The price of rice has fallen sharply across major markets in Lagos following a surge in supply from increased import activities through Nigeria’s borders.
Traders and market survey reports indicate that the influx of imported rice in recent weeks has led to a noticeable drop in retail prices, bringing relief to consumers who had struggled with soaring food costs.At popular markets such as Mile 12, Daleko, and Oyingbo, the price of a 50kg bag of rice — which previously sold for between ₦75,000 and ₦80,000 — now goes for as low as ₦58,000 to ₦62,000, depending on the brand and quality.
Some traders attributed the price crash to improved border activities and government’s relaxed import controls, which have allowed more rice to enter the country.
Others noted that the strong competition among distributors has also forced prices down.Consumers, meanwhile, have expressed delight over the development, hoping the trend continues as the festive season approaches.
Economists say the price drop could offer temporary relief to households but caution that sustainability will depend on consistent supply and stable foreign exchange rates.