Rice prices at Lekki-Jakande Market turned lower into the middle of 2026. A 50kg bag of Royal Stallion rice rose from N66,000 in the week of January 26 to N70,000 by February 9 and held there through March, then fell to N60,000 by the week of June 1. That June reading is 14.3% below the peak and 9.1% below where the bag started the year, a clear cooling after a firm first quarter. Short grain imported rice eased more gently, holding a 50kg bag at N60,000 from January through March before slipping to N58,000 in June.
The week of June 1 also brought a full debut for Caprice rice, captured across every measure from a 5kg pack at N6,000 and a 10kg pack at N12,000 up to a 50kg bag at N60,000. Royal Stallion picked up new small packs too, with a 5kg at N6,000 and a 10kg at N12,000. These small-format and new-brand captures are first verified prices rather than movements, and they show the market broadening the way it sells rice toward smaller household packs.
The decline in the big bags fits the national supply turn. BusinessDay reported that paddy had slumped 51% from its 2025 peak under a surge of cheap imports and smuggling, helped by a cut in the rice import duty to 47.5% from 70%, while the USDA projected the national rice planting area would fall 7% in the coming season. A market where a flagship brand like Royal Stallion is shedding N10,000 a bag is moving in step with that wave of cheaper grain.
Live readings sit on the Lekki-Jakande Market real-time prices page, and the rice trend can be followed on the grain price index and the predictions tool.