In a welcome development, the cost of staple foods has significantly dropped in major markets across Lagos and Kano States, according to a survey carried out by THISDAY. Findings revealed that the average prices of essential commodities such as rice, beans, yam, potatoes, garri, vegetable oil, tomatoes, flour, and maize have decreased by 15 to 20 percent in March, compared to their prices in January 2025.
Lagos State:
• Rice: At the popular Mile 12 Market, a 50kg bag of rice, which sold between N90,000 to N95,000 in January 2025, is now sold around N75,000, depending on the type of grain, either short or long grain.
• Tomatoes: The price of a big basket of fresh tomatoes has dropped by 70 percent within the period in view, falling from N120,000 to N35,000.
• Garri: A 4-litre paint container now sells for N2,000, compared to N3,500 in January 2025. A 60kg bag of garri now sells for N37,500.
• Maize: A bag of maize which sold for N80,000 in January, now sells between N60,000 and N70,000 depending on the grade and bargaining power.
• Vegetable Oil: A 5-litre bottle of King’s oil that was sold for N23,000 in January can now be bought at N19,000.
• Beans: There was a sharp reduction in the price of beans, which formerly sold for N105,000 in January but now sells for N80,000.
• Palm Oil: A 25-litre of palm oil sold between N63,000 and N65,000, is now being sold for N45,000.
• Yam: 120 pieces of yam which was sold at N300,000 in January, now sells for about N180,000 to N200,000, depending on the type and sizes of the yam, either Abuja Yam, Benue Yam, etc.
• Onions: It is now possible to buy six to 10 pieces of medium to big sizes of onion for N1000 as against three or four pieces at the same price three months ago at Mile 12 market.
• Potatoes: A small bucket of sweet potatoes currently sells for N2,000, down from N6,000 in January, while Irish potatoes of similar size sell for N3,500 from N9,000 in January.
Kano State:
• Rice: A market survey at Rimi Market indicated that the average price of a 50kg bag of parboiled rice now sells at N80,000 as against the N95,000 it went for two months ago.
• Local Rice: The price of a sack of local rice, containing 40 mudus, significantly dropped from N180,000 to N120,000.
• Millet: At Dawanau International Grains Market, a bag of millet now sells at N58,000 as against the N78,000 it was sold two months ago.
• Beans: The current market prices of one bag of beans now sells at about N80,000 as against about N150,000 it went for at the end of 2024.
• Other Staples: Prices of staple foods such as Irish potatoes, local potatoes, garri, yams, and soya beans have also experienced a substantial decline, providing considerable relief to households.
Factors Contributing to Price Decline:
• Cessation of Hoarding: The fall in food prices was attributed to the cessation of hoarding activities by some businessmen, who had previously stockpiled food items to artificially inflate prices.
• Abundant Harvest: An abundant harvest resulting from last season’s heavy rainfall led to a significant decline in hoarding activities, compelling hoarders to release their surplus food into the market and sell it at lower prices to avoid losses.
• Improved Agricultural Practices: Improved agricultural practices, favorable weather conditions, and government initiatives to boost food production led to a surplus in food supply, causing prices to drop.
• Policy Reforms: The lifting of the ban on food imports and the suspension of duties on some imported food items have drastically increased the supply chain.
Government Commendation:
Ogun State Governor, Dapo Abiodun, commended President Bola Tinubu for his bold steps in removing subsidies and ensuring that market forces determine exchange rates. He noted that these moves are already paying off with the downward trend in the prices of food, fuel, and inflation, especially during the month of Ramadan. This period marks the first time in the country’s history that prices of foodstuffs and other commodities are decreasing during Ramadan.
This significant drop in food prices offers relief to Nigerian households, easing the cost-of-living crisis and providing an unexpected respite for many.
When Nigeria will be better? I guess nobody knows