Lagos State Governor, Babajide Sanwo-Olu, has announced a significant drop in the price of Lagos-produced rice, stating that a 50kg bag will now sell between N57,000 and N58,000.
The governor made the disclosure on Friday at the 60th Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. He said the decline in the cost of rice and other staple foods reflects the impact of the state’s economic interventions and ongoing national reforms.
Sanwo-Olu explained that rice, previously sold at much higher prices last year, has now fallen below the N60,000 benchmark. He noted that several food items have also experienced marginal price declines in recent months.
Highlighting the state’s production strength, he emphasised that Lagos operates the largest rice milling infrastructure in Nigeria, with an inventory he personally oversees.
“In fact, I have the largest rice mill in the country. I’ve got over 200,000 bags,” the governor said.
He added that he recently informed fellow governors of his readiness to release Lagos-produced rice into the market at subsidised rates.
“I was convincing my colleagues a couple of days ago, and I’m ready to sell mine at N57,000, N58,000,” he stated.
Sanwo-Olu described the price decline as a genuine market correction, noting that Nigerians are beginning to feel the effects of easing inflation and improved monetary discipline. He partly attributed the development to reforms introduced by the Central Bank of Nigeria (CBN).
The governor also praised President Bola Ahmed Tinubu for granting operational autonomy to CBN Governor Olayemi Cardoso, saying the move has strengthened currency stability, slowed inflation, and boosted investor confidence.
He assured financial sector stakeholders that Lagos State will continue to drive economic growth through infrastructure expansion, improved security, and digital innovation, while celebrating the successful oversubscription of the state’s recent bond issuance.