Lagos State Governor Babajide Sanwo-Olu has announced a significant decrease in rice prices, stating he is ready to sell Lagos-produced rice for N57,000 to N58,000 per 50kg bag.
At the 60th Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria in Lagos, he noted that the drop in rice prices reflects an overall improvement in the country’s inflation outlook. The National Bureau of Statistics recently reported a slight decrease in the prices of various food items in September 2025, with food inflation dropping by 0.37 percent month-on-month.
Sanwo-Olu remarked, “A year ago, we struggled to buy a bag of rice; today, it’s under N60,000.” He emphasized that he operates the largest rice mill in Nigeria and currently holds over 200,000 bags available for sale.
He attributed the decline in rice prices to macroeconomic reforms and praised the Central Bank of Nigeria’s efforts in stabilizing the economy. Sanwo-Olu also expressed gratitude to President Bola Tinubu for empowering CBN Governor Olayemi Cardoso.
Additionally, he reassured the banking sector of Lagos State’s ongoing support through infrastructure, security upgrades, and digital initiatives. He highlighted the recent oversubscription of Lagos State’s bond issuance, which raised N200 million, as a sign of financial confidence.
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