Bunady
As Nigerians rejoice over the crash in food prices, grain hoarders are crying over the 40% dip in food prices between December 2024 and March 2025....READ ORIGINAL & FULL CONTENT FROM SOURCE | READ ORIGINAL & FULL CONTENT FROM SOURCE...
Many traders bought grains in December for storage, hoping to sell at higher prices from February to March.
Rice and beans prices crash in March
However, grain prices have continued to plummet as a 50kg bag of beans sold between N100,000 and N140,000 has crashed to N75,000 and N85,000.
Rice price, which sold for over N100,000 in December is now about N52,000 per 50kg bag, depending on the brand and location.
Similarly, a 50kg bag of soya beans crashed from N120,000 to N60,000, sorghum prices also fell from N140,000 to N35,000 and N40,000, millet prices crashed to N40,000 from N70,000 and maize dropped to N45,000 from N120,000.
Yam tuber prices also crash
120 pieces of yam sold for N300,000 in 2024 now sell for about N180,000.
The Guardian reports that as of December 2024, food inflation rose to 50%, exacerbating the cost of living and leading to malnutrition increases.
The Nigerian government announced plans to grant waivers on food imports after reopening land borders to allow imports from neighbouring countries.
Farmers have expressed reservations over the policy, saying that it would impact negatively on food security.
However, economists projected that increased food supply would stabilise prices by narrowing the demand-supply gap.
FG grants waivers for food imports
According to reports, food imports have eased the food crises by raising availability for consumption and animal feed production.
Analysts say that despite the government’s efforts to raise food availability, the best way to combat food inflation is to improve security so farmers can produce uninterrupted.
A previous report by Legit.ng disclosed that the price of rice crashed by N20,000 as dealers reported a glut in the market after Christmas.
Dealers crash rice prices by N20,000
Legit.ng exclusively gathered that the price of the commodity, which sold for N85,000 in January, has crashed to N65,000 per 50kg bag.
A market survey conducted by Legit.ng shows that dealers also crashed the prices of other essential commodities.
The price of 25 litres of vegetable oil, which sold for N85,000 in January, also crashed to N66,700.
Rice price: Dealers explain the reason for the crash
Rice dealers revealed a glut in the market, forcing the staple prices to crash considerably after the Yuletide.
Emmanuel Odialo, a rice wholesale dealer in Lagos, said the crash took them by surprise and attributed it to massive importation by the Nigerian government.
“Right now, we have been forced to reduce the prices of our old stocks. A 50kg bag of various brands, which we sold for N88,000 to N90,000 in January, now sells for N65,000. This means the price has reduced by N20,000 to N25,000,” he said.
According to him, dealers are unsure how long the current rate will last but disclosed that the price has drastically reduced.
“I’m sure that the adjustment in import tariffs and the 150-day import duty-free window by the Nigerian government is affecting the prices of essential food items.
