Experts say Nigeria’s rice price drop reflects import policy success but reveals a conflict between consumer relief and trader profitability.
Economists have attributed the mixed reactions trailing the recent fall in rice prices across Nigeria to conflicting interests between consumers and traders.
Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, and Executive Officer of SD & D Capital Management, Idakolo Gbolade, stated this in an interview with DAILY POST.
Reports showed that the price of a 50kg bag of rice dropped from ₦85,000 earlier in 2025 to between ₦55,000 and ₦75,000 in Lagos markets such as Mile 12 and Oyingbo, while Abuja traders sell between ₦65,000 and ₦85,000 depending on the brand.
The National Bureau of Statistics also reported a decline in headline and food inflation to 18.02% and 16.87% respectively in September 2025.
Yusuf explained, “It is due to conflict of interest. Nigerians want cheaper rice, while business owners want higher profit margins.” He urged the government to “create the balance” through consistent policies and incentives that sustain affordability without crippling traders.
Idakolo noted that the drop reflected the success of the government’s temporary import waiver policy, saying it has started yielding positive results and stabilizing the economy.