BUSINESS

GOOD NEWS FOR NIGERIANS AS FOOD PRICES BEGIN TO DROP IN MARKETS
After months of unrelenting hikes in food costs, Nigerians are finally breathing a sigh of relief as prices of several staple commodities begin to drop across markets in the Federal Capital Territory (FCT) and Nasarawa State.
A survey conducted at Mararaba, Karu, and Masaka markets revealed that the ongoing harvest season is driving down the cost of rice, beans, tomatoes, garri, and other food items, giving households much-needed relief.
At Mararaba market, a 50kg bag of foreign rice that sold between ₦88,000 and ₦90,000 in July now goes for ₦83,000, while the local variety dropped from ₦70,000 to ₦65,000. Tomatoes have recorded one of the steepest declines: a bag of UTC tomatoes, previously priced between ₦90,000 and ₦100,000, now sells for ₦50,000, while Darika tomatoes fell from ₦70,000 to ₦35,000.
Peppers have also adjusted downward, with cayenne pepper selling for ₦4,000–₦5,500 per basket, while scotch bonnet (atarodo) goes for about ₦6,000 per paint rubber. However, onions remain stubbornly high, still pegged at around ₦100,000 per bag.
For grains, white garri has dropped from ₦1,100 to ₦700 per mudu, while the yellow variant has reduced from ₦1,200 to ₦900. Larger quantities also recorded sharp declines, with a bag of yellow garri selling for between ₦78,000 and ₦80,000, compared to higher figures in previous months.
In Karu market, prices are following a similar trend. A bag of Indian rice reduced from ₦53,000 to ₦50,000, while Thai long-grain rice now sells for ₦68,000, down from ₦72,000. A bag of white beans dropped to ₦105,000, compared to ₦112,000 just two months ago.
The yam market is also witnessing relief: new yam sells for ₦4,000–₦5,500 per tuber, while dry yam ranges between ₦6,500 and ₦8,500.
Masaka market presented even more drastic changes, with a basin of milled rice falling from as high as ₦42,000 to between ₦28,000 and ₦32,000, while a bag of local rice that cost ₦78,000 last month now goes for ₦65,000–₦70,000. Similarly, garri dropped from ₦75,000 per bag to between ₦55,000 and ₦60,000.
Traders across the markets linked the price drop to the arrival of fresh harvests. “The new crops are coming in, and that’s why prices are falling. We expect more reductions in the coming weeks, especially for tomatoes, peppers, and some grains,” a trader, Mohammed, explained.
Still, some commodities like soya beans and onions remain on the high side, showing that while prices are easing, food inflation is not entirely behind Nigerians.
"This represents a significant development in our ongoing coverage of current events."— Editorial Board