According to the report, a 50kg bag of rice now sells for ₦55,000–₦70,000, down from ₦85,000 (local) and ₦95,000 (imported) earlier this year. Markets like Oyingbo, Arena (Oshodi), Festac Town, and Mile 12 report price drops of 20–30%, attributed to improved local harvests, increased cross-border imports, and government support for farmers.
Traders Struggle Amid Price Crash
At Arena Market, trader Precious Okoro lamented selling at a loss: “I bought stocks at ₦80,000–₦85,000 but now sell for ₦65,000. Customers are happy, but our capital is trapped.” She urged government intervention to stabilize prices through farmer incentives and better storage infrastructure.
Festac retailer Edith Nwaruh noted specific brand prices: Pretty Lady (₦57,000), Mama Africa (₦62,000), and Big Bull Premium (₦73,000). She linked the decline to improved supply since August, stating, “When there’s excess, prices drop.”
Mixed Reactions: Relief and Uncertainty
Consumers like Andriana Okoromaro welcomed the drop: “I can now afford a full bag for my family.” Others, like Oluwaseun Alade, hoped prices would stay low through the festive season.
However, trader Odion Michael called it a “double-edged sword,” advocating for price stability to aid business planning. An anonymous rice farmer warned the decline might be temporary, citing market instability and potential pre-December price surges.
Underlying Factors
- Reopened Borders: Increased imports from neighboring countries flooded the market.
- Local Production Boost: Improved harvests and government support expanded supply.
- Economic Pressures: Consumer Ngozi Okolie noted reduced purchasing power dampened demand despite lower prices.
While the price drop eases household budgets, traders and analysts caution that sustainable solutions are needed to balance affordability with supply chain viability.