Prices of rice have dropped sharply across Lagos markets following increased supply from imports and local harvests, bringing relief to consumers but leaving traders worried about losses.
Rice prices have fallen sharply across major Lagos markets following an influx of imported and locally produced rice, bringing relief to consumers but concern among traders.
A 50kg bag of rice now sells for between ₦55,000 and ₦70,000, compared to about ₦85,000 in January. Foreign brands, which sold for ₦95,000 earlier in the year, now go for ₦65,000 to ₦75,000.
At Arena Market, dealer 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.”
At FESTAC Market, retailer Edith Nwaruh said the decline began around August due to improved harvests and higher imports.
A trader, Odion Michael, described the situation as a “double-edged sword,” saying, “Consumers are happy, but traders are weeping.”
Consumers like Andriana Okoromaro welcomed the drop, calling it “a big relief” amid the rising cost of other staples.