Food Prices Crash: Nigeria sees significant drop in Staple Food Costs

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A recent market survey conducted in Abuja and other major cities in Nigeria has revealed a steady decline in the cost of staple food items such as rice, beans, and millet over the past few months. This positive price behavior has significantly improved household consumption patterns and preferences.

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The average price of a 50 kg bag of foreign parboiled rice has dropped to N85,000 from N110,000 last year, while local parboiled rice now sells for an average of N70,000 compared to N105,000 last year. In some remote areas, prices have further dropped to N58,000.

The price of beans has also seen a significant drop, with a 100 kg bag now selling for ₦120,000 compared to ₦300,000 last year. A small paint bucket of beans now costs ₦8,000, a 45% drop from ₦14,500 last year.

According to market stakeholders, the federal government’s policy shift and critical intervention have been instrumental in the price drop. The chairman of Masaka market in Nasarawa State, Alhaji Salihu Maikudi, attributed the price crash to the government’s policy, saying, “There is no gainsaying that the credit truly must go to the federal government and indeed our marketers who adhered to the government policy of importing the stipulated commodities, making them available, and resulting in the over 40 per cent reduction of their prices.”

A public affairs analyst, Dr. Taiwo Michael, also praised the government’s timely intervention through tariff waivers on key food imports, saying, “At the time, rice was over N100,000 per 50kg bag, flour was around N80,000, and maize N60,000. But with the president’s foresight and duty waivers, we were able to import large volumes, process them quickly, and crash prices.”

The increased market supply and disruption of hoarding practices by middlemen have also contributed to the price drop. With prices expected to remain stable, households in Nigeria can look forward to continued relief from the burden of high food prices

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