The rice shelf at Lekki-Jakande Market was a study in steadiness with one clear mover. Royal Stallion was the mover. A 50kg bag rose from N66,000 in the week of January 26 to N70,000 by the week of February 9, held that line through March, then fell to N60,000 by the week of June 1, a retreat of N10,000 or 14.3% from the February peak and below where it started the year. Big Bull tracked a milder version of the same shape, climbing from N61,667 to N65,000 in February and holding there.
Several brands simply did not move. Pretty Lady held at N54,000 a bag from January through March, Mama Africa at N57,000, and imported short grain at N60,000 across the same weeks before a small ease to N58,000 by June. Imported long grain went the other way, from N56,500 in January to N60,000 by June, a rise of 6.2%. The premium end was anchored by Golden Sella basmati, which held at N17,500 for 5kg throughout. A shopper at Lekki-Jakande through the first quarter would have seen most of the rice shelf barely flinch.
The retreat in Royal Stallion by June fits the national rice story. BusinessDay reported that a surge in cheap imports and a cut in rice import duty to 47.5% from 70% had halved paddy prices from their 2025 peak, a wave of cheaper grain that helps explain why a popular brand could give back its February gain. The USDA projected in March 2026 that Nigeria's rice planting area would shrink 7% in the coming season.
The June capture also widened the shelf, with Caprice, Vitali and My Choice arriving in a full ladder of pack sizes from 5kg to the 50kg bag. Those are first verified captures rather than movements.
Against the other June market, Lekki-Jakande undercuts Ajah on short grain. A 50kg bag cost N58,000 here in the week of June 1 against N60,000 at Ajah Market, a saving of N2,000.
Track live readings on the Lekki-Jakande Market real-time prices page or follow the trend on the grain price index.