Rice Prices Drop in Lagos Markets, Traders Worried as Consumers Rejoice

The cost of rice in Lagos markets has seen a notable decrease, with a 50kg bag now selling between ₦55,000 to ₦70,000 depending on the brand and location. Local rice prices have dropped from ₦85,000 in January to ₦60,000 to ₦70,000, while foreign brands have decreased from ₦95,000 to ₦65,000 to ₦75,000.

Traders are facing losses, with some selling below purchase prices. Rice farmers attribute the price drop to the reopening of land borders allowing rice inflow from neighboring countries.

Consumers are pleased with the lower prices, but sellers are counting losses amid reduced demand.