Rice Price in Lagos
Latest available price
201,200 NGN/100kg
Product: Rice · monthly wholesale price
Over the past 12 months it ranged from 147,400 NGN/100kg (Feb 2024) to 201,200 NGN/100kg (Jan 2025), +67.0% vs. a year earlier. The highest price among 4 reporting markets (Jan 2025).
Price Chart
How this year compares, month by month, to the typical pattern of recent years for the selected region.
Notable price events
- 2007-08 global food price crisis — Drought in major exporting countries, combined with several governments restricting exports to protect domestic supply and growing demand for biofuel crops, pushed wheat, rice and corn to what were then record prices within about a year - triggering food riots in over 30 countries.
- India's rice export ban, July 2023 — On 20 July 2023 India, the world's largest rice exporter, banned exports of non-basmati white rice - about a quarter of its rice exports - to hold down domestic prices ahead of an El Niño year. The Thai 5% broken benchmark jumped to its highest in about 15 years, above $650 a tonne.
Options for India, China, Brazil, Mexico, West Africa and other countries are monthly wholesale prices from national sources, republished by FAO's GIEWS price monitoring tool - for India the Ministry of Consumer Affairs, in INR per 100 kg (one quintal). A plain country name is that country's official national average. Currency, unit and inflation conversions are explained in how agri.markets sources and calculates prices.
Price data table
Recent prices
| Period | Price (NGN/100kg) | Change |
|---|---|---|
| Jan 2025 | 201,200 | +2.7% |
| Dec 2024 | 196,000 | +12.5% |
| Sep 2024 | 174,266.66 | +6.5% |
| Aug 2024 | 163,600 | +0.1% |
| Jul 2024 | 163,500 | +0.6% |
| Jun 2024 | 162,480 | +4.1% |
| May 2024 | 156,100 | -4.6% |
| Apr 2024 | 163,600 | -2.8% |
| Mar 2024 | 168,240 | +14.1% |
| Feb 2024 | 147,400 | +22.3% |
| Jan 2024 | 120,500 | +8.9% |
| Dec 2023 | 110,640 | -2.3% |
Annual averages
| Year | Average (NGN/100kg) | Change |
|---|---|---|
| 2025 (year to date) | 201,200 | +24.5% |
| 2024 | 161,568.67 | +77.2% |
| 2023 | 91,178.75 | +38.2% |
| 2022 | 65,952.5 | +22.0% |
| 2021 | 54,074.17 | +0.2% |
| 2020 | 53,973.89 | +55.5% |
| 2019 | 34,705.83 | +18.4% |
| 2018 | 29,314.67 | -8.5% |
| 2017 | 32,048.67 | +15.1% |
| 2016 | 27,833.5 | +74.3% |