Price of rice reduces in Lagos
Rice prices have reduced drastically in Lagos markets following a rise in supply from both local harvests and imports through reopened land borders.
The change has eased costs for consumers but raised concerns for traders facing reduced profits.
Currently, a 50kg bag of rice sells between N55,000 and N70,000, depending on the brand and market.
Earlier this year, local rice in markets such as Oyingbo, Arena (Oshodi), Festac Town, and Mile 12 cost around N85,000, while imported rice went for about N95,000.
The sudden drop has reversed the price increases seen in the first part of the year.
Traders report that selling at the new prices has left many struggling to recover their investments.
At Arena Market, some sellers say they bought bags at N80,000 to N85,000 and now must sell for as low as N65,000.
The fall has provided relief to buyers but limited capital for restocking, affecting business planning.
The price decline is linked to increased local harvests and more rice entering the market from northern states and neighboring countries.
Traders said that while consumers are happy with lower prices, the instability makes planning difficult, and prices could rise again before December.
