Rice Prices Fall in Lagos Markets as Supply Increases

Rice prices in Lagos have significantly dropped in recent weeks following an increase in both local and imported supply, bringing relief to consumers who have been burdened by rising food costs. The recent decline is linked to improved domestic production, efficient milling operations, and the arrival of new consignments through Nigeria’s seaports.

A market survey across major Lagos markets, including Daleko, Mile 12, Oyingbo, and Ikotun, revealed that a 50kg bag of locally milled rice, which sold for between ₦75,000 and ₦80,000 last month, now goes for ₦60,000 to ₦65,000. Imported brands that previously retailed for up to ₦85,000 per bag are now available for ₦67,000 to ₦70,000, depending on quality and brand.

Dealers at the Daleko Market confirmed that the drop in prices has attracted more customers. According to a trader, Mrs. Adebisi Adeyemi, “Sales have improved because people can now afford rice again. We are selling more bags daily compared to a few weeks ago when prices were too high.”

At Mile 12 Market, a rice wholesaler, Ibrahim Musa, attributed the drop to increased deliveries from northern states. “We have been getting consistent supplies from Kebbi, Kano, and Ebonyi. The trucks come in almost every day now, and that’s why prices are falling,” he said.

Experts say the price drop highlights the impact of government interventions and private sector participation in the agricultural sector. Programs like the Anchor Borrowers’ Programme and public-private partnerships have boosted rice farming and milling across the country.

An agricultural economist, Dr. Adekunle Ogunleye, explained that the price decline is a natural response to improved market efficiency. “When farmers have access to quality inputs and mills operate at full capacity, supply increases, and prices adjust accordingly. What we are seeing now is the result of better coordination along the value chain,” he said.

The Rice Farmers Association of Nigeria (RIFAN) also reported that over two million metric tonnes of paddy rice were harvested during the last farming season, strengthening local supply. The association added that Nigeria’s self-sufficiency in rice production is gradually improving despite logistic and infrastructural challenges.

Private sector players such as Olam Nigeria, Labana Rice Mills, and Coscharis Farms have expanded operations and invested in advanced milling technology to meet the rising demand. These investments have reduced post-harvest losses and helped sustain the flow of rice into urban markets like Lagos.

However, traders have expressed caution, warning that the price reduction may not last if supply is disrupted. “If there are issues with transportation or fuel prices rise again, we could see prices climb back up,” said Chidi Nwosu, a dealer at Oyingbo Market.

The ripple effect of the rice price drop is also being felt across other food staples such as beans and garri, which have recorded slight price reductions due to lower transportation costs and improved logistics. Analysts believe the trend could help moderate the country’s overall inflation rate, which has been largely driven by food prices.

According to the latest data from the National Bureau of Statistics (NBS), Nigeria’s food inflation rate dropped slightly from 33.9% to 33.3%, reflecting the impact of increased supply in key food commodities. Economists expect this trend to continue if the government maintains its support for agriculture and food distribution systems.

In response to the development, the Lagos State Government reiterated its commitment to strengthening the food supply chain. The Commissioner for Agriculture, Abisola Olusanya, noted that the state’s Lagos Food Systems Transformation Project is helping to link farmers to urban markets while improving storage and transportation networks.

“The reduction in rice prices is a good sign for our economy and households. Our goal is to ensure Lagosians have access to affordable, nutritious food all year round,” Olusanya stated.

Consumers have welcomed the price decline, describing it as a much-needed relief amid economic challenges. “Last month, I couldn’t afford a full bag, but now I was able to buy one for my family,” said Mrs. Opeyemi Aina, a resident of Surulere. “We just hope it stays this way.”

Stakeholders, however, cautioned that sustaining the positive trend will depend on consistent government policies, investments in irrigation, and climate resilience. They urged authorities to continue supporting local farmers and millers to prevent future supply shortages.

As Lagos markets enjoy increased supply and price relief, the decline in rice prices is seen as a positive indicator for Nigeria’s broader food market. Analysts say if maintained, it could restore consumer confidence, boost spending power, and further strengthen the country’s drive toward agricultural self-sufficiency and food security.

With collaborative efforts among farmers, millers, transporters, and government agencies, Nigeria’s rice sector appears on a promising path — one that could significantly contribute to stabilizing food prices and improving living standards nationwide.