The Ministry of Agriculture and Food Systems' weekly market survey for Lagos, covering the week of 24 July 2026 and compared with 17 July 2026, shows a food basket moving in mixed directions, with rice and yam easing while garri and one beans variety pushed higher.
What Lagos Pays Now
Rice remains the largest single category tracked, and it leaned lower across almost every format this week. A derica of Imported Rice (Long Grain) had a mean price of ₦1,025 across eight markets, cheapest at ₦900 in Mushin Market and priciest at ₦1,300 in Ajah Market. The paint size of the same rice averaged ₦5,081, the 25kg bag averaged ₦28,562, and the 50kg bag averaged ₦56,938, all lower than the previous week. Imported Rice (Short Grain) also eased, with a derica averaging ₦950, a paint averaging ₦4,700, a 25kg bag averaging ₦26,722, and a 50kg bag averaging ₦53,000. Nigerian Manufactured Rice held broadly flat by comparison, with the derica and paint sizes unchanged at ₦964 and ₦4,843, the 25kg bag up marginally to ₦26,812, and the 50kg bag up slightly to ₦53,312.
Beans showed a split. A derica of Beans (Drum) rose to a mean of ₦989 across nine markets, cheapest at ₦800 in Agege Market and priciest at ₦1,200 in Ile-Epo Market, while a derica of Beans (Oloyin) fell to ₦1,056, cheapest at ₦900 in Ile-Epo Market and priciest at ₦1,300 in Ajah Market. The paint sizes of both varieties eased slightly, with Beans (Drum) averaging ₦4,256 and Beans (Oloyin) averaging ₦4,780.
Garri moved higher across all three varieties tracked. A paint of Garri (White) averaged ₦1,320 across ten markets, cheapest at ₦1,000 in Oyingbo Market and priciest at ₦2,000 in Ajah Market. Garri (Ijebu) averaged ₦1,275 across four markets, and Garri (Yellow) averaged ₦1,511 across nine markets.
Medium Sized Eggs averaged ₦5,560 per crate across ten markets, cheapest at ₦4,000 in Ile-Epo Market and priciest at ₦6,500 in Agbalata Market. Medium Sized Yam recorded the week's most dramatic move, with a mean of ₦3,055 per tuber across ten markets, cheapest at ₦2,150 in Ile-Epo Market and priciest at ₦3,500 in Mile 12 Market.
The Week's Biggest Increases
Garri (White) posted the largest mean increase of the week, rising 4.2% from ₦1,267 to ₦1,320 across ten markets. Beans (Drum) in the derica size followed with a 2.3% rise from ₦967 to ₦989 across nine markets. Garri (Ijebu) rounded out the list of moves of 1% or more, up 1.2% from ₦1,260 to ₦1,275 across four markets.
The Week's Biggest Decreases
Medium Sized Yam led all declines by a wide margin, falling 9.6% from ₦3,380 to ₦3,055 across ten markets. Imported Rice (Long Grain) recorded declines across every format tracked, down 3.8% in the 25kg bag from ₦29,688 to ₦28,562, down 3.5% in the derica from ₦1,062 to ₦1,025, and down 3.2% in the 50kg bag from ₦58,812 to ₦56,938. Medium Sized Eggs fell 3.1% from ₦5,740 to ₦5,560. Imported Rice (Short Grain) in the derica size dropped 2.8% from ₦978 to ₦950, and Beans (Oloyin) in the derica size fell 2.1% from ₦1,078 to ₦1,056. Smaller declines of 1% or more were recorded in Beans (Drum) paint, down 1.5% to ₦4,256, Imported Rice (Long Grain) paint, down 1.5% to ₦5,081, and Imported Rice (Short Grain) paint, down 1.1% to ₦4,700.
The Macro Picture
Two national developments landed inside this survey week, and they push in opposite directions.
The first is the currency. Daily Post reported that the naira appreciated against the dollar in both the official and parallel markets over the week to 24 July, gaining roughly ₦18 officially and ₦15 in the parallel market, with external reserves at $52.02 billion as of 23 July. Vanguard had reported the official rate around ₦1,362 to the dollar and the parallel rate near ₦1,412 in mid-July, with the gap between the two narrowing. A stronger naira lowers the landed cost of imported food in local currency terms, and it lands on rice first because rice is the most import-exposed item in this survey.
The second is fuel, and it moves the other way. Vanguard reported that Dangote Refinery resumed naira-denominated petrol sales on 23 July at ₦1,215 per litre, up ₦140 or 13.02% from ₦1,075, after a week-long suspension during which it had priced products in dollars. Daily Trust and Politics Nigeria reported pump prices reaching as high as ₦1,400 per litre nationwide in the days that followed, and Legit.ng reported commuters on some routes paying between 20% and 40% more. The refinery attributed the increase to crude costs, with Brent trading around $93.90 per barrel amid renewed Middle East hostilities. Higher diesel and petrol costs raise the price of trucking domestic staples into Lagos, which affects garri, beans and yam far more than it affects imported rice.
The monetary backdrop held steady. The Central Bank of Nigeria's Monetary Policy Committee met on 20 and 21 July, immediately before this survey week, and retained the Monetary Policy Rate at 26.5% for a second consecutive meeting. Governor Olayemi Cardoso cited heightened global uncertainty from the Middle East conflict as the reason for caution, and the committee noted headline inflation easing to 15.91% in June while food inflation rose to 3.75% month-on-month. Notably for this survey, the committee said it expected inflation to moderate in the medium term partly on improved food supply as the harvest season approaches.
