New Rice Prices Emerge in Lagos as Some Brands Get Cheaper and Others Rise
- Rice prices in Lagos are mixed, with a 50kg bag of agric rice dropping to N55,000 while Cap Rice rises to as much as N77,000
- Some rice brands have become cheaper, but others have recorded price increases due to scarcity and high demand
- Rice farmers say government support and lower production costs could help stabilise prices and make rice more affordable for Nigerians
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Some Lagos residents are enjoying relief from falling rice prices, while others are paying more for their preferred brands as prices continue to move in different directions across markets.
Traders and consumers who spoke to the News Agency of Nigeria (NAN) on Sunday reported price reductions in some varieties and fresh increases in others, leaving households to adjust their food budgets.
Source: UGC
Agric rice drops to N55,000 per 50kg bag
A 50kg bag of agric rice, including People’s Choice, now sells for about N55,000, down from between N60,000 and N65,000 recorded between July and September.
Similarly, a derica of My Choice rice now costs between N1,000 and N1,100, compared with N1,300 to N1,500 previously.
Chioma Chigozie, a fashion designer and consumer at Costain, said the reduction had provided some relief to her household. However, she noted that rice remained expensive given the current economic situation and consumers’ purchasing power.
She added that the high cost of the staple food had forced her family to reduce consumption while managing other household expenses.
Daniel Nwachukwu, a rice trader at Okerube Bus Stop, Ikotun, said customers had welcomed the lower prices of some agric rice varieties. He expressed hope that prices would continue to decline as the festive season approaches.
Precious John, a food seller at Eko Idumota, also said the earlier price reduction had encouraged more customers to buy rice, improving sales prospects for traders.
The Lagos State Chairman of the Rice Farmers Association of Nigeria, Raphael Hunsa, said falling prices did not necessarily mean farmers were losing money.
He explained that rice prices depended on production costs and market conditions, adding that government support through tractors and agricultural inputs could help farmers reduce expenses and maintain affordable prices.
Cap Rice, other brands climb to N77,000
Despite the reductions, several rice varieties have become more expensive.
Samuel Igwe, a foodstuff trader on Oroku Street, Costain, said a 50kg bag of BHOG and Yummy Gold rice now sells for between N61,000 and N62,000, up from N56,000 to N57,000.
Cap Rice has also increased from between N60,000 and N65,000 to between N70,000 and N77,000 per 50kg bag. Igwe attributed the high price partly to scarcity, which has made the variety harder to obtain.
Other brands, including Nigerian rice, Three Brothers, African Choice and Elephant Gold, have risen from about N48,000 to between N54,000 and N55,000 per 50kg bag.
Another trader at Ebutero Korodom Market, identified as Kehinde, said rice prices had risen again following a period of decline because of limited supply and high demand.
An anonymous trader at the market added that Big Bull rice had increased from about N55,000 in August to N58,000, while My Choice and Mr Rice rose from around N53,000 to N60,000.
Source: Getty Images
Traders attributed earlier price reductions partly to the arrival of newly harvested rice and increased supplies through the borders.
Sustained improvements in supply, alongside lower production and transportation costs, could help stabilise prices and make rice more affordable for Nigerian households.
Source: Legit.ng
