Traders Complain as Rice Prices Fall in Lagos Markets to N55,000

 

Rice traders in Lagos State are expressing concern over a significant decline in prices across major markets.

According to NAN, the cost of a 50-kilogram bag of rice has fallen sharply to between N55,000 and N75,000, down from N85,000 earlier this year. Traders confirmed the prices at Mile 12 and Oyingbo markets.

This drop represents roughly a 35% decrease, a development welcomed by many Nigerians who say it will ease household budgets.

“With rice now cheaper, we can finally stretch our budgets. Even if other food items remain expensive, this helps a lot,” a shopper told NAN.

However, rice sellers are voicing concerns that the sudden decline could threaten small-scale businesses.

“The fall was too sudden,” a trader at Oyingbo Market said. “We’re selling at a loss just to stay in business. Small traders may not survive this.”

Analysts attribute the price drop to the reopening of land borders and the government’s import waiver policy on staple foods.