Lagos residents are breathing a sigh of relief as rice prices take a surprising plunge across major markets, following weeks of steady increases that had left many households struggling.
Traders at Mile 12, Daleko, and Oyingbo markets confirmed that the price of a 50kg bag of local rice—which recently sold for as high as ₦75,000—has now dropped to between ₦58,000 and ₦60,000, depending on the brand and market location.
Market observers attribute the price crash to an influx of new stock, following increased local milling and improved border supply channels in recent weeks.
“We received new supplies from Kano, Kebbi, and Abakaliki this week. The quantity is more than what we’ve seen in months,” said Aisha Musa, a rice dealer at Daleko Market. “Prices are dropping fast because there’s enough rice to go around now.”
Consumers have welcomed the development, with many hoping the trend will continue as the festive season approaches.
However, some analysts warn that the relief may be temporary unless the government sustains its support for local production and continues to monitor import activities to prevent artificial scarcity.
The Lagos State Market Board has also urged traders to avoid price manipulation, noting that further interventions could follow to stabilize food prices across the state.