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NEWS

LAGOS RICE SHOCK: Sanwo-Olu Sets 50KG Bag at N57,000 Despite Falling Market Prices

November 30, 2025 • 2 min read

By Ademola Adekusibe
30th November 2025

Lagos State Governor Babajide Sanwo-Olu has caused a stir by announcing that Lagos-produced rice is available for N57,000 to N58,000 per 50kg bag, even as market prices for rice and other staples have reportedly dropped. The governor made the revelation on Friday at the 60th Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria in Lagos, citing the falling rice prices as a sign of improving inflation outlook in the country.

Speaking to guests, Sanwo-Olu said, “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, a 50kg bag is under N60,000. I am ready to sell mine at N57,000, 58,000.” He highlighted that he owns the country’s largest rice mill, with over 200,000 bags in stock, and claimed the pricing was aimed at benefiting Nigerians directly.

The governor linked the price improvements to broader macroeconomic reforms and disciplined monetary policies, praising the Central Bank of Nigeria for stabilising inflation, foreign exchange, and investor confidence. He also thanked President Bola Tinubu for allowing CBN Governor Olayemi Cardoso to operate effectively.

Beyond rice, Sanwo-Olu showcased Lagos State’s financial and infrastructural achievements, including the oversubscription of the N200 million conventional bond, the launch of the country’s first sub-national green bond, and investments in urban security and LED street lighting. He urged the banking sector to maintain ethics, customer focus, and innovation in their operations.

While some have welcomed the move as a step toward stabilising food prices, critics have described the N57,000 price tag as excessive, questioning whether Lagos residents can truly benefit from state-controlled rice amid cheaper alternatives in the open market.