Lagos Rice Prices Fluctuate as Some Brands Drop Costs

In Lagos, rice prices are experiencing fluctuations, with some brands becoming cheaper while others are rising. A 50kg bag of agric rice, including People’s Choice, is now priced at approximately N55,000, a decrease from N60,000 to N65,000 recorded between July and September.

A derica of My Choice rice has also dropped to between N1,000 and N1,100 from N1,300 to N1,500. Chioma Chigozie, a consumer, noted that while the reduction provides some relief, rice remains expensive due to the economic situation.

Daniel Nwachukwu, a rice trader, expressed hope for continued price declines as the festive season approaches. However, other varieties like BHOG and Yummy Gold rice have increased to between N61,000 and N62,000, up from N56,000 to N57,000.

The Lagos State Chairman of the Rice Farmers Association of Nigeria, Raphael Hunsa, stated that falling prices do not necessarily indicate losses for farmers, as prices depend on production costs and market conditions.