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Recent market reports revealed that food prices have started dropping across some northern states of Nigeria.
Naija News reports that Nigeria faces a significant challenge with rising food prices, impacting millions and raising concerns about food insecurity. Recently, food prices have risen substantially and various sources acknowledged that the average increase ranges from 25% to 30% year-on-year, with some items jumping even higher. It is no longer news that staple foods like rice, beans, and vegetables have seen significant price hikes, making it harder for families to afford basic necessities. The price increases affect all socio-economic groups but disproportionately burden low-income households who spend a larger share of their income on food. However, in what seems like some sort of relief, a Daily Post report revealed there are now new prices for foodstuff in the likes of Kano, Niger, Taraba, Kwara and Niger States following recent actions taken by both the government and major stakeholders. Below are recent findings on the price of foodstuff in the states mentioned above:
Food Price In Kano Markets
According to recent reports, there has been a significant decrease in the prices of maize, soya beans, beans, and rice at various markets in Kano State, including Doguwa, Tudun Wada, and Bunkure. This decline in prices has been attributed to the actions taken by the Kano State Public Complaint and Anti-Corruption Commission, which has sealed warehouses suspected of hoarding grains. A prominent grain merchant in the state, Hudu Faruk, acknowledged the role played by these measures in bringing about the drop in prices. “They have asked us to halt the purchase of commodities, and many merchants are apprehensive on the matter; hence, they quit buying last week. Perhaps, this is the main reason behind the drop in price,” he told reporters. Speaking on the latest development, a trader at Bunkure Market, Adam Isah Barkum, explained that the decrease in food prices can be attributed to the reduced demand from significant purchasers. Journalists who visited various markets in Kano observed that the cost of a 100kg bag of maize, which was previously priced between N58,000 and N60,000 last week, had now decreased to between N50,000 and N48,000. Similarly, the price of beans had also dropped from N94,000 to N85,000.
Price Of Commodities In Taraba
According to the report, the prices of various agricultural commodities have significantly decreased at Mutum Biyu, Garba-Chede, Maihula, and Iware markets in Taraba State. A farmer from Maihula town, Ali Maihula, confirmed the price of a 100kg bag of maize has decreased from N54,000 to N40,000. Similarly, the price of soybeans has dropped from N40,000 to N32,000, sorghum from N50,000 to N41,000, locally processed rice from N2,300 to N1,700 per mud, and white beans from N2,100 to N1,600. Also, a trader who identified himself as Garba Mutum Biyu, attributes this decline in prices to the absence of middlemen who used to engage in bulk purchases at the markets.
Food Price Drops In Kwara
A farmer and former chairperson of the Kwara Rural Farmers in Kwara State, Bose Anifowose, revealed the price of a 50kg bag of maize has significantly dropped. She mentioned that in January, she sold the bag for more than N65,000, but recently, at Ajase market, it was sold for N40,000. Also, a former secretary of AFAN and the chairman of Amana Farmers in Ilọrin, Mukaila Salaudeen, confirmed that the prices of grains such as maize and beans are gradually decreasing in the local market. “From above N100,000, a bag of beans is now about N90,000 with the price of maize somehow remaining stagnant. We are hoping that in a week or two, it will crash from around N65,000 per bag some farmers said they sold last month. “Most of those who are hoarding the commodities are having fear that the policy of government may crash grain prices after the release from the grain reserve,” Salaudeen reportedly noted.
A Slight Drop In Niger State
In Bida, Niger State, it was observed that there was a decline in the price of a 50kg bag of maize from N52,000 to N48,000, and guinea corn from N48,000 to N39,000. According to residents, this decrease in prices can be attributed to the government’s decision to prohibit bulk purchasing of grains from markets. However, the cost of fertilizers has surged in the state’s markets as the rainy season farming approaches. A fertilizer dealer in Minna, Danjuma Yarima, stated that the price of Urea has risen from N25,000 to N36,000, while NPK has increased from N27,000 to N37,500.
Some Regions Stil Experience High Price Of Commodities
Meanwhile, in Benue State, the prices of food items remained high as of yesterday. According to journalists who visited various markets, the cost of a 100kg bag of millet has increased from N66,000 to N75,000 in just two weeks, while maize has risen from N65,000 to N70,000. Similarly, the price of sesame has gone up from N165,000 to N185,000, and a 50kg bag of rice now costs N72,000 compared to N67,000 previously. However, there is a silver lining as the price of a 100kg bag of soybean has actually decreased from N80,000 to N55,000 within the same two-week period. A local marketer named Dennis explained that this drop is due to farmers finally bringing their harvested soybeans to the markets, which was not the case before. Meanwhile, in Katsina State, the prices of agricultural produce have started to decline. This is a result of animal feed companies withdrawing from the markets. An agent from one of these companies, Murtala Abubakar, stated that they have stopped purchasing grains from the markets since last Tuesday. “Olam that has been the major off-taker in Dandume, Funtua, Kafur, Bakori and Giwa grain markets, withdrew a week ago and since then, the price of maize crashed to N52,000 from N60,000,” Abubakar reportedly said, noting that there were other factors affecting the price of the commodities such as scarcity of the maize in the markets. “The price is not yet stable because other factors such as the depreciation of the naira that is making foreigners to buy in bulk and scarcity of the produce in the markets have made the price of maize and other produce to fluctuate from one market to another,’’ he said. Another player in the market, Umar Samaila, disclosed that soybeans’ price had reached N60,000 from N52,000 despite the company’s stoppage from taking it last Friday. “In Giwa, maize is now N52,000, sorghum N45,000 and soybeans 57,000. In Dandume, maize is N57,000, sorghum N48,000 and soybeans N58,000. “In Bakori, maize is now N58,000, sorghum N48,000 and soybeans N60,000. This is attributed to merchants from far and near that are flooding the markets for the produce,” he said.
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