by Peter Anayo

Rice prices have dropped drastically in several Lagos markets due to a surge in imports through the borders, easing the burden on consumers.

The development, however, has raised concern among traders over reduced profits and business sustainability.

The News Agency of Nigeria reports that 50 kg of rice in Lagos currently sells for between N55,000 and N70,000, depending on the brands.

The traders and consumers who spoke with NAN in separate interviews in Lagos disclosed that the staple food has witnessed a sudden crash in price.

They noted that both local and foreign rice brands have witnessed a steep drop in price, reversing the surge seen earlier in the year.

In popular markets such as Oyingbo, Arena (Oshodi), Festac Town, and Mile 12, a 50kg bag of local rice that sold for around ₦85,000 in January now goes for between ₦60,000 and ₦70,000.

Similarly, foreign rice, which was ₦95,000 at the beginning of the year, currently sells for between ₦65,000 and ₦75,000, depending on the brands and market location.

Published Date: October 27, 2025