Rice Prices Plunge by ₦20,000 per 50 kg Bag Amid Surplus — Traders Say!

Reported by Marian Opeyemi Fasesan | Sele Media Africa

Nigerian markets are witnessing a sharp decline in rice prices, with dealers reporting a ₦20,000 drop for a 50 kg bag. The slump is being attributed to a surplus in supply, and the adjustment is spilling over into other essential food items.

What’s Going On

• In Lagos markets, surveys show that prices of staple foods such as rice, beans, yam, and garri have fallen by 15–20% compared to earlier this year. [1]
• For instance, at Mile 12 Market, 50 kg of rice that sold between ₦90,000–₦95,000 in January 2025 is now being quoted around ₦75,000, depending on grain type. [1]
• In May, rice prices in Lagos dropped ~12.96% from ~₦61,550 to ~₦53,570 per 50 kg bag. [2]
• At Mararaba market in the FCT, foreign rice has dipped from ~₦88,000–₦90,000 to ~₦83,000, while local varieties moved from ~₦70,000 to ~₦65,000. [3]
• Other staples such as garri and beans have also experienced price easing in many markets. [3]

Why This Matters

The drop offers some relief to consumers under pressure from inflation and high cost of living.

• However, volatility persists: in some regions, rice prices are creeping back upward following the end of duty‑free import windows. [4]
• The trend also underscores how sensitive food prices are to supply dynamics, seasonality, logistics, and trade policy. Citations:

1. ThisDayLive: www.thisdaylive.com/2025/03/15/thisday-survey-reveals-sustained-drop-in-food-prices/?utm_source=chatgpt.com
2. Nairametrics: nairametrics.com/2025/05/26/rice-prices-drop-by-12-96-while-pepper-surges-28-57-in-may-across-lagos-markets/?utm_source=chatgpt.com
3. Daily Post: dailypost.ng/2025/09/09/nigerians-experience-slight-drop-in-food-commodities-prices/?utm_source=chatgpt.com
4. Vanguard News: www.vanguardngr.com/2025/07/hard-times-lamentations-as-rice-price-rises-to-n100-000-again/?utm_source=chatgpt.com

About The Author

Marian Opeyemi Fasesan

Marian Opeyemi Fasesan is a dynamic journalist and editorial leader committed to excellence in news reporting and storytelling. As the Managing Editor of Sele Media Africa, she ensures daily operations run smoothly while upholding the highest editorial standards. With a strong eye for detail and deep understanding of audience engagement, Marian coordinates content across platforms, guiding teams to produce compelling, timely, and credible news. Her leadership reflects the heart of Sele Media Africa’s mission—to inform, inspire, and elevate voices across the continent.

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