Rice prices drop across Nigeria

Nigerian rice prices have dropped sharply, giving consumers relief from months of rising food inflation.

A 50kg bag of rice now sells for between ₦40,000 and ₦87,000 depending on the brand, quality, and location, according to a market survey by Legit.ng.

The latest prices are a major improvement from earlier this year when premium brands sold above ₦90,000 and crossed ₦100,000 in some parts of the country. Dealers attribute the decline to improved supply and increased competition among wholesalers and retailers.

Brand-by-Brand Rice Prices

Prices vary across markets in Lagos and other major cities, but the following ranges reflect current market rates for popular rice brands:

Big Bull: ₦60,000 – ₦80,000
Mama Gold Rice: ₦63,000 – ₦75,000
Royal Stallion Rice: ₦65,000 – ₦87,000
Mama's Pride Rice: ₦62,000 – ₦66,000
Foreign Parboiled Rice: ₦60,000 – ₦75,000
Local/Budget Rice: ₦40,000 – ₦55,000

Local/Budget Rice remains the most affordable option, while Royal Stallion commands the highest prices due to its premium quality and strong consumer demand, according to a report by Punch.

Why Prices Are Falling

Traders say the decline is driven by improved availability of both locally produced and imported rice. A moderation in transportation and distribution costs in some regions has also helped. Increased supply has intensified competition among wholesalers and retailers, forcing many dealers to lower prices to attract buyers.

Industry players also point to improved harvests from local farmers, which have boosted market supply and contributed to the downward trend.

What It Means for Consumers

The decline in rice prices is welcome news for millions of Nigerian households. Rice is one of the country's most consumed staple foods. Families that had reduced consumption because of soaring food prices are beginning to return to regular purchasing patterns. Restaurants and food vendors are also benefiting from lower input costs.

Although prices remain above historical levels, consumers say the current rates are far more manageable than what was obtainable several months ago.

Prices Still Vary by Location and Brand

Despite the nationwide decline, rice prices still vary depending on several factors. Location remains a major determinant, as transportation costs differ from one state to another. Brand popularity, packaging, grain quality, and retailer pricing strategies also influence the final selling price. Consumers are encouraged to compare prices across markets before making bulk purchases, as significant differences can exist even within the same city.

Market observers believe rice prices could remain relatively stable in the coming weeks if supply continues to improve and exchange rate pressures remain moderate. However, dealers caution that changes in fuel prices, transportation costs, import policies, or foreign exchange fluctuations could quickly reverse the current trend.

For the Naira and Nigerian consumers, the latest price survey suggests more affordable options are available now than earlier in the year. Several popular brands are selling below the levels that had strained household budgets. Legit.ng earlier reported that the price of rice crashed again after rising in March to over N80,000 per 50kg bag. Sellers reduced the commodity price from N85,000 per 50kg bag to N65,000 as of Sunday, April 13, 2025, following a general crash in cereal prices and other food items.