A sudden drop in the price of rice Nigeria’s most consumed staple should ordinarily spark nationwide celebration. But instead of universal joy, the development has triggered a wave of mixed reactions, revealing a deep clash of interest between consumers and traders.
Reports from major markets across Lagos, including Mile 12 and Oyingbo, indicate that a 50kg bag of rice now sells between N55,000 and N75,000 a significant fall from the N85,000 price tag recorded earlier in 2025. The decline has also reached markets in Abuja such as Dutse and Kubwa, where the same bag goes for between N65,000 and N85,000 depending on brand.
This shift comes alongside broader relief in food markets, with items like yams, beans, onions and tomatoes also witnessing price reductions. Fresh data from the National Bureau of Statistics shows food and headline inflation easing to 16.87% and 18.02% respectively in September 2025, a welcomed improvement from 21.87% and 20.12% in August.
But while many Nigerians are celebrating lower food prices amid months of inflation-driven hardship, traders and market investors say the new reality is hurting them instead.
“Government must strike a balance” Economists warn
Economists say the tension is fueled by opposing priorities: citizens seek affordability, while business owners fight to protect their dwindling profit margins.
Speaking in an interview, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, explained that although the reduction brings relief to households, the government must ensure that the businesses keeping food supply alive do not collapse under the pressure of shrinking revenue.
“It is due to conflict of interest. Nigerians want cheaper rice, while business owners want higher profit margins,” Yusuf said.
He noted that the import duty waiver on rice and other major food items which expired in December 2024 had served as a temporary cushion for market prices. He urged the federal government to maintain consistent policies that support affordability while strengthening the capacity of local producers to withstand market fluctuations.
“There’s a need for a fair balance between government policy to bring the price of food down and the sustainability of businesses in Nigeria,” he added.
As Nigerians continue to navigate tough economic realities, the debate over cheaper rice highlights a critical question: how can the government protect consumers battling inflation without crippling the traders and producers who keep the nation fed?
For now, cheaper rice brings relief but it may also be a warning signal for what comes next in the country’s fragile food supply chain.
