Abbas Yushau Yusuf
Recently, there has been a noticeable drop in the price of food items across major markets in many parts of Nigeria. NIGERIAN TRACKER monitored the situation and visited one of the major markets in Northern Nigeria, the Yankaba market in Kano, to understand the reasons behind this trend.
Alkasim Ahmad, a businessman who sells cereals, shared the old prices and the new dropped prices in the market. “Before, maize was sold at 1,800 Naira per mudu, but now it’s 1,500 Naira. Millet used to be 1,700 Naira, but now it’s between 1,560 and 1,600 Naira. A bag of millet was previously 65,000 Naira, but now it’s 58,000 Naira,” he said.
Similarly, guinea corn is now being sold at 58,000 Naira per bag, with the price per mudu at 1,500 Naira. Previously, it was sold at 1,800 Naira per bag. However, the price of rice has not seen much change. Reports indicate that spaghetti, especially foreign brands, has dropped from 20,000 Naira to 17,000 Naira, and in some places, even 16,000 Naira.
The price of soya beans has also seen a reduction. “The price per mudu has dropped to 2,400 Naira, and in some places to 2,350 Naira, from the previous 2,800 Naira. The whole bag of soya beans used to be 110,000 Naira, but now it has dropped to 90,000 Naira,” Alkasim Ahmad added.
For normal beans, the price per bag was previously 95,000 Naira, but now it’s being sold at 85,000 Naira. The price of wheat has remained unchanged, with the price per mudu still at 3,000 Naira and the bag at 115,000 Naira.
Dr. Mustapha Garin Gabas, a Lecturer of Economics at Sule Lamido University, Jigawa State University Kafin Hausa, explained the reasons for the drop in food prices to NIGERIAN TRACKER. He said, “The inflation in Nigeria is not necessarily due to some external forces, but is typically driven by scarcity, especially for food items. Now is the harvesting period for cereals like sorghum, millet, rice, and beans. This is the peak harvesting period, and the availability of these items has led to the drop in prices.”
He added, “Rural households now have food items at their disposal until their supply is exhausted. This year’s rainy season has resulted in a bumper harvest, particularly in the northern part of the country, compared to last year. Sometimes, prices go up when items are not available in the market. There is also a little stability in the exchange rate, which, although not completely stable, has remained between 1,000 and 1,600 Naira for a long period of time, facilitating stability in prices.”
The drop in food prices raises questions about whether the government’s efforts to stabilize the economy are yielding results, or if it is the compassion and cooperation of the business community that is driving this positive change.
Regardless of the reason, the reduction in food prices is a welcome relief for consumers across Nigeria, providing them with much-needed economic respite.
