Breaking News: Sanwo-Olu Slashes Rice Prices, Moves to Sell Lagos-Milled Bags at N57,000
Lagos State Governor, Babajide Sanwo-Olu, has announced a major reduction in the price of rice, declaring that Lagos-produced rice will be sold between N57,000 and N58,000 per 50kg bag.
The governor made the revelation on Friday at the 60th Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. According to him, the current drop in staple prices is a reflection of the state’s economic interventions and the effects of ongoing reforms.
Sanwo-Olu noted that rice, which sold at significantly higher prices last year, has now fallen below the N60,000 mark. Citing recent market indicators from The PUNCH and National Bureau of Statistics (NBS) data, he said multiple food items have recorded marginal price declines in recent months.
Highlighting Lagos State’s production capacity, the governor stressed that the state currently operates the largest rice milling infrastructure in Nigeria, with an inventory he personally supervises.
“In fact, I have the largest rice mill in the country. I’ve got over 200,000 bags,” Sanwo-Olu stated.
He disclosed that he recently informed fellow governors that he was ready to release Lagos 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 added.
Sanwo-Olu described the price drop as a “real fall in the market,” signalling that Nigerians are beginning to feel the effect of easing inflation and improved monetary discipline. He partly credited the development to reforms by the Central Bank of Nigeria (CBN).
The governor also thanked President Bola Ahmed Tinubu for granting autonomy to CBN Governor Olayemi Cardoso, a decision he said has contributed to currency stability, inflation control and renewed investor confidence.
Sanwo-Olu assured the financial sector that Lagos State will continue to support growth through infrastructure expansion, enhanced security and digital innovation, while celebrating the recent successful oversubscription of Lagos’ state bond issuance.
Lagos Reporters will continue to monitor developments in the rice market and the economic indicators shaping household purchasing power across the state.