Lagos State Governor Babajide Sanwo-Olu has announced a notable drop in rice prices across the market, revealing that he is prepared to sell locally produced rice at N57,000 to N58,000 per 50kg bag.
Speaking at the 60th Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria in Lagos on Friday, the governor described the price reduction as a positive sign for the country’s inflation outlook.
“Just a year ago, buying a bag of rice was a struggle. Today, the same market offers a 50kg bag for under N60,000,” Sanwo-Olu said, highlighting the improvement in affordability.
The governor, who runs the nation’s largest rice mill, disclosed that he currently holds a stock of over 200,000 bags. “I’ve convinced my colleagues and am ready to sell my stock at N57,000–58,000 per bag,” he added.
Sanwo-Olu linked the decrease in rice prices to broader economic reforms, disciplined monetary policies, and efforts by the Central Bank of Nigeria, which have helped stabilize the economy and ease pressure on households.
He also praised President Bola Tinubu for supporting the CBN Governor, Olayemi Cardoso, in implementing policies that strengthen price stability, foreign exchange, and investor confidence.
Beyond food prices, the governor highlighted Lagos State’s ongoing infrastructural investments, including street lighting projects and security upgrades, as well as the recent success of the state’s financial initiatives. Lagos recently raised N200 million through a conventional bond, which was oversubscribed by over 60%, and also launched a green bond as a first among sub-national issuers.
Concluding his remarks to the banking community, Sanwo-Olu emphasized the importance of ethical conduct, innovation, and customer-focused service in driving sustainable growth.
