Price of Rice Drops Across Markets as Imports, Local Harvests Boost Supply, Traders Lament
By: Israel Adeleke
OPEN TELEVISION NAIJA (OTN) News reports as gathered that the price of rice has dropped significantly across major markets in Lagos, following increased imports and improved local harvests, a development that has brought relief to consumers but left many traders lamenting losses.
OTN News further reports as gathered that a market survey conducted by the News Agency of Nigeria (NAN) revealed that a 50-kilogram bag of rice now sells between ₦55,000 and ₦70,000, depending on the brand and market location.
At popular markets such as Oyingbo, Arena (Oshodi), FESTAC Town, and Mile 12, the price of locally produced rice, which sold for around ₦85,000 in January, has fallen to between ₦60,000 and ₦70,000.
Similarly, foreign rice brands have dropped from about ₦95,000 to between ₦65,000 and ₦75,000.
While consumers welcome the development, many traders say they are recording huge financial losses due to the sudden fall in prices.
At the Arena Market, a rice dealer, Mrs Precious Okoro, said she had been compelled to sell below her cost price.
“We are selling at a loss. I bought several bags at ₦80,000 and ₦85,000 earlier this year, and now I have to sell them for as low as ₦65,000. The fall came suddenly, and it’s been tough for us,” Okoro said.
Okoro who urged the government to support local farmers through incentives and infrastructure improvements to ensure consistent production and storage, added "this will help reduce production costs and make rice more affordable for consumers."
At the FESTAC Town Market, Mrs Edith Nwaruh listed current prices for different brands: Pretty Lady (₦57,000), Mama Africa (₦62,000), Mama Gold (₦67,000), and Big Bull Premium (₦73,000).
A rice farmer, who preferred anonymity, attributed the price crash to the reopening of land borders, which has allowed an influx of imported rice.
“The market is flooded with both imported and locally produced rice. That’s why prices have dropped, but it may not last. By December, prices could rise again because supply is unstable,” he warned.
At the Mile 12 Market, trader Mr Odion Michael described the situation as a “double-edged sword.”
“Consumers are happy, but traders are weeping. We want prices to be stable, not jumping or falling suddenly. Price stability helps us to plan our business,” he said.
For many households, however, the reduction in rice prices is a welcome relief.
Mrs Andriana Okoromaro, a consumer, expressed delight at the development.
She said, “at least rice is affordable again. I used to buy only half a bag because it was too expensive. Now, I can buy a full bag for the family. It’s a big relief."
Another consumer, Mrs Oluwaseun Alade, expressed optimism that prices would remain low during the festive season.
“Rice is essential during Christmas and New Year. This drop, if sustained, means more families can celebrate without worry,” she said.
However, Mrs Ngozi Okolie, another trader, noted that despite the lower prices, sales have not improved as expected.
“People don’t have much money, even with cheaper prices. The economy is slow, so even when goods are affordable, sales are not what they used to be,” she added.
OTN News observes that overall, while consumers welcome the current price drop, both traders and farmers are calling for measures to stabilize the market and sustain affordable food prices across the country.
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