Traders and consumers in Lagos State are reacting to a significant decline in rice prices in major markets across the state.
According to reports from NAN, the cost of a 50-kilogram bag of rice has fallen to between ₦55,000 and ₦75,000, down from ₦85,000 earlier this year, representing a roughly 35% decrease. Traders at Mile 12 and Oyingbo markets confirmed the current prices.
Nigerian shoppers have welcomed the development, highlighting the relief it brings to household budgets. “With rice now cheaper, we can finally stretch our budgets. Even if other food items remain expensive, this helps a lot,” one shopper told NAN.
However, rice traders expressed concern over the sudden drop, warning that it could threaten small-scale businesses. “The fall was too sudden. We’re selling at a loss just to stay in business. Small traders may not survive this,” said a dealer at Oyingbo Market.
Analysts attribute the price decline to the reopening of land borders and government import waiver policies on staple foods.
