In a welcome development for millions of households across the country, the price of a 50-kilogram bag of rice has seen a significant drop in major markets, bringing much-needed relief amid months of inflationary pressure on food staples. This decline, observed over the past few weeks, marks a shift in the trend of soaring food prices that have strained consumer budgets nationwide.

Market surveys conducted across various states reveal that the average price of a 50kg bag of long-grain rice, which previously ranged between ₦60,000 and ₦70,000, has now fallen to between ₦45,000 and ₦52,000, depending on the location and brand. This represents a reduction of over 20% in many areas, a development that traders and consumers alike are welcoming with cautious optimism.

Traders in key agricultural markets such as Kano, Lagos, Onitsha, and Ibadan have confirmed that the price drop began in late March and has gained momentum throughout April. Some attribute the decline to improved local harvesting, an increase in domestic production, and recent government interventions aimed at stabilizing food prices.

According to Mrs. Fatima Usman, a rice distributor in Mile 12 Market, Lagos, “There is a noticeable improvement in supply from local farmers. We’re getting more local rice, and that’s helping bring down prices. People are now buying more because the price is fair again.”

Another factor believed to be contributing to the price drop is the slight appreciation of the naira against the dollar in recent weeks. Since imported rice is often priced based on exchange rates, a stronger local currency can reduce the cost of importation, even though the government continues to encourage local alternatives.

“The exchange rate has been favorable lately, and it’s helping us bring in rice at a lower cost,” said Uche Nnaji, an importer and wholesaler based in Onitsha. “But we must give credit to local producers too; they are stepping up.”

Rural farmers in states like Kebbi, Benue, and Ebonyi have reportedly increased their output, thanks in part to better access to inputs such as fertilizers and seedlings. Government programs targeting rice production, including low-interest loans and mechanized farming support, are also said to be yielding tangible results.

For everyday consumers, the price reduction is a lifeline. In many households, rice is a staple food item, often consumed daily. The high cost in previous months had led many families to reduce their consumption or switch to alternative grains.

“I used to buy a small measure every few days because the price was too much,” said Mrs. Gloria Okonkwo, a mother of three in Abuja. “Now I can afford to buy in bulk again. It’s such a relief.”

Food vendors and small restaurant owners have also welcomed the development. For them, rice is a critical part of their daily offerings. A drop in prices not only increases their profit margins but also allows them to serve more customers at affordable rates.

Despite the positive trend, some market analysts caution that the reduction may not last unless underlying issues such as fuel costs, logistics, and security in farming communities are addressed. The price of transportation, in particular, remains high due to fuel subsidy removal and rising maintenance costs, which continue to affect the final cost of food items.

“There’s good news now, but the market is still fragile,” said Musa Ibrahim, an agricultural economist. “We need consistent policies and long-term investment in food supply chains to keep prices stable.”

In the meantime, both consumers and traders are enjoying the break in high food prices, hoping that the current trajectory continues. The coming months, especially as the rainy season approaches, will be critical in determining whether the downward trend can be sustained or if prices will rebound due to seasonal factors.

For now, however, the falling cost of rice is a rare piece of good news for citizens who have been grappling with economic challenges. As the most consumed staple in many homes, affordable rice offers not just nourishment but a bit of hope in uncertain times.