Rice prices across Nigeria are falling, offering relief to households struggling with rising food costs, industry experts and traders say.
Lagos State Governor Babajide Sanwo-Olu confirmed the drop in price when he announced on Friday, November 26 at the 60th Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria, that Lagos-produced rice now sells for between N57,000 and N58,000 per 50kg bag.
He described the drop in price as a sign of improving inflation and economic stability.
Rice price crashes
Sanwo-Olu said the current market price for rice reflects broader macroeconomic reforms and a disciplined monetary environment, crediting the Central Bank of Nigeria (CBN) for stabilising inflation, foreign exchange, and investor confidence.
His words:
He said, noting that Lagos runs the country’s largest rice mill with over 200,000 bags ready for sale.
Markets nationwide report similar trends.
In Owerri, Imo State, traders linked the fall in prices to the gradual end of the rainy season, which reduced spoilage and preserved grains.
A 50kg bag of local rice that sold for N65,000 now goes for about N60,000, while a 25kg bag dropped from N32,500 to N25,000.
Foreign rice, once as high as N90,000, now ranges between N72,000 and N75,000, Punch reports.
Dealers speak on price changes
Traders, however, voiced concerns over profit margins. PremuimTimes reports.
Precious Okoro, a rice dealer in Lagos, said:
“I bought several bags at N80,000–85,000 earlier this year. Now I have to sell them for as low as N65,000. Consumers are happy, but traders are counting losses.”
Consumers nationwide also welcomed the price drop
Andriana Okoromaro a civil servant said:
“At least rice is affordable again to an extent. I used to buy a half-bag because it was too expensive. Now I can buy a full bag for the family.”
“If this continues, more families can celebrate the festive season without worry.”
Analysts caution that the decline may be temporary, with market instability and fluctuating supply potentially causing prices to rise again before December.
Experts attribute the current drop to improved local harvests, increased imports following the reopening of land borders, and better distribution channels across the country.
Wale Edun happy with new rice price
Earlier, Legit.ng reported that Wale Edun, Nigeria's Minister of Finance and Coordinating Minister of the Economy has said that the federal government’s economic reforms are beginning to show signs of results.
In an opinion piece released over the weekend titled “Nigeria Turning Towards Prosperity”.
He said inflation pressures have eased, referencing the price of a 50kg bag of rice now averaging N80,000 about N20,000 lower than last year’s average of N100,000 N120,000.
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