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Rice Prices Plummet in Lagos, Stability Concerns Rise

10/27/2025

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Summary

Story summary

In Lagos, a 50kg bag of rice now costs ?55,000–?70,000, down from ?85,000 earlier this year.
The decline results from increased imports and better local harvests.
Traders report losses, with some forced to sell below purchase prices.
Consumers welcome lower prices, but market stability concerns persist ahead of December.
Analysts warn that without government support for local production, Nigeria risks rice self-sufficiency.

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Story summary

In Lagos, a 50kg bag of rice now costs ?55,000–?70,000, down from ?85,000 earlier this year.
The decline results from increased imports and better local harvests.
Traders report losses, with some forced to sell below purchase prices.
Consumers welcome lower prices, but market stability concerns persist ahead of December.
Analysts warn that without government support for local production, Nigeria risks rice self-sufficiency.