The Digest:
Rice prices in Lagos have experienced a significant drop, with a 50kg bag now selling for between ₦55,000 and ₦70,000, down from highs of ₦85,000 to ₦95,000 earlier this year. The sudden decline, attributed to a surge in imports and improved local harvests, has brought relief to consumers but left traders counting heavy losses and fearing for their business sustainability.
Key Points:
- Rice prices in Lagos have crashed, with a 50kg bag now selling for ₦55,000–₦70,000.
- The drop is driven by increased imports and improved local supply from northern states.
- Traders report selling at a loss, having purchased stock at much higher prices earlier this year.
- Popular markets like Oyingbo, Arena, Festac, and Mile 12 are all affected.
- Consumers express relief, noting the timing is crucial ahead of the festive season.
- Some traders attribute the glut to border reopenings and government support for local farmers.
- Concerns remain that the price drop may be temporary, with potential surges before December.
A Market in Flux.
Sources: NAN, Trader and Consumer Reports
Tags: Rice Price, Lagos Market
