Lagos State Governor Babajide Sanwo-Olu has revealed a notable decline in rice prices across the market, stating that he is personally ready to sell Lagos-produced rice for between N57,000 and 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 cited the reduction in rice costs as evidence that Nigeria’s inflation outlook is improving.
“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, you go to the price of a 50kg is under N60,000,” Sanwo-Olu said.
He highlighted Lagos State’s production capacity, noting that the state operates the country’s largest rice mill with substantial stock available. “In fact, I am the largest… I have the largest rice mill in the country. I’ve got over 200,000 bags, and I was convincing my colleagues a couple of days ago, and I’m ready to sell my… at N57,000, 58,000,” he added.
The governor described the ongoing price reduction as a direct benefit to Nigerians, linking it to macroeconomic reforms and a more disciplined monetary environment. “Real drop in the market. That is real growth, innovation and real growth in our citizens. The reduction in inflation numbers is real and positive,” he said.
Sanwo-Olu also praised the Central Bank of Nigeria’s regulatory policies, noting their impact on inflation, foreign exchange stability, and investor confidence, while acknowledging President Bola Tinubu for allowing the CBN Governor, Olayemi Cardoso, to operate effectively. “I think we should thank the president and commander in chief of the armed forces of the country, for choosing him, but not just for choosing— for allowing him to do the work, for allowing him to play this role,” he stated.
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He reassured the banking sector of Lagos State’s continued support through infrastructure development, security upgrades, and digital initiatives. “We are indeed grateful and happy with the level of relationship we have built, the commitment that we continue to give to you in the bank sector through our investment in infrastructure,” he said, citing the ongoing rollout of LED solar street lights as part of the state’s urban security strategy.
Highlighting Lagos State’s recent achievements in the financial markets, Sanwo-Olu announced the oversubscription of its latest bond issuance. “Just a week ago, as typical of Lagos, we raised the largest sub-national conventional bond. The race went to market to raise N200m. The conventional bond was oversubscribed by over 60 per cent,” he said, adding that the state also issued a green bond, marking a first in sub-national financing.
He concluded by urging the banking community to maintain high ethical standards, innovation, and customer-focused service. “Commitment is not only to professionalism, but our commitment also must be to ethical conduct. Must also be customer-centric. We must continue to innovate,” he affirmed.