Rice Prices in Lagos Split: Agric Rice Falls to N55,000 as Cap Rice Jumps to N77,000

A 50kg bag of agric rice in Lagos now sells for about N55,000, down from the N60,000 to N65,000 range recorded between July and September. But Cap Rice has moved in the opposite direction, rising to between N70,000 and N77,000 for the same 50kg bag.

Traders and consumers who spoke to the News Agency of Nigeria on Sunday, October 11, 2026, reported price cuts in some varieties and fresh increases in others, leaving households to adjust their food budgets.

Relief on Some Brands

A 50kg bag of agric rice, including People's Choice, now sells for about N55,000. A derica of My Choice rice now costs between N1,000 and N1,100, compared with N1,300 to N1,500 previously.

Chioma Chigozie, a fashion designer and consumer at Costain, said the reduction had brought some relief to her household. She noted, however, that rice remained expensive given the current economic situation and consumers' purchasing power. The high cost of the staple had forced her family to cut consumption while managing other household expenses, she added.

Daniel Nwachukwu, a rice trader at Okerube Bus Stop in Ikotun, said customers welcomed the lower prices of some agric rice varieties. He expressed hope that prices would keep falling as the festive season approaches. Precious John, a food seller at Eko Idumota, said the earlier price cut encouraged more customers to buy rice, improving sales prospects for traders.

Why Farmers Are Not Losing Money

Raphael Hunsa, Lagos State Chairman of the Rice Farmers Association of Nigeria, said falling prices did not necessarily mean farmers were losing money. He explained that rice prices depended on production costs and market conditions, adding that government support through tractors and agricultural inputs could help farmers cut expenses and hold prices down.

Where Prices Rose

Samuel Igwe, a foodstuff trader on Oroku Street, Costain, said a 50kg bag of BHOG and Yummy Gold rice now sells for between N61,000 and N62,000, up from N56,000 to N57,000. Cap Rice rose from between N60,000 and N65,000 to between N70,000 and N77,000 per 50kg bag. Igwe partly blamed scarcity, which has made the variety harder to find.

Nigerian rice, Three Brothers, African Choice and Elephant Gold have risen from about N48,000 to between N54,000 and N55,000 per 50kg bag.

Kehinde, another trader at Ebutero Korodom Market, said prices had risen again after a period of decline because of limited supply and high demand. An anonymous trader at the market said Big Bull rice increased from about N55,000 in August to N58,000, while My Choice and Mr Rice rose from around N53,000 to N60,000.

Traders attributed the earlier reductions partly to the arrival of newly harvested rice and increased supplies through the borders. Sustained improvement in supply, alongside lower production and transport costs, could help steady prices and make rice more affordable for Nigerian households.