Lagos State Governor Babajide Sanwo-Olu on Friday stated that rice prices in Nigeria have begun to decline, describing the trend as evidence of an improving inflation outlook.
He said Lagos-produced rice would be sold for between N57,000 and N58,000 per 50kg bag.
Mr Sanwo-Olu spoke at the 60th Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria in Lagos.
PREMIUM TIMES reported earlier that traders in major markets in Imo and Abia States had confirmed marginal drops in the prices of tomatoes, pepper, rice and other staples.
They attributed the reductions to favourable weather conditions, better harvests and other economic factors.
Residents, including traders, vendors and civil servants, told the News Agency of Nigeria that the price changes offered temporary relief. In Owerri, Imo State, many linked the development to the gradual end of the rainy season, which they said had helped reduce spoilage and preserve produce.
A market survey by NAN in Owerri showed that a basket of fresh tomatoes, previously sold for N40,000, now sells for between N35,000 and N38,000. A paint bucket of tomatoes dropped from N7,000 to N6,000, while a larger bucket fell from N8,500 to N7,500.
According to the news agency, a half-bucket of pepper declined from N4,000 to N2,500, and a small portion earlier priced at N1,500 now sells for N500.
Traders told NAN that the changes were tied to seasonal cycles.
“Price fluctuation is always occasioned by the availability or otherwise of an item in the market every season,” said Hamza Abubakar, a tomato and onion seller, told the news agency in an interview. He added that “nothing could be done to sustain the price reduction of any item once its season is over.”
Prices of grains have also eased, according to NAN. A 50kg bag of local rice, sold for N65,000, now costs about N60,000. A 25kg bag earlier priced at N32,500 now sells for N25,000. Foreign rice, which sold for as high as N90,000, now ranges between N72,000 and N80,000.
A custard bucket of beans has dropped from N8,000 to N5,000, while garri fell from N2,500 to N1,500.
Reflecting on the trend, Mr Sanwo-Olu said: “Clear examples—about this time last year, we were struggling to buy a bag of rice. Today, in the same country, in the same market, you go to [see] the price of a 50kg is under N60,000.”
The governor said Lagos plays a significant role in domestic food supply, noting that the state runs the country’s largest rice mill and holds substantial inventory.
“I’ve got over 200,000 bags, and I was convincing my colleagues a couple of days ago, and I’m ready to sell … at N57,000, 58,000,” he said.
He described the price decline as a direct benefit to households.
“Real drop in the market. That is real growth, innovation and real growth in our citizens. The reduction in inflation numbers is real and positive,” he said.
Mr Sanwo-Olu credited recent improvements to broader macroeconomic reforms and a more disciplined monetary environment.
He praised the Central Bank of Nigeria (CBN) for what he said were stabilising actions on inflation, foreign exchange and investor confidence.
“I think we should thank the president and commander-in-chief of the armed forces of the country, for choosing him, but not just for choosing—for allowing him to do the work, for allowing him to play this role,” he said, referring to CBN governor Olayemi Cardoso.
The governor restated Lagos State’s commitment to supporting the financial sector with investments in infrastructure, security and digital systems.
READ ALSO: Lead Poison: Ogun Govt moves to suspend lead exports, shuts battery recycling plants
He said the ongoing installation of LED solar streetlights formed part of the state’s broader urban security initiative.
Mr Sanwo-Olu also announced that Lagos recently raised the country’s largest sub-national conventional bond.
“Just a week ago, as typical of Lagos, we raised the largest sub-national conventional bond… oversubscribed by over 60 per cent,” he said.
He added that Lagos had also issued a green bond, noting: “On another note, we were also the first to raise the green bond and sub-national.”
He urged banks to prioritise ethics and innovation.
“Commitment is not only to professionalism, but our commitment also must be to ethical conduct. Must also be customer-centric. We must continue to innovate,” he said.