Traders Lament As Price of Rice Drops in Lagos Markets

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

Eko Hot News understands that the price of 50 kilogrammes of rice decreased considerably to between N55,000 and N75,000, down from N85,000 sold earlier this year.

According to NAN, the traders confirmed the latest rice price at Mile 12 and Oyingbo markets in Lagos State. The report showed that this represents a 35 percent price decrease.

Lagosians 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.”

Meanwhile, Eko Hot News reports that analysts have linked the drop in the price of rice in Lagos markets to the opening of the land borders and the import waiver policy on staple foods.