Bag of Rice Now ₦58,000 in Nigeria

Rice prices in several Lagos markets have fallen sharply as traders report a surge of new supply entering the city in recent days. 

Market associations in hubs from Mile 12 to Oke-Arin say the influx has eased the squeeze that had forced many households to cut back on staples this year. 

Wholesalers attribute the decline to larger volumes crossing through border corridors and a pick-up in local distribution, noting that some retailers are already adjusting shelf prices to stay competitive.

Food vendors and consumers welcomed the relief but cautioned that transport costs and currency swings could still influence how far the reduction goes. 

Analysts add that sustained moderation will depend on consistent inflows, improved security along trucking routes, and fewer bottlenecks at storage points. 

For now, shoppers are seeing modest savings on common grades, with some sellers offering discounts to clear old inventory before the next delivery cycle.

Traders say they are watching the coming weeks closely: if supplies hold steady and logistics remain smooth, prices could stabilise at a lower band heading into the festive period. If not, a snap-back is possible. 

Either way, today’s drop underscores how sensitive staple prices remain to supply shocks, and how quickly relief can ripple through city markets when volumes recover.