*Traders attribute trend to cessation of hoarding, artificial price hike 

*Gov. Abiodun hails Tinubu

Sunday Ehigiator in Lagos, Ahmad Sorondinki in Kano and James Sowole in Abeokuta

In a welcome development, signifying major relief for Nigerian households, the cost of staple foods has significantly dropped in major markets in Lagos and Kano States, according to a survey carried out by THISDAY.
Findings in major markets in both States revealed that the average prices of staple foods such as rice, beans, yam, potatoes, garri, vegetable oil, tomatoes, flour and maise have decreased by 15 to 20 per cent in March, compared to what they were as at January 2025.
In Lagos, at the popular Mile 12 Market, a 50kg bag of rice, which sold between N90,000 to N95,000 in January 2025, is now sold around N75,000, depending on the type of grain, either short or long grain.
Also, the price of a big basket of fresh tomatoes has dropped by 70 per cent within the period in view, falling from N120,000 to N35,000.
Garri prices have also eased, with a 4-litre paint container now selling for N2,000, compared to N3,500 it sold for in January 2025. A 60kg bag of garri now sells for N37,500. A bag of maize which sold for N80,000 in January, now sells between N60,000 and N70,000 depending on the grade and bargaining power.
According to the THISDAY survey, the price of groundnut oil has decreased. A 5-litre bottle of King’s oil that was sold for N23,000 in January can now be bought at N19,000. There was also a sharp reduction in the price of beans, which formerly sold for N105,000 in January but now sells for N80,000.
A 25-litre of palm-oil sold between N63,000 and N65,000, is now being sold for N45,000.
Further findings showed that 120 pieces of yam which was sold at N300,000 in January, now sells for about N180,000 to N200,000, depending on the type and sizes of the Yam, either Abuja Yam, Benue Yam, etc.
Onion prices have also dropped. It is now possible to buy six to 10 pieces of medium to big sizes of onion for N1000 as against three or four pieces at the same price three months ago at Mile 12 market. A small bucket of sweet potatoes currently sells for N2,000, down from N6,000 it was in January, while Irish potatoes of similar size sell for N3,500 from N9,000 it was in January.
In Kano, a market survey at Rimi Market indicated that the average price of 50kg of parboiled rice now sells at N80,000 as against the N95,000 it went for two months ago.
Findings revealed that the price of a sack of local rice, containing 40 mudus significantly dropped from N180,000 to N120,000.
In an interview with a foodstuff seller at the Dawanau International Grains Market, Mr. Yahaya Kawu said he now sells one bag of millet at N58, 000 as against the N78, 000 it was sold two months.
He further revealed that the price of beans, which is commonly used to for the preparation of meal to break the Ramadan fast, has also decreased significantly.
According to Kawu, the current market prices of one bag of beans now sells at about N80,000 as against about N150,000 it went for at the end of 2024.
Furthermore, prices of staple foods such as Irish potatoes, local potatoes, garri, yams, and soya beans have also experienced a substantial decline, providing considerable relief to households.
Some residents welcomed the development, especially during Ramadan when many Muslims stock up on various food items enabling them to enjoy their iftar (breaking of fasting).
The fall in food prices was also attributed to the cessation of hoarding activities by some businessmen, who had previously stockpiled food items to artificially inflate prices.
Another food dealer in Kano, Mallam Adamu Inuwa, pointed out that the abundant harvest resulting from last season’s heavy rainfall led to a significant decline in hoarding activities, which have now reached an all-time low, rendering their activities obsolete.
Inuwa, revealed that hoarders were compelled to release their surplus food into the market and sell it at lower prices, fearing that the items would spoil or avoid loses if not sold promptly.
An analyst, Bashir Mohammed has attributed the fall of food prices in the country to the improved agricultural practices, favorable weather conditions, and government initiatives to boost food production which led to a surplus in food supply, causing prices to drop.
He further explained that lifting of the ban on food imports and the suspension of duties on some imported food items has drastically increased supply chain.
Abubakar Sa’idu of Naibawa Quarters in Kano State, said despite the recent decline in food prices nationwide, as a low-income earner, he still struggles to feed his family of six, citing the persistent challenges of food affordability for vulnerable households.
He appealed to the federal government to take decisive action to alleviate the hardships faced by ordinary citizens, who struggle daily to make ends meet.
Also speaking with THISDAY in Lagos, some traders attributed the sharp drop in prices to market forces, while some others attributed it to low demand.
A yam seller, Wadata Aminu, noted that “The price drop has been a thing of shock. No one can hoard the product again because when you do that, even for a day, it will depreciate. We have a surplus supply of yam coming into the market daily at slightly cheaper prices.
“We began experiencing it in January, and it has remained so even in March. Every day, new yam is supplied at cheaper prices, so how can you even hoard the product and not lose money? So I think this is what is responsible for the consistent drop in the price.”
Also speaking with THISDAY, a Rice Trader, Mrs. Blessing Uwanghogho noted that, “The drop in price of rice is a good development, only that the patronage has dropped.
“This is because as of December 2024, we sold a 50kg Bag of Rice for as high as N110,000, and that I think probably scared a lot of people away from eating rice, and now they buy alternatives like spaghetti instead. So we have excess supplies in the market, and the demand isn’t measuring up like it used to.
“I think this is why the price of rice began to fall because the demand for it began to drop last year as people can no longer afford it, especially in similar quantities they used to buy before the price hike.”
Meanwhile, Ogun State Governor, Dapo Abiodun has commended President Bola Tinubu for his bold and audacious steps in removing subsidies and ensuring that market forces determine the exchange rates and not the government.
Abiodun said the bold move by the President was already paying off with the downward trend in the prices of food, fuel, and inflation, especially during the month of Ramadan.
The governor, who stated this during the Special Iftar (Breaking of Fast) with the League of Imams and Alfas at the Presidential Lodge, Abeokuta, the governor noted that it was the first time in the history of Nigeria that prices of foodstuffs and other Commodities and products are coming down during the month of Ramadan.
“Recently, I was commending President Bola Ahmed Tinubu for doing what other presidents before him couldn’t do.
“On your first day in office, you removed the subsidy. Subsequently, regarding the issue of exchange rates, some will buy it at different rates; you removed the hand of the government and said that market forces must henceforth determine the rate of exchange, and because of that, there is now a convergence of exchange rates. Everybody in Nigeria now has one exchange rate.
“Looking at it, 20 to 22 months down the road, to the glory of God, with your wisdom, tenacity, far-sightedness, and your Renewed Hope Initiative, this is the first time in the history of this country that we will be fasting while the cost of foodstuffs is coming down.

