Rice prices have fallen sharply across Lagos markets, bringing much-needed relief to struggling households.
Traders currently sell a 50kg bag for between ₦55,000 and ₦70,000, reversing the steep increases seen earlier this year.
Rice Price Drop Eases Household Budgets
Both local and imported rice varieties have dropped significantly because farmers improved harvests and suppliers increased stock levels.
At FESTAC Town Market, traders offer Pretty Lady rice for ₦57,000, Mama Africa for ₦62,000, Mama Gold for ₦67,000, and Big Bull Premium for ₦73,000.
Markets Respond To Higher Supply
Retailer Edith Nwaruh explained that prices began falling in August after local farmers boosted production and northern states shipped more rice to the city.
“When we have more rice in the market, prices must fall,” she added.
Consumers Celebrate Affordable Rice
For shoppers, the timing feels perfect.
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Andriana Okoromaro said the price drop brought a “big relief,” allowing her to buy a full bag for her family.
Similarly, Oluwaseun Alade expressed hope that prices remain low through the festive season so families can celebrate without worry.
Experts point out that the reopening of land borders, improved distribution channels, and higher imports from neighbouring countries caused the decline.
However, some traders warn that prices might rise again before December because of market instability.
Despite their losses, traders continue supplying rice, ensuring Lagos residents enjoy affordable staples.
Across markets from Oyingbo to Mile 12, families stock up, grateful for rice that eases household budgets amid wider economic challenges.
