Rice Price Drops in Lagos, Major Cities, Farmers Predict Further Cuts, Lagos Sells at N57k per 50kg
- There is massive change in the price of rice, Nigeria’s staple, with farmers predicting further drop in rates
- The development comes as the Lagos state government released the commodity to the public at N57,000 per 50kg
- However, the local farmers have decried the import policy of the Nigerian government, saying it has impacted their profit margin
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The cost of rice has taken a surprising dip across Lagos and several key cities in Nigeria after the state government slashed the price of its own brand, Lagos Rice, to N57,000 per 50kg bag.
The announcement, which came from Governor Babajide Sanwo-Olu, immediately triggered excitement among both consumers and stakeholders who have battled sky-high food inflation for months.
Source: Getty Images
The price slash marks a bold intervention designed to ease the pressure on households ahead of the Christmas season.
The News Agency of Nigeria reports that the Lagos Rice price fell from N64,000 to N57,000, instantly closing in on the cost of imported varieties and forcing competitors to rethink their prices.
Stakeholders praise price cut and predict further drops
Farmers’ associations in Lagos say the change is more than symbolic.
They believe the ripple effect will spread quickly across markets and wholesalers, leading to even more competitive pricing in the coming weeks.
The Vice Chairman of the All Farmers Association of Nigeria, Southwest and Lagos chapter, Sakin Agbayewa, described the move as a major win for consumers and the local market.
Agbayewa noted that Lagos Rice now competes directly with imported brands which currently sell between N52,000 and N56,000 depending on location.
He believes that the state’s intervention will push competition harder and could trigger a bigger market adjustment.
He said dealers buying closer to border towns get rice at N52,000 while those in central markets pay up to N56,000 due to transportation costs.
He also emphasized that a price drop at this scale signals something bigger than savings.
For many families, it’s a question of quality and safety. According to him, Lagos Rice moves from farms to processing plants and into the market in under a year.
Imported rice, he said, could sit in storage for three to five years before reaching shelves.
For him, the N57,000 cost is the better tradeoff when freshness and nutritional value are considered.
Local rice producers call for more support
The Chairman of the Rice Farmers Association of Nigeria in Lagos, Raphael Hunsa, hailed the government’s decision as a timely move.
He believes the price slash reflects proactive policymaking aimed at lowering food costs and supporting local agriculture.
Hunsa said Nigeria can stabilize rice prices permanently if more farmers are empowered to produce all year round.
Increased output means lower prices and better food security for the nation.
He urged the government to continue supporting local production as the most effective long-term strategy.
With Christmas only weeks away, Hunsa says the new price will give families a reason to celebrate, and many will feel the relief directly at the markets and dinner tables.
A ripple effect ahead of the festive season
With the festive period fast approaching, Lagos residents are already feeling encouraged.
The state government’s intervention looks set to reshape the rice market while giving families more room in their budgets.
As more producers join the competition, farmers and consumers expect prices to settle even further in the coming weeks.
Rice price crash, farmers decry import policy
A prior report by Legit.ng disclosed that the price of rice plummeted by N20,000 per kg bag as importers flooded the market.
Rice, which rose to as high as N80,000 per bag in May this year, now sells for at about N52,000 per 50kg.
Source: Getty Images
Local farmers decried the import policy of the Nigerian government, disclosing that they are heavily impacted by it.
Rice prices drop sharply across markets
Legit.ng earlier reported that the cost of rice has fallen sharply in several Lagos markets, bringing temporary relief to consumers but sparking anxiety among traders about declining profits and business sustainability.
According to the News Agency of Nigeria, a 50-kilogram bag of rice now sells between N55,000 and N70,000, depending on the brand and location.
Both imported and locally produced varieties have recorded a significant price reduction, reversing the sharp increases recorded earlier in the year.
Source: Legit.ng
