JUST IN: Rice price crashes across major markets amid increased supply
JUST IN: Rice price crashes across major markets amid increased supply
Rice prices have dropped drastically in several Lagos markets due to a surge in imports through the borders easing the burden on consumers.
The development, however, has raised concern among traders over reduced profits and business sustainability.
The News Agency of Nigeria (NAN) reports that a 50kg of rice in Lagos currently sells for between N55,000 and N70,000 depending on the brands.
The traders and consumers who spoke with NAN in separate interviews in Lagos disclosed that the stable food has witnessed a sudden crash in the price.
They noted that both local and foreign rice brands have witnessed a steep drop in price reversing the surge seen earlier in the year.
In popular markets such as Oyingbo, Arena (Oshodi), Festac Town and Mile 12, a 50kg bag of local rice that sold for around ₦85,000 in January now goes for between ₦60,000 and ₦70,000.
Similarly, foreign rice, which was ₦95,000 at the beginning of the year, currently sells for between ₦65,000 and ₦75,000, depending on the brands and market location.
At the Arena Market, Mrs Precious Okoro, a rice dealer, lamented that the recent crash had left many traders struggling to recover their investments.
“We are selling at a loss. I bought several bags at ₦80,000 and ₦85,000 early 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.
She added that while customers are excited about the new prices, traders are counting heavy losses.
“Rice doesn’t spoil easily like other food items, but when prices crash this way, our capital just ties down. Some of us can’t even restock,” she said.
Okoro said that the government needed to be intentional in stabilising the price of rice in the country through regular support to local farmers to boost the supply chain.
“The government needs to provide incentives for local farmers to increase production and improve the infrastructure for storage and distribution.
“This will help to reduce the cost of production and make rice more affordable for consumers,” Okoro said.
At the FESTAC Town Market, a retailer, Mrs Edith Nwaruh, said a 50kg rice Pretty Lady sold for ₦57,000, Mama Africa, ₦62,000, Mama Gold, ₦67,000 and Big Bull Premium ₦73,000.
Nwaruh said the decline began around August, following reports of improved local harvests and increased rice supply from northern states.
“We have more rice in the market now. Local production improved, and imports also increased. When there’s too much supply, prices must drop,” she said.
Another trader at the Mile 12 Market, 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.
However, a rice farmer and stakeholder who pleaded anonymity, attributed the price drop to the reopening of land borders, which has allowed an increased inflow of rice from neighbouring rice-producing countries.
He disclosed that the development had caused a flooding of the market with both imported and locally produced rice, leading to a temporary fall in prices.
He, however, cautioned that the decline might not be sustainable, warning that prices could surge again before December due to market instability and fluctuating supply levels.
A trader at the Oyingbo Market, Mr Ben Chidi, attributed the development to improved supply and reduced market stockpiles.
He said that the government’s renewed support for local farmers and improved distribution channels contributed to the glut.
This, he said, ensured that consumers, however, are relieved.
Mrs Andriana Okoromaro, a consumer, said the drop was timely given the high cost of other food items.
“At least, rice is affordable again. I used to buy a half bag because it was too expensive. Now, I can buy a full bag for the family. It’s a big relief,” she said.
Another consumer, Mrs Oluwaseun Alade, said she hoped 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.
Mrs Ngozi Okolie, a consumer, said the fall is not only linked to increased supply but also to reduced purchasing power among Nigerians, which has lowered demand.
“People don’t have much money, even with lower prices. The economy is slow, so even when goods are cheap, sales are not what they used to be,” she added.(NAN)
News
Tinubu mourns Abubakar’s passing, the Imam who shielded over 200 Christians in his mosque during communal riot
Tinubu mourns Abubakar’s passing, the Imam who shielded over 200 Christians in his mosque during communal riot
President Bola Tinubu has expressed deep sorrow over the death of Imam Abdullahi Abubakar, Chief Imam of Nghar village, Barkin Ladi Local Government Area of Plateau, who passed away at 92.
This is contained in a statement issued by Presidential Spokesperson, Mr Bayo Onanuga, on Friday in Abuja.
The late cleric gained national and international recognition in 2018 for sheltering more than 200 Christians during communal violence in Plateau.
Tinubu described Abubakar as an extraordinary religious leader whose life exemplified faith, courage and a deep reverence for the sanctity of human life.
