This is awesome news for Nigerians as reports from eyewitnesses indicates that the price for food items especially grains have dropped in Kano state as recent harvests have filled markets.
According to the survey conducted in some markets in Kano state, it was revealed that the prices of food commodities especially maize, millet, sorghum and local rice have dropped by about 40 per cent.
According to NAN, the survey also shows that a bag of maize is now selling for N8,500, this was sold for about N12,500 as at last month, so that a paint bucket measure of maize is now N350, it was sold for between 400 and 450 last month.
A bag of millet is now sold for N9,500 dropping from N14,000. Also, a 100kg bag of local rice, is now being sold at between N26,000 and N28,000, it used to be sold for between N33,000 and N40,000. A paint measure now sells for N600 and not N750.
The survey also looked into sorghum which sold for N16,000 before the harvest, but now cost about N13,000 per bag, a bag of wheat crashed from N24,000 to N16,000.
While the survey was on, some consumers expressed optimism that the prices would go lower. The traders were of the opinion that the price crash was as a result of increased produce from farms.
Alhaji Sani Ali, who is a trader at Dawanau International Grains market, said prices of the commodities would further reduce due to the recession.
He said: “I am sure the price will further go down due to low patronage by companies and individual buyers. Most of the companies now buy half of what they used to buy before because of the economic situation and some buy on credit.”
Malam Isa Sule however had a different opinion, he expressed confidence that prices would further go down because the harvest season was far from over.
Barely a month ago, according to investigations at Hadejia market, Jigawa state. Food prices were down by about 30 percent.
A bag of millet was going for N14, 000 as against N18, 000 while a bag of paddy rice went for N8, 500 as against its previous price of N11, 000.
Maize and sorghum were sold at N11, 000 and N13, 000 down from their old prices of N15, 000 and N17, 000, respectively.
“As farmers continue to harvest, the supply of the commodities will continue to flood the markets and this will push prices further down,” he said.
Meanwhile, the prices of bread, biscuits and other baked goods are set to go up by 15 per cent, Nigerian bakers have confirmed.
There are reports that the bakers under the aegis of Association of Master Bakers and Caterers of Nigeria (AMBCON) said the new prices take effect from October 17.