A recent survey conducted by Nigerian newspapers highlights a significant drop in the cost of household items and staple foods across major markets in Lagos and Kano States.
According to THISDAY, the average prices of essential food items such as rice, beans, yam, potatoes, garri, vegetable oil, tomatoes, flour, and maize have decreased by 15 to 20 percent in March compared to January 2025.
In Lagos’s Mile 12 Market, the report stated, a 50kg bag of rice, which previously sold for between N90,000 and N95,000 in January, now costs around N75,000, depending on the grain type. Similarly, the price of a large basket of fresh tomatoes has plummeted by 70 percent, dropping from N120,000 to N35,000. Garri prices have also eased, with a 4-litre paint container now selling for N2,000, down from N3,500 in January. A 60kg bag of garri is currently priced at N37,500, while a bag of maize, which sold for N80,000 in January, now ranges between N60,000 and N70,000, depending on quality and bargaining power.
The THISDAY survey also noted a decline in the price of groundnut oil, with a 5-litre bottle of King’s oil now selling for N19,000, down from N23,000 in January. Beans, which previously sold for N105,000, now cost N80,000. Additionally, a 25-litre container of palm oil, which sold for between N63,000 and N65,000, is now available for N45,000.
Further findings revealed that 120 pieces of yam, which sold for N300,000 in January, now cost between N180,000 and N200,000, depending on the type and size. Onion prices have also dropped, with six to ten medium-sized onions now selling for N1,000, compared to three or four pieces at the same price three months ago. A small bucket of sweet potatoes now sells for N2,000, down from N6,000, while Irish potatoes of similar size are priced at N3,500, down from N9,000.
In Kano’s Rimi Market, a 50kg bag of parboiled rice now sells for N80,000, down from N95,000 two months ago. The price of a sack of local rice, containing 40 mudus, has also dropped significantly, from N180,000 to N120,000. At the Dawanau International Grains Market, a bag of millet now sells for N58,000, compared to N78,000 two months ago. Beans, a staple for Ramadan meals, have also seen a significant price reduction, with a bag now selling for N80,000, down from N150,000 at the end of 2024.
The decline in food prices has been attributed to several factors, including the cessation of hoarding activities by traders, abundant harvests due to favorable weather conditions, and government initiatives to boost agricultural production. Mallam Adamu Inuwa, a food dealer in Kano, noted that hoarders have been forced to release their surplus stocks at lower prices to avoid losses. Analyst Bashir Mohammed highlighted the role of improved agricultural practices, favorable weather, and government policies in creating a surplus supply, which has driven prices down.
Despite the positive trend, some low-income earners, like Abubakar Sa’idu of Naibawa Quarters in Kano, continue to struggle with food affordability. Sa’idu appealed to the federal government to take further action to alleviate the hardships faced by vulnerable households.
Despite the positive trend, some low-income earners, like Abubakar Sa’idu of Naibawa Quarters in Kano, continue to struggle with food affordability. Sa’idu appealed to the federal government to take further action to alleviate the hardships faced by vulnerable households.
In Lagos, traders attributed the price drop to market forces and reduced demand. Yam seller Wadata Aminu noted that the surplus supply of yam has made hoarding unprofitable, while rice trader Mrs. Blessing Uwanghogho observed that the high prices of rice in late 2024 led many consumers to switch to alternatives like spaghetti, reducing demand and contributing to the price decline.
Meanwhile, Ogun State Governor Dapo Abiodun commended President Bola Tinubu for his bold economic reforms, including the removal of fuel subsidies and the deregulation of exchange rates. Speaking at a Ramadan Iftar event, Abiodun praised the President’s policies for stabilizing the economy and reducing inflation, noting that this is the first time in Nigeria’s history that food prices have declined during Ramadan. He also highlighted the role of religious leaders in promoting peace and tolerance, which has contributed to the state’s socio-economic development.
The sustained drop in food prices has brought relief to many households, particularly during Ramadan, when food consumption typically increases. However, challenges remain for low-income families, underscoring the need for continued government intervention to ensure food affordability for all.
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