied up in old stock purchased at higher prices.
“Rice doesn’t spoil easily, but when prices crash this way, our capital just sleeps. Some of us can’t even restock,” she said, urging the government to stabilise rice prices through support for local farmers and better supply chain infrastructure.
At FESTAC Town Market, retailer Mrs Edith Nwaruh confirmed that popular brands such as Pretty Lady, Mama Africa, and Mama Gold now sell for between ₦57,000 and ₦67,000 per 50kg bag. She attributed the decline to an increase in supply from both local farms and foreign imports that started flooding markets around August.
“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.
Other traders share similar concerns. At Mile 12 Market, Mr Odion Michael described the price collapse 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,” he said.
A rice farmer who spoke anonymously confirmed that the reopening of land borders had allowed an influx of rice from neighbouring countries, flooding the local market. He cautioned, however, that the decline may be temporary.
“Prices might rise again before December if the market becomes unstable or supply drops,” he warned.
Despite the traders’ worries, consumers are embracing the development. Mrs Andriana Okoromaro, a mother of three, said the price drop was a welcome relief amid the high cost of other essential foods.
“At least rice is affordable again. I used to buy half a bag; now I can buy a full one for the family,” she said.
Similarly, Mrs Oluwaseun Alade expressed hope that the prices remain stable during the festive season.
“Rice is essential during Christmas and New Year. If this continues, more families can celebrate without stress,” she said.
However, another consumer, Mrs Ngozi Okolie, observed that low purchasing power may also be contributing to the drop.
“People don’t have much money these days. Even with lower prices, demand isn’t as high because the economy is slow,” she explained.
As Lagos consumers enjoy temporary relief from one of Nigeria’s most consumed staples, traders remain anxious about the sustainability of their businesses — and whether this unexpected price swing will stabilise or spiral again before the year ends.