Rice prices have plummeted in major markets in Lagos State, Nigeria, with traders expressing concern over the sudden drop. According to reports, the price of 50 kilograms of rice has decreased significantly to between N55,000 and N75,000, down from N85,000 earlier this year. This represents a 35 percent price decrease, as confirmed by traders at Mile 12 and Oyingbo markets.

The decline in rice prices is attributed to the recent opening of land borders and the import waiver policy on staple foods. Analysts believe that these factors have contributed to the increased supply of rice in the market, leading to lower prices. While this development is expected to bring relief to many families, rice traders are worried that the sharp drop may lead to the closure of small-scale businesses.

Traders are selling at a loss to stay in business, and small traders may not survive this sudden change. “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.” On the other hand, consumers are welcoming the price drop, as it will help them stretch their budgets. “With rice now cheaper, we can finally stretch our budgets. Even if other food items remain expensive, this helps a lot,” a shopper noted.

The price drop is significant, and its impact will be felt across the country. The Nigerian government’s decision to open land borders and implement an import waiver policy on staple foods has been seen as a move to increase food supply and reduce prices. While the move is expected to benefit consumers, it also poses challenges for traders and the local rice industry. As the situation continues to unfold, it remains to be seen how the government will balance the needs of consumers and traders to ensure a stable and sustainable food market.