Lagos State Governor, Babajide Sanwo-Olu, has revealed a significant drop in rice prices across the market, stating that he is personally ready to sell Lagos-produced rice for ₦57,000 to ₦58,000 per 50kg bag.
Speaking at the 60th Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria in Lagos on Friday, the governor highlighted the falling price of rice as evidence that the country’s inflation outlook is improving.
“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, the price of a 50kg bag is under ₦60,000,” Sanwo-Olu stated.
Falling Prices Across Food Items
The announcement aligns with recent reports from the National Bureau of Statistics (NBS). In its Selected Food Prices Watch report for September 2025, the NBS noted slight decreases in the prices of beans, garri, maize, tomatoes, beef, rice, and other staples. Additionally, the Consumer Price Index revealed that food inflation declined by 0.37% month-on-month, signaling a modest easing in household food costs.
Sanwo-Olu described the reduction as a direct benefit to Nigerians, adding, “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.”
Lagos’ Rice Production Capacity
Highlighting Lagos State’s production capabilities, the governor revealed that he operates the country’s largest rice milland currently holds over 200,000 bags of rice in stock. “I was convincing my colleagues a couple of days ago, and I’m ready to sell my rice at ₦57,000–₦58,000,” he said, underscoring the state’s ability to influence rice supply and affordability.
Broader Economic Context
Sanwo-Olu linked the improvement in rice affordability to macro-economic reforms and a more disciplined monetary environment, praising the Central Bank of Nigeria’s regulatory stance for stabilising prices, strengthening foreign exchange, and boosting investor confidence.
He extended appreciation to President Bola Tinubu for empowering CBN Governor, Olayemi Cardoso to implement effective monetary policies. “We should thank the president… for allowing him to do the work, for allowing him to play this role,” the governor said.
Lagos’ Ongoing Support for Infrastructure and Finance
The governor reassured the banking sector of Lagos State’s continued backing through infrastructure development, urban security upgrades, and digital initiatives. He highlighted the massive rollout of LED solar streetlights across the state as part of its urban security plans.
He also referenced Lagos’ recent financial market achievements:
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The state raised ₦200 billion through a sub-national conventional bond, which was oversubscribed by over 60%.
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Lagos also became the first sub-national entity to issue a green bond.
A Call to the Banking Sector
Sanwo-Olu urged the banking community to maintain ethics, innovation, and customer-centric thinking, stressing that professionalism must go hand-in-hand with ethical conduct and innovation.
Implications for Lagos Residents
The governor’s announcement represents a win for Lagos households, making a staple food item more affordable. With sustained production and careful monitoring of supply chains, the state could continue to shield residents from volatile food prices. However, traders and smaller producers may need to navigate shrinking profit margins as market prices adjust.