“The prices of food items are actually on a downward trend. Exchange rates have been stable over the last 15-16 months and predictable.

“Inflation, which we were all afraid of, is also coming down. The price of petrol is also coming down every week. I congratulate him for this feat,” he said.

The governor also said that the religious tolerance being enjoyed in the state is the handiwork of faith leaders in building righteous paths for the faithful and the youths through inspiring messages of hope, love, and peace.

He noted that the state has not had any form of crisis related to religious intolerance since he became governor in 2019.

He said that the League of Imams and Alfas has played a significant role in ensuring that youths in the state are well-behaved, making it possible for his administration to continue to govern without any form of disturbance.

He added that the messages of the clerics have helped soften the hearts of many youths in the state and have also made them partners in the developmental drive of his government.

“We’ve enjoyed religious tolerance in Ogun State; we have not had any form of crisis related to religious intolerance. Christians are doing their own, Muslims are doing their own. We are all doing things together.

“As you speak to our children in the mosques, it goes through their ears, their bodies, and it makes them behave in the right way. That is what has allowed those of us in government to conduct the business of governance very well without any form of disturbance because without peace, we won’t be able to govern; without peace, there won’t be any meaningful development in the state.

“I want to thank our grand chief imams and all the imams and alfas that are here for preaching peace, for guiding our youths, for mentoring them, and ensuring that they are well-behaved, ensuring that there is religious tolerance across all the religions in Ogun State. This has greatly contributed to our socio-economic development as a state,” he said.