According to a report by Punch on Friday, November 28, 2025, Lagos State Governor, Babajide Sanwo-Olu, has announced a significant drop in the price of rice, revealing that he is prepared to sell Lagos-produced rice for between N57,000 and N58,000 per 50kg bag.
The governor made the disclosure on Friday while speaking at the 60th Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria in Lagos.
Sanwo-Olu used the platform to highlight the improving inflation outlook, saying the fall in staple prices reflects the impact of ongoing economic reforms.
He stressed that rice, which sold at much higher prices last year, had now dropped to under N60,000. According to The PUNCH and NBS data, multiple food items recorded marginal price declines in recent months.
Reeling out Lagos State’s production capacity, the governor emphasised that the state operates the biggest rice milling infrastructure in Nigeria. He explained that he personally oversees the largest stockpile in the country.
“In fact, I am the largest… I have the largest rice mill in the country. I’ve got over 200,000 bags,” he said, adding that he recently told his colleagues that he was ready to release rice into the market at discounted 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 reduction as a “real drop in the market,” indicating that Nigerians were beginning to feel the effects of lower inflation and better monetary discipline. He attributed this improvement partly to reforms initiated by the Central Bank of Nigeria.
The governor publicly thanked President Bola Tinubu for granting CBN Governor Olayemi Cardoso the autonomy needed to stabilise the financial system. He said the president’s decision to “allow him to do the work” had contributed to the easing of inflation, exchange rate stability and renewed investor confidence.
Sanwo-Olu further assured the financial industry of continuous partnership from Lagos State through infrastructure development, enhanced security, and digital innovation, while also celebrating Lagos’ recent oversubscribed bond issuance. View, More,
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