GOOD NEWS For Muslims As Price Of Rice, Beans And Other Food Commodities Drops Drastically; See Current Rate Announced
As the Islamic holy month of Ramadan approaches, food prices across various regions in Nigeria have seen a notable decline. This price drop is largely attributed to an influx of agricultural produce into the markets, particularly from states like Borno, Yobe, Taraba, and Adamawa. Despite persistent security challenges in these areas, farmers have recorded a bumper harvest, leading to a surplus of food supplies and subsequently lowering prices.
What your thoughts on this, kindly like share and subscribe to my channel for more information and don’ t forget to drop your opinion on the comments section
Major Price Reductions in Key Food Items
Market reports indicate substantial reductions in the prices of staple food items:
Millet: Now selling at ₦60, 000 per bag, down from ₦80, 000.
Brown Beans: Reduced from ₦120, 000 per bag to ₦90, 000.
Groundnuts: Drastically dropped from ₦210, 000 per bag to ₦130, 000.
Factors Influencing the Price Drop
An investigation into the causes of the price decline highlights several key factors:
Bumper Harvest: Increased agricultural productivity has resulted in a surplus of food products in the markets, driving prices down.
Low Cash Circulation: Economic constraints have pushed many farmers and traders to sell their produce quickly, further stabilizing prices.
Reduction in Middlemen’ s Role: The direct sale of farm produce to retailers and consumers has minimized the added costs typically imposed by intermediaries.
Government Support Programs: State governments, particularly in Borno and Yobe, have introduced measures such as free transportation, security for farmers, and the provision of farming inputs to support agricultural productivity.
Government Initiatives Aiding Agricultural Growth
The proactive policies of state governments have played a crucial role in the food price decline. In Borno State, Governor Babagana Zulum has implemented initiatives such as providing free transportation for farmers, enhancing farm security, and ensuring access to farmlands. Similarly, in Yobe State, Governor Mai Mala Buni has invested heavily in agricultural development by supplying farming inputs and tractors to increase productivity.
Economist Abdulmumini Gulani has reported a nearly 30% drop in food prices across Yobe, citing federal government support for local food production as a contributing factor. Prices of commodities such as maize, millet, sorghum, onions, and pepper have fallen significantly, easing the financial burden on consumers.
Regional Market Trends and Price Comparisons
Potiskum Market (Yobe State):
White Beans (100kg): Now ₦87, 000, previously ₦100, 000.
Red Beans (100kg): Dropped from ₦120, 000 to ₦90, 000.
Peanuts: Now ₦130, 000, down from ₦210, 000.
Damboa Market (Borno State):
Maize (100kg): Reduced from ₦54, 000 to ₦40, 000.
Sorghum: Now ₦41, 000, down from ₦50, 000.
Locally Processed Rice (per mudu): Currently ₦1, 300, previously ₦3, 600.
Traders in Maiduguri Market have also acknowledged that the reduced influence of middlemen has contributed significantly to the decline in food prices. According to one trader, Abubakar Kois, more retailers are now sourcing directly from farmers, which eliminates additional costs and ensures fairer pricing for consumers.
Price Instability in Adamawa State
While Adamawa State has witnessed price reductions in some food products, other commodities remain unstable due to speculative buying. Some traders are purchasing goods in bulk with the intention of reselling at higher prices in the future.
Maize: Now ₦50, 000 per bag, down from ₦65, 000.
Yams: Increased from ₦80, 000 to ₦200, 000 per 100 tubers, reflecting rising demand.
A trader known as ” Yellow” in Yola confirmed that many traders are choosing to hold onto their stock, anticipating a price surge in the coming months.
Growing Demand in Taraba State Amid Falling Prices
In Jalingo, Taraba State, the price drop has led to an increase in demand for staple food items:
Millet: Now ₦60, 000 per bag, down from ₦75, 000.
Beans: Reduced from ₦150, 000 to ₦120, 000 per bag.
Sorghum: Dropped from ₦65, 000 to ₦45, 000 per bag.
Onions: Now ₦70, 000 per bag, a sharp decline from ₦220, 000.
Challenges Persist as Fertilizer Prices Remain High
Despite the overall relief of lower food prices, farmers are facing rising costs of fertilizers, which could impact the next planting season.
Some fertilizer brands have increased from ₦20, 000 to ₦25, 000.
Higher- end fertilizers now cost between ₦50, 000 and ₦52, 000 per bag.
Mallam Hassan Wakili, former chairman of the Rice Association in Zabarmari, has called on the government to introduce subsidies on farm inputs to ensure sustainable agricultural production.
Future Outlook: Will Prices Remain Low?
While the current food price drop is a welcome development for many households, experts warn that prices could surge again if middlemen re- enter the market in large numbers. As traders stockpile goods for future resale, consumers may face fluctuating prices in the coming months. Therefore, continuous government intervention in agriculture remains crucial to ensuring food security and price stability in Nigeria.
