Grain hoarders across Niger State are regretting their actions as prices of grains and other foodstuffs continue to plummet.
A report by Weekend Trust revealed that some traders, who took out loans worth millions of naira from commercial banks or even sold off assets—including landed property—to stockpile beans, maize, soybeans, sorghum, millet, groundnuts, and melon in bulk, are now counting their losses. They had hoped prices would rise as they did in 2024, but their expectations have been dashed.
The report details how traders lament the sharp decline in grain prices, which has shattered their hopes of making a profit.
Read full report by Weekend Trust:. A trader in Minna lamented the situation, saying, “We anticipated price hike and stocked up on grains to sell at a profit later, but prices have continued to drop.”
Hoarders, who typically rely on market volatility to maximise profits, now live in fear due to this unexpected market shift. Some commentators told our correspondent that if the current trend continues, many traders intending to hoard grains for future profits will face significant losses.
Meanwhile, consumers are happy with the price crash, saying the drop will ease household expenses.
While some attributed the continuous fall in prices to the sudden influx of imported grains, consumers simply said it was God’s intervention to relieve ordinary citizens of hardship.
Checks at some rural markets in the state showed that the prices of assorted grains, especially maize, sorghum, millet, beans and soybeans have continued to drop since October 2024.
At Zungeru, Beji, Kakakpangi, Lapai, Manigi, Lemu and Wuya markets, all in Niger State, the prices of grains have not moved up as anticipated by hoarders, even when some analysts expected the last Ramadan to ignite a possible rise in prices because of demand, especially grains for Zakkatul Fitr.
Weekend Trust recalls that at this time in 2024, a 100kg bag of beans was sold at N220,000 while bags of sorghum and millet cost N90,000 and N100,000 respectively. But recent checks at the Kure Ultra Modern Market and Gwadabe Market in Minna revealed that a bag of beans is currently N96,000; maize N48,000; sorghum N42,000 and millet also N42,000 per 100kg bag.
One of the consumers at Kure Market, Mr Victor Ejike, attributed the continuous crash in the price of foodstuffs to God’s intervention in the affairs of average citizens.
“We cannot say the prices have come down this year because of interventions from the government. We have not seen any effort from the government. God, in his mercy, is beginning to look at the sufferings of the poor Nigerians. I am happy that the hoarders, whose plan is to see us suffering, God is not making it possible. Last year, at a period like this, I bought a mudu of beans at the cost of N3,500, but as you can see, I just bought beans at the cost of N1,600 per mudu. That’s God!? he said.
Mohammed Musa, another buyer, said God had come to the aid of ordinary citizens and prayed that prices would continue to crash.
At Manigi market, Mashegu Local Government Area, traders told Weekend Trust via telephone that a bag of red beans is now N100,000, white beans N95,000, white maize N45,000 and red maize N47,000.
The price of millet is now N50,000 per bag, sorghum N41,000, while soybeans is N79,000.
Investigation by our correspondent revealed that only those who hoarded melon and groundnuts are currently making gains from the sales.
Traders said a bag of melon now goes for N62,000 as against N40,000 traders bought from farmers, while bags of solar and Kwankwaso groundnuts now go for N40,000 and N30,000 respectively as against N20,000 traders bought from farmers during the harvest period. But hoarders of soybean, white beans, maize, millet and sorghum are counting their losses as prices continue to crash or remain stagnant.
A trader at the Kure Ultra Modern Market confided in Weekend Trust that one of his friends took a N20 million loan from a commercial bank in November 2024 and stocked white beans and soybeans at the cost of N110,000 per 100kg bag from farmers with the intent to resell when prices go up as they did in 2024, but the prices are currently below what he bought.
He said another friend sold his two houses and stocked his store with beans and maize worth millions of naira, but he is currently counting losses.
“What many marketers are facing is more than what one can open his mouth to talk about. Last year, we made a lot of profits when prices of foodstuffs went up, but this year, the market is upside down because many of us used huge amounts of money to buy grains and beans when farmers were harvesting in November and December. But today, the prices are below what we bought. We are not even talking about profits now but how the money we took to buy these goods could be recouped, even without profits.
“The unfortunate part of it is that some traders took loans to buy those things. I have a friend who took a N20 million loan from a commercial bank to buy white beans and soybeans when farmers were harvesting at the cost of N110,000 in November and December. But as I speak with you, a bag of beans is not up to N100,000. A mudu of beans is now N1,600 and you can even get it at N1,500 in some places. Last year, a mudu of beans was sold at N3,500. This is to show you that the market is not predictable.
“Another friend of mine sold two of his houses he rented out and bought maize, beans and soybeans, but he is also regretting now. But we are not deterred because prices can change. That is our hope. But for now, many traders who bought goods with the hope of reselling when prices go up are not smiling,” he said.
Another trader, Mallam Salihu Mohammed, confirmed to our correspondent that he bought maize and beans worth N1 million to resell as he did last year, but the situation is not favourable this year.
He said, “Last year, I paid for my Hajj seat from the sale of foodstuffs I bought in 2023. Last year, I sold a bag of maize I bought at N30,000 at the cost of N90,000. I sold beans at the cost of N210,000. But this year, I cannot say I regret it, but the situation is bad. The beans I bought at the cost of N110,000 in November is not up to N100,000 now; and it is already another rainy season when farmers will begin new planting. There’s no hope that we would gain this year as we did in 2024.”
He said his wife also bought grains she resold last year with a wide profit margin, but this year, she is also losing, adding that the only thing she made gains from this year were groundnut and melon, which prices are on the high side.
In Bida, a source who preferred to remain anonymous said a trader stocked his two warehouses with maize, sorghum and millet worth millions of naira, but is now selling at a loss, adding that he is afraid prices may fall further.
Our correspondent, however, learnt that some traders made good sales a few days to last Sallah when households were buying grains for Zakkatul Fitr before the price fell again.
In rural areas, the story is also similar as hoarders are crying over a possible loss of capital. For instance, in Lemu, the headquarters of Gbako Local Government Area and other rural markets, traders are telling stories of loss of investment.
Mahmud Mohammed, one of the traders, told our correspondent on telephone that this year is not favourable to grain traders, especially hoarders.
“It is not favourable to traders this year. In fact, many hoarders are confused now – whether to bring out the foodstuffs and sell at this point to avoid further losses or keep them and continue to watch how the market situation will turn out to be. But eventually, if prices continue to crash, the losses would be high. So, some traders have started selling at the current market price to avoid further losses, while some are still waiting to see if prices would change in their favour,” he said.
A source in Lemu, however, told our correspondent that a bag of maize is now N39,000, guinea corn N40,000, millet N43,000, while the price of white beans has fallen to N73,000.
“Sincerely, hoarders are complaining. Although the prices are not too low, they are not going up as they wished. Maize is N39,000, guinea corn is N40,000, millet is N43,000 and beans between N73,000 and N75,000,” he said.
Weekend Trust recalls how traders and their agents flooded rural markets between September and December 2024 and engaged in bulk buying, with the intent to resell when prices go up.
It would also be recalled that the price of grains, especially maize, started to fall in September 2024 when farmers started harvesting. The commodity was sold in September at N42,000, N45,000 and N48,000 per 100kg bag in various markets, but the price has dropped further in the last few months.
As at December, prices of other commodities, including beans, guinea corn, millet and soybeans also began to crash.
In August 2024, rice was N145,000, new maize was N70,000, old maize was N90,000, white beans N190,000, millet N90,000, soybeans N95,000, while guinea corn was N95,000 per 100kg bag before the prices began to fall from September.
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