“At such a time when tribal and religious tendencies seemed to overwhelm reason, Imam Abubakar stood firmly on the side of peace, benevolence and conscience.
“Mindless of the enormous risk to his own life, the noble cleric chose humanity over division, love as opposed to hatred and embrace rather than rejection,” the President said.
He said the Imam’s actions embodied the true essence of faith and delivered a powerful message beyond sermons.
The President noted that the cleric’s uncommon bravery earned him local and international honours celebrating peaceful coexistence.
“I urge religious and community leaders to imbibe and preach the spirit of tolerance, mutual respect and peaceful togetherness as expounded in the life of Imam Abubakar,” Tinubu said.
He prayed that God grants the late Imam eternal rest and rewards him for his courage and good deeds. (NAN)
News
Govt. introduces solar installation, garment making, GSM repairs in jss curriculum
Govt. introduces solar installation, garment making, GSM repairs in jss curriculum
The Anambra Government has introduced 15 entrepreneurial subjects into the Junior Secondary School (JSS) curriculum to enhance students’ practical skills and foster an entrepreneurial mindset.
The News Agency of Nigeria (NAN) reports that the new subjects include solar installation, garment making, GSM repairs, agriculture and processing, plumbing, tiling, POP installation and event management.
Others are bakery, hairstyling, make-up, interior design, CCTV/intercom installation, digital literacy, information technology and robotics.
Prof. Nkechi Ikediugwu, Chairperson ,Post Primary Schools Service Commission (PPSSC), while speaking at the occasion in Awka on Friday, said the initiative was aimed at repositioning education to meet contemporary needs.
Ikediugwu noted that in a rapidly changing world, education should go beyond theory and examinations to equip students with practical skills, creativity, innovation and an entrepreneurial mindset.
“The goal of the programme is to prepare learners, not only to seek jobs but to create value, generate employment and contribute meaningfully to the economic development of the state,”she said.
Mr Cyril Nwuche of Nnamdi Azikiwe University, Awka, delivered a paper titled “Building Entrepreneurial Secondary Schools: Why Every School Needs an Entrepreneurship Club”.
Nwuche said the introduction of entrepreneurial subjects showed that the government was on the path to transforming the state’s economy.
“Traditional academic instruction alone is no longer sufficient to prepare children for the future.
“There is the need for schools to embrace practical and skill-based learning to enable students to thrive in a dynamic global environment, ” he said. (NAN)
News
Two men docked for allegedly defiling underaged girl
Two men docked for allegedly defiling underaged girl
The police in Lagos on Friday, charged two men before an Ikeja Chief Magistrates’ Court for allegedly defiling an 11- year-old girl.
The defendants are: Prince Tomnyie, 40, a businessman, who resides at Agege, and Micheal Adenuga, 24, a furniture maker, who resides at Atere Street in Lekki.
They are standing trial on charges of defilement, and had each pleaded not guilty to the charges.
The prosecutor, ASP Adegoke Ademigbuji told the court that they committed the offence sometimes in December 2024, and September 2025, at Langbasa Ajah and Igbara Lekki, Lagos .
The prosecutor alleged that the victim’s father, had taken his daughter for medical check and it was discovered that the minor had been defiled.
The prosecution alleged that the victim had told her father that his friend, Tomnyie, defiled her sometimes ago.
Ademigbuji alleged that the victim also mentioned the second defendant’s name who lives in their neigbourhood.
The offence contravenes the provisons of section 137 of the Criminal Law of Lagos, 2015.
The Chief Magistrate, Mr L. A Owolabi, granted the defendants bail in the sum of of N600,000 each, with two sureties each in like sum.
He adjourned the case until March 5, for mention. (NAN)
-
6 years ago
Our situation in Kano terrible – Gov Ganduje cries out
-
News11 months agoFG pledges commitment to enhance Police officers Welfare, implement Tinubu’s 8-point agenda for NPF
-
News11 months agoBREAKING; NSCDC gets approval to commence 2025 recruitment exercise
-
News9 months agoAlleged cocaine deal: Court issues orders in suspended DCP Abba Kyari’s case
-
News12 months agoDPO under investigation for allegedly taking teenage girl to his home while in police custody
-
News12 months agoJUST IN; Commissioner of Police bows out of Service
-
News9 months agoJUST IN; Police Inspector dies watching Arsenal match
-
News12 months agoBREAKING; NLC declare nationwide protest