GOOD- NEWS! Jubilation Spreads Across Nigeria As Prices Of Essential Food Items Drop Drastically
In the wake of ongoing hunger protests across Nigeria, the prices of essential food items like tomatoes and pepper have seen a significant drop.
Bismarck Rewane, a respected economist and the Executive Director of Financial Derivatives, shared this observation during an interview with Channels Television on Thursday.
Rewane, who is also a member of the Presidential Economic Coordination Council, provided insights into the current market conditions, revealing that the price of a basket of tomatoes and pepper had fallen to N60, 000.
This price drop marks a substantial decrease from the N130, 000 to N150, 000 that these food items commanded just two to three weeks ago. Rewane attributed this price decline to the perishable nature of these goods, which led to their rapid sale at lower prices during the protests.
He explained that the ongoing protests and movement restrictions have disrupted the usual flow of goods from farms to markets. As a result, perishable items like tomatoes and pepper, which are already in the markets, are being sold quickly at reduced prices.
” Our team visited the market on Wednesday, and we observed a significant drop in prices. The price of a basket of tomatoes is now down to N60, 000, representing a bold decrease from previous weeks, ” Rewane noted.
However, Rewane cautioned that this price drop might be temporary. He predicted that as normal business activities resume in Nigerian markets after the protests, the prices of these essential food items could rise again.
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” What I think will happen is that in the next few days, the price of tomatoes and peppers will increase again. Right now, it is the perishable value that will be seen in the market, ” he said.
In recent weeks, Nigerians have taken to the streets in major cities to protest the rising cost of living. These demonstrations have had a noticeable impact on market dynamics, as seen in the fluctuating prices of staple foods like tomatoes and pepper.
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