[JUST IN]: Price Of Bag Of Rice Reduce Drastically in Nigerian Market - The National Association of Nigerian Traders NANTS

The price of rice has fallen significantly across major markets in Lagos, bringing relief to consumers but causing concern among traders who say they are now selling at losses.

A market survey by the News Agency of Nigeria (NAN) revealed that a 50kg bag of rice now sells between ₦55,000 and ₦70,000, depending on the brand and location. At markets such as Oyingbo, Arena (Oshodi), FESTAC Town, and Mile 12, local rice brands that sold for around ₦85,000 in January now go for between ₦60,000 and ₦70,000, while foreign rice brands have dropped from ₦95,000 to between ₦65,000 and ₦75,000.

Many traders say the price crash has left them counting huge losses. At the Arena Market, rice dealer Mrs. Precious Okoro said she was forced to sell below her purchase price. “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. The fall came suddenly, and it’s been tough for us,” she lamented. She called on the government to support local farmers with incentives and better infrastructure for storage and distribution to ensure price stability.
At the FESTAC Town Market, trader Mrs. Edith Nwaruh listed current prices as follows: Pretty Lady (₦57,000), Mama Africa (₦62,000), Mama Gold (₦67,000), and Big Bull Premium (₦73,000).

Some farmers have attributed the price slump to the reopening of land borders, which has led to an influx of imported rice. “The market is flooded with imported and locally produced rice. That’s why prices have dropped, but it may not last. By December, prices could rise again because supply is unstable,” said a rice farmer who preferred anonymity.

At the Mile 12 Market, trader Mr. Odion Michael described the situation as a “double-edged sword.” “Consumers are happy, but traders are weeping. We want prices to be stable, not jumping or falling suddenly. Price stability helps us to plan our business,” he said.

For many Lagos households, the price drop is a welcome development amid rising living costs. Mrs. Andriana Okoromaro, a consumer, said: “At least rice is affordable again. I used to buy half a bag because it was too expensive. Now I can buy a full bag for my family. It’s a big relief.”
Another shopper, Mrs. Oluwaseun Alade, expressed hope that prices would remain low during the festive season. “Rice is essential during Christmas and New Year. This drop, if sustained, means more families can celebrate without worry,” she said.

However, Mrs. Ngozi Okolie pointed out that even with cheaper prices, sales remain slow. “People don’t have much money, even with lower prices. The economy is slow, so even when goods are cheap, sales are not what they used to be,” she noted.

While the fall in rice prices has eased pressure on consumers, traders and farmers warn that without consistent supply and stronger local production policies, the current trend may be short-lived.

Source: NAN