What's Driving The Moves
The rice softening has the clearest explanation, and it is a policy and currency story rather than a market rumour. Nigeria cut its import duty on bulk rice from 70% to 47.5%, and on broken rice to 30%, with effect from 1 July 2026, a change Milling Middle East and Africa reported from fiscal policy documents seen by Platts. That cut arrived three weeks before this survey week, into a market already carrying surplus stock, and it has now been compounded by the naira's appreciation. Platts assessments reported in November 2025 described a structural surplus in the West African corridor as India and Thailand increased shipments following record harvests. Punch and BusinessDay reported in October 2025 that rice prices had crashed across Lagos markets including Oyingbo and Mile 12, and Premium Times reported in November 2025 that Lagos State officials were pointing to falling rice prices as evidence of an improving supply picture. Those market reports establish the trend rather than explain this week, but the tariff and the currency are both current.
The garri and beans increases fit both the national data and the fuel shock. The NBS Consumer Price Index for June 2026, released in mid-July and covered by Vanguard, Premium Times and Leadership, showed food inflation rising to 3.75% month-on-month from 2.98% in May even as headline inflation eased to 15.91%. Vanguard's account named garri and cowpeas among the items behind the food index increase. Garri is produced domestically and moved by road, so the rise in diesel and petrol costs during this survey week bears directly on it. Because fuel costs pass through to food with a lag, the garri and beans increases recorded here may understate what the next survey shows.
The yam decline is the week's puzzle, and the macro picture makes it more striking rather than less. Yam is trucked into Lagos from producing regions, so a fuel price shock should have pushed it up. Instead it fell 9.6%, and it fell against months of reporting that had yam prices climbing. Vanguard reported in April 2026 that Lagos tubers had roughly doubled year on year, quoting a trader at Oyingbo Market who expected prices to rise further into August. Premium Times reported in early July 2026 that yam prices in Enugu had climbed steeply. For a decline of this size to occur while transport costs were rising, the supply side must have moved substantially, which points to early new-season harvest volumes reaching Lagos. The CBN's own 21 July statement pointed in the same direction, citing improved food supply as the harvest season approaches. This remains an inference rather than a confirmed cause.
The egg decline is harder to place. Nairametrics and Leadership reported in March 2026 that farm gate prices had risen to around ₦5,500 per crate from ₦5,000 in January on a shortage of day-old chicks, and The Guardian reported continued cost pressure in May 2026. Poultry feed and distribution are both energy intensive, so this week's fuel increase adds to that pressure rather than relieving it. A 3.1% weekly decline does not fit, and no specific driver has been identified.
For live, continuously updated prices across all markets in this survey, visit https://foodprices.ng/real-time-prices.
Sources: NBS June 2026 CPI via Vanguard (https://www.vanguardngr.com/2026/07/breaking-nigerias-inflation-rate-slows-to-15-91/), Premium Times (https://www.premiumtimesng.com/business/business-news/895596-nigerias-inflation-eases-to-15-91-in-june-amid-rising-food-prices-nbs.html) and Leadership (https://leadership.ng/inflation-falls-to-15-91-in-june-despite-jump-in-food-costs/). CBN MPC July 2026 via Vanguard (https://www.vanguardngr.com/2026/07/breaking-cbn-retains-mpr-at-26-5/), BusinessDay (https://businessday.ng/business-economy/article/cbn-keeps-mpr-at-26-5-for-second-straight-meeting-citing-caution/), Tribune (https://tribuneonlineng.com/cbn-retains-interest-at-26-5-percent/) and the CBN decisions page (https://www.cbn.gov.ng/MonetaryPolicy/decisions.html). Naira via Daily Post (https://dailypost.ng/2026/07/24/dollar-to-naira-exchange-rate-today-july-24-2026-naira-records-appreciation-across-official-black-markets/) and Vanguard (https://www.vanguardngr.com/2026/07/dollar-to-naira-exchange-rate-today-july-15-2026/). Fuel via Vanguard (https://www.vanguardngr.com/2026/07/dangote-refinery-resumes-petrol-loading-in-naira-at-n1215-per-litre/), Daily Trust (https://dailytrust.com/transport-fares-rise-as-petrol-hits-n1400-l/), Legit.ng (https://www.legit.ng/business-economy/economy/1721177-transport-costs-soar-dangote-marketers-raise-petrol-prices/) and Politics Nigeria (https://politicsnigeria.com/2026/07/25/petrol-price-hits-n1400-per-litre-nationwide/). Rice tariff via Milling MEA (https://millingmea.com/nigeria-cuts-rice-tariffs-to-47-5-as-trade-routes-face-pressure-platts/ and https://millingmea.com/west-africa-tightens-rice-import-rules-as-local-supply-push-grows/). Rice market via Punch (https://punchng.com/rice-price-crashes-in-lagos-markets-as-supply-surges/), BusinessDay (https://businessday.ng/news/article/rice-price-crashes-across-lagos-markets-amid-increased-supply/) and Premium Times (https://www.premiumtimesng.com/regional/ssouth-west/839421-sanwo-olu-says-rice-prices-falling-offers-lagos-milled-bags-at-n57000.html). Yam via Vanguard (https://www.vanguardngr.com/2026/04/yam-prices-rise-across-lagos-markets-as-traders-consumers-lament/) and Premium Times (https://www.premiumtimesng.com/news/more-news/893300-price-of-yams-soars-in-enugu-markets.html). Eggs via Nairametrics (https://nairametrics.com/2026/03/29/egg-prices-rise-to-n8500-as-chick-shortage-tightens-supply-nationwide/), Leadership (https://leadership.ng/egg-scarcity-imminent-as-chick-shortage-heat-push-prices-up/) and The Guardian (https://guardian.ng/featured/nutrition-crisis-economic-crunch-squeezes-poultry-farmers-pushes-eggs-off-menus/).