Consumers may enjoy cheaper rice prices during the Christmas and New Year season as farmers’ associations in Lagos State have projected a further decline in the cost of the staple food.
Their forecast follows Governor Babajide Sanwo-Olu’s recent decision to slash the price of Lagos-milled rice from ₦64,000 to ₦57,000 per 50kg bag.
A move aimed at easing pressure on households ahead of the festive period.
Speaking in separate interviews with newsmen in Lagos, the farmers said the price reduction is expected to stimulate stronger competition among producers and suppliers, ultimately driving rice prices down even further in the coming weeks.
The Vice Chairman of the All Farmers Association of Nigeria (AFAN), Southwest Zone, Lagos State chapter, Mr. Sakin Agbayewa, commended the government’s intervention, saying it would support affordability and potentially boost market supply.
According to him, “the reduction in the price of Lagos rice is a strategic step. With increased competition in the market, consumers should expect an additional drop in prices as the festive season approaches.”
Similarly, the Chairman of the Rice Farmers Association of Nigeria (RIFAN), Lagos State chapter, Mr. Raphael Hunsa, welcomed the initiative and urged the state government to sustain support for rice farmers to expand production capacity.
He noted that continuous investment in local rice production would not only keep prices stable but also lead to further reductions in the cost of rice and other staple foods.
The latest government intervention aligns with broader market trends, as recent reports have shown significant price drops across major markets in Lagos.
Local and foreign rice brands that previously sold between ₦85,000 and ₦95,000 early in the year have now dropped to between ₦55,000 and ₦75,000, depending on market location and brand.
Traders attribute the fall to increased availability of both locally milled and imported rice following improved supply chains.
While the price crash has offered much-needed relief to consumers, some traders warn that those who purchased stock at higher prices may experience losses.
For households, however, the development represents a timely reprieve as they prepare for year-end celebrations.
Analysts say sustained government support for agriculture and steady supply will be critical in maintaining the current downward trend in rice prices.
Written by Wahre Bello