After months of relentless inflation and public frustration over soaring food costs, Nigeria’s food prices are beginning to show signs of decline, bringing cautious optimism to households and market traders nationwide.
Recent data from the National Bureau of Statistics (NBS) and market surveys across major cities reveal a downward trend in staple food prices including rice, garri, maize, and beans marking the first consistent drop in nearly two years.
Economists attribute this development to a combination of factors, including seasonal harvests, improved supply chains, and targeted government interventions in the agricultural sector.
Dr. Tunde Aremu, an agricultural economist, explained that the ongoing harvest season in the North-Central and North-West regions has flooded local markets with fresh produce. “We’re seeing a natural market correction driven by increased supply. When food becomes abundant, prices fall that’s basic economics,” he said.
Additionally, the federal government’s agricultural credit and distribution programs, aimed at supporting smallholder farmers, are beginning to yield visible results. Improved access to fertilizer, reduction in transport bottlenecks, and the crackdown on hoarding have also contributed to easing prices.
In Lagos, traders at Mile 12 Market confirmed that the wholesale price of rice and beans has dropped by between 10% and 18% in the last month. “People can now buy more with the same amount they spent before,” said Mrs. Bose Adeola, a foodstuff dealer.
While analysts warn that sustained relief will depend on long-term stability in fuel and transport costs, many Nigerians are welcoming the development as a long-awaited break from economic strain.
For now, the market’s message is clear after months of hardship, the tide of rising food prices is finally turning in favor of the people.
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