Rice may fall further after price peg at N57,000 — Farmers association

Farmers’ associations in Lagos State say the price of rice may fall further ahead of the Christmas season following Governor Babajide Sanwo-Olu’s decision to reduce the price of Lagos Rice from N64,000 to N57,000 per 50kg bag.

The farmers made the projection in separate interviews with journalists on Sunday in Lagos, describing the governor’s action as a strategic intervention that will trigger healthy competition in the market.

Sakin Agbayewa, Vice Chairman of the All Farmers Association of Nigeria (AFAN), South-West and Lagos chapters, said the move could force rice prices even lower within the next two weeks.

“Foreign rice currently sells between N52,000 and N56,000 depending on the location.

“But many of these cheaper options may be old stock stored for three to five years,” he said.

“I would prefer fresh Lagos rice at N57,000.”

Agbayewa added that increased competition among suppliers could speed up another price drop.

The Chairman of the Rice Farmers Association of Nigeria (RIFAN), Lagos chapter, Raphael Hunsa, also praised the state government, saying the price reduction would benefit residents during the festive season.

He noted that low production levels typically drive prices higher, urging the government to continue supporting farmers to boost output and stabilise food prices.

“With this drop, Nigerians can celebrate Christmas better this year,” Hunsa said.