Rice Prices Plummet in Lagos Markets: Traders Face Losses as Consumers Celebrate
Rice prices have experienced a significant drop across Lagos markets, driven by increased imports and improved local harvests. This unexpected decline brings relief to consumers but creates financial strain for traders facing substantial losses. Market surveys show a 50kg bag of rice now sells between ₦55,000 and ₦70,000 depending on brand and location. At Oyingbo, Arena (Oshodi), FESTAC Town, and Mile 12 markets, local rice previously priced around ₦85,000 in January now ranges from ₦60,000-₦70,000. Imported brands have similarly fallen from ₦95,000 to ₦65,000-₦75,000. Trader Struggles Amid Price Collapse Many traders report selling below cost price.