Rice Prices Drop Sharply in Lagos Markets as Imports Flood Nigeria’s Borders

Rice prices in Lagos have dropped to between ₦55,000 and ₦70,000 for a 50kg bag, depending on the brand and location.
Traders say the fall in rice prices was triggered by increased imports and improved local production across Nigeria.
Many rice dealers in Lagos lament selling at a loss, urging government support to stabilise the rice market.
Consumers are happy with the new rice prices, describing the development as a major relief amid rising food costs in Nigeria.

The cost of rice has fallen sharply across major markets in Lagos State, as Nigeria’s reopened borders have led to a surge in rice imports and an overflow of both local and foreign brands in the market.

Market checks show that a 50kg bag of rice now sells for between ₦55,000 and ₦70,000, depending on the brand and market. Traders who spoke with reporters expressed relief for consumers but frustration over their own financial losses.

At Oyingbo, Arena (Oshodi), Festac Town, and Mile 12 markets, the staple food now sells far below the prices seen at the beginning of the year. Local rice that previously cost about ₦85,000 now goes for ₦60,000–₦70,000, while foreign brands that reached ₦95,000 earlier this year are now between ₦65,000 and ₦75,000.

At the Arena Market, a rice trader, Mrs. Precious Okoro, said the sudden drop has caused major financial setbacks for dealers.

“We are selling at a loss. I bought several bags at ₦80,000 and ₦85,000 early this year, and now I’m forced to sell them for as low as ₦65,000,” she lamented.

Okoro explained that while consumers are delighted, many traders cannot recover their capital or restock. She urged the government to support local rice farmers and stabilize market prices through production incentives and improved distribution networks.

At FESTAC Town Market, retailer Mrs. Edith Nwaruh said the decline started around August following reports of a bumper local harvest and an increase in imported rice.

“We have more rice in the market now. Local and foreign supply increased, and prices had no choice but to drop,” she said.

Nwaruh listed current prices for popular 50kg rice brands: Pretty Lady (₦57,000), Mama Africa (₦62,000), Mama Gold (₦67,000), and Big Bull Premium (₦73,000).

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

“Consumers are smiling, but traders are bleeding. We want prices to be stable, not rising or crashing suddenly,” he noted.

A rice farmer who requested anonymity said the fall was due to the reopening of Nigeria’s land borders, which triggered a rush of imported rice from neighbouring countries. He warned that the decline may not last, predicting that prices could rebound before the festive season if supply drops.

At Oyingbo Market, Mr. Ben Chidi said the government’s renewed support for local farmers and better distribution networks also played a role in boosting supply and reducing prices.

Consumers, on the other hand, expressed relief.

Mrs. Andriana Okoromaro, a Lagos resident, said the price drop was timely amid the general rise in food costs.

“At least rice is affordable again. I used to buy half a bag because of the price, but now I can afford a full bag,” she said happily.

Another consumer, Mrs. Oluwaseun Alade, said she hopes prices stay low during Christmas and New Year celebrations.

“Rice is a must-have during the festive period. This drop, if it lasts, means more families can enjoy the holidays,” she said.

However, Mrs. Ngozi Okolie, another buyer, noted that the fall in prices is not only due to higher supply but also because of weakened purchasing power among Nigerians.

“Even though rice is cheaper, many people don’t have enough money to buy in bulk. The economy is still tough,” she explained.

While traders count their losses, consumers across Lagos are hopeful that the new trend in rice prices will continue to ease the pressure on household budgets.