Prices of locally produced and imported rice have dropped significantly across major markets in Lagos, bringing relief to consumers after months of rising food costs.
Findings from several Lagos markets indicate that the fall in rice prices stems from greater availability of local produce and improved supply chains.
At major markets such as Mile 12, Oyingbo, Daleko, and Iddo, traders confirmed that the price of a 50kg bag of local rice, which previously sold for between N75,000 and N80,000, now goes for around N62,000 to N65,000. Similarly, some imported brands have also recorded price drops, selling between N68,000 and N70,000 depending on the location and market demand.
According to traders, the decline in price followed the arrival of new stock from the northern part of the country and the opening of local milling plants that have boosted supply. A rice dealer at Daleko Market, identified as Mrs. Chinyere Obi, said, “We are beginning to see more local rice in the market, and that’s helping to stabilize the prices. People are buying more now compared to a few months ago when prices were too high.”
Consumers have welcomed the development, saying it offers hope as the cost of living continues to bite. A buyer at Mile 12 Market, Mr. Samuel Adeyemi, said the reduction in rice prices will make it easier for families to afford staple foods. “This is good news for everyone. Rice is a daily meal in most homes, and we’ve been struggling to buy it. I just bought two bags today because it’s cheaper,” he said.
Market analysts have linked the price drop to increased agricultural productivity and efforts by the federal government to enhance local food processing. They, however, cautioned that sustaining the reduction will depend on consistent supply and stable fuel prices to reduce transportation costs.
Meanwhile, traders expressed optimism that prices could fall further in the coming weeks as more farmers complete their harvest. They also urged the government to maintain support for local producers and strengthen border controls to prevent the smuggling of substandard rice into the country.
