Traders lament as rice price drops in Lagos markets

Traders are lamenting over the drop in the price of rice in major markets in Lagos State.

According to NAN, the price of 50 kilogrammes of rice decreased considerably to between N55,000 and N75,000, down from N85,000 sold earlier this year. Traders confirmed the latest rice price at Mile 12 and Oyingbo markets in Lagos State.

The report showed that this represents a 35 per cent price decrease.

Nigerians have lauded the development, noting that it would bring respite to many families.

“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 traders have decried that sharp drop, which they say may lead to the closure of small-scale businesses.

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

Analysts have linked the rice price drop to the opening of the land borders and the import waiver policy on staple foods.