- Market surveys support disinflation
Independent market surveys across major markets have shown declines in prices of basic food items, raising optimism on ongoing efforts to address food insecurity across the country.
The prices of various grains, including maize, rice, millet, sorghum, beans, flour, and soybeans, have experienced a significant decline in key producing regions. Data collected by The Nation indicates that a 50kg bag of rice is priced at N87,000 in Abuja, N85,000 in Lagos, N80,000 in Jos, Plateau State, N78,000 in Ilorin, Kwara State, N78,000 in Ibadan, Oyo State, and N85,000 in Port Harcourt, Rivers State.
A foodstuff vendor in Mushin, Onyeka Abia, told The Nation that the cost of rice has fallen to N75,000, while imported one are available for N99,000.
He expressed optimism regarding the continued decrease in food prices.
In October of the previous year, the average cost of a 50kg bag of local parboiled rice was N105,000. Abia attributed the increase in the price of foreign parboiled rice to fluctuations in foreign exchange rates, while urging the government to assist impoverished Nigerians.
Across the country the price of beans has also seen a notable reduction, now ranging from N85,000 to N95,000 per bag, down from N100,000. Additionally, maize prices have decreased, with 100kg bags now costing approximately N47,000, a drop from N70,000 to N75,000.
Despite the decline in grain prices, the costs of groundnut, cocoa, yam, Irish potatoes, and oils remain relatively elevated.
A 50kg bag of flour, which was priced at N80,000 last year, now ranges between N61,000 and N63,000, depending on the market. The price of soybeans has decreased from N120,000 to N80,000, while white beans have dropped from N160,000 to N88,000, and paddy rice has fallen from N75,000 to between N55,000 and N60,000.
Prices, however, fluctuate across various markets in Kaduna, Taraba, Benue, Kano, Niger, and Lagos. At the Wadata Market in Makurdi, Benue State, the current price for a 50kg bag of local rice ranges from N26,000 to N29,000, a significant decrease from the previous range of N45,000 to N55,000 six months ago. Additionally, other essential commodities have experienced price drops, with a large basket of tomatoes, which was once priced at N45,000, now available for between N30,000 and N35,000.
Experts attributed the recent price adjustments to several factors, including changes in supply dynamics, and government policies.
The Chairman of All Farmers Association of Nigeria (AFAN), Lagos Chapter, Otunba Femi Oke told The Nation, the reduction in food prices has come to stay.
To address the issue of spiraling food inflation, he said the government has rolled out a series of measures aimed at stabilising prices, including increasing food stock releases.
According to him, the government is facilitating the distribution of farm inputs to local farmers .
This, he explained, would help to reduce the cost of production for farmers.
The Minister of Agriculture and Food Security, Senator Abubakar Kyari, promised a crash in prices,while unveiling measures that would bring down food prices in the course of 180 days.
In his presentation of strategies designed to facilitate this reduction, he mentioned the temporary suspension of duties, tariffs, and taxes on the importation of select food products through both land and maritime borders. The identified products encompass maize, husked brown rice, wheat, and cowpeas. Additionally, the Federal Government intends to import 250,000 metric tonnes of both wheat and maize.
In response, Chief Executive of Brote Urban Vegetable Farm & Processing Limited, Innocent Mokidi, , attributed the decline in prices to the influx of imported food products.
He remarked that significant players in the industry, along with the government, have engaged in extensive importation of staple foods into the country. The strategy, according to him, has effectively lowered food prices, allowing businesses to sustain their food manufacturing and processing operations.
Mokidi expressed concern that “importation is merely a temporary solution and not a sustainable one.” He posited that the government’s decision to open the borders as an artificial remedy, advocating instead for investments aimed at reducing input costs.
He highlighted the rising prices of agricultural inputs, noting that seeds that previously cost N5,000 are now priced at N9,000, while chemicals have similarly increased from N4,000 to N9,000. “Fertiliser prices have surged to N45,000, and the cost of leasing an hectare of land has escalated from N25,000 to N60,000.As a result of these rising costs, a farmer who previously cultivated two hectares is now managing five hectares this year. “
He stated that the governments of the countries from which importers source their products provide subsidies to their farmers.
For him, the gap between their input costs and the return from their crops has been widening. While the government is talking about lowering food prices, he indicated that the concerns of the farmers should be taken seriously.
The former chairman of the Rice Farmers Association in Kebbi State, Muhammed Augie, has endorsed the government’s actions to address food inflation.
Nevertheless, he voiced apprehensions that these initiatives may fall short in providing a sustainable solution. Augie highlighted the necessity of ensuring that such measures do not further burden farmers, who are currently experiencing considerable difficulties.
He said the importation of food items is not a good development for the nation’s agriculture.
He urged the government to implement policies that will not only protect the farmers’ income but also ensure food security for the country, as stable food prices benefit both consumers and producers alike.
He noted that the efforts to stabilise food prices will continue to face significant challenges.
He attributed the fall in the price of food items to gradual return of farming activities in areas affected by insurgency, leading to increase in the food production volume in the country.
Last month, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, called upon retailers to acknowledge the decrease in food prices and to refrain from taking advantage of consumers. He made the called during the 2025 Wheat Farmers Green Field Day held in Dabi village, located in the Ringim Local Government Area of Jigawa.
He expressed concern over the indifference displayed by retailers in adjusting their prices despite the overall decline, labeling such behavior as unpatriotic and unacceptable
In December last year, there was a modest decline in the price of beans. The cost of the commodity fell to approximately N100,000 per bag from N120,000, varying by type.
Earlier months had seen a 100kg bag of beans priced as high as N150,000 to N140,000 due to a scarcity of supply.
In April last year, the average price for a 50-kilogramme bag of rice in Lagos, Abuja, and Ogun decreased to N67,000, down from around N90,000 in February.
In the Agege and Oshodi markets, rice prices dropped to between N65,000 and N63,000, in contrast to the prices of N75,000 to N80,000 observed in December 2023 and January 2024.
For instance, in border communities of Ogun such as Imeko, Idiroko, and Oja-Odan, a bag of rice was available for approximately N49,000 or less.
Since October, rice prices have surged beyond the financial reach of many Nigerians. Long grain rice, which was priced between N42,000 and N50,000 in the middle of last year, escalated to N80,000 in January, prompting significant concern among consumers.
In Oshodi, a bag of rice was purchased for between N74,000 and N76,000 in December 2023, and it was sold for N83,000 in December of the previous year.
