A surge in rice imports through reopened borders has triggered a sharp drop in prices across Lagos markets.
Rice prices have plunged across major Lagos markets following an influx of imported and locally produced rice, offering relief to consumers but sparking concern among traders.
Market checks by the News Agency of Nigeria show that a 50kg bag of local rice now sells for between ₦60,000 and ₦70,000, down from about ₦85,000 in January. Foreign brands that sold for ₦95,000 now range from ₦65,000 to ₦75,000.
At the Arena Market, rice dealer Mrs Precious Okoro said, “We are selling at a loss. I bought several bags at ₦80,000 and ₦85,000 early this year, and now I have to sell them for as low as ₦65,000.”
Other traders attributed the decline to the reopening of land borders and improved local harvests.
Consumers, however, described the development as timely relief. “At least rice is affordable again,” said Mrs Andriana Okoromaro, who noted that falling prices have eased household strain.