Close Menu
    Facebook X (Twitter) Instagram
    Trending
    • One Year After, Experts Review Tinubu’s 2024 Protest Speech, Say Progress Minimal
    • ‘Let’s Stop Playing Games’, Reps Fume At Minister As ₦5bn Baro Port Remains Unused
    • Tinubu Urges Governors To Invest More In Poverty Eradication, Others
    • Kano Governor Appoints ICPC Veteran, Saidu Yahya As New Anti-Corruption Boss
    • INEC Mobilises Stakeholders Ahead Of August 12 Voter Registration In Yobe
    • Kaduna Summit Backs Tinubu’s Reforms, Demands More On Education, Citizen Dialogue
    • Keynote Address By Tony O. Elumelu At The African Caucus Meeting
    • Super Eagles Forward, Osimhen Completes Transfer To Galatasaray In Record €75m Deal
    Facebook X (Twitter) Instagram
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    • HOME
    • NEWS

      One Year After, Experts Review Tinubu’s 2024 Protest Speech, Say Progress Minimal

      August 1, 2025

      ‘Let’s Stop Playing Games’, Reps Fume At Minister As ₦5bn Baro Port Remains Unused

      August 1, 2025

      Tinubu Urges Governors To Invest More In Poverty Eradication, Others

      August 1, 2025

      Kano Governor Appoints ICPC Veteran, Saidu Yahya As New Anti-Corruption Boss

      August 1, 2025

      INEC Mobilises Stakeholders Ahead Of August 12 Voter Registration In Yobe

      August 1, 2025
    • COLUMN

      Balkanisation, Push-Back: Can ADC Weather The Storm? – By Zainab Suleiman Okino

      July 31, 2025

      Buhari: May Our Subsequent Leaders Die At Home (2) – By Dr Hassan Gimba

      July 28, 2025

      New Wave Of Malnutrition And The Road To 2027 – By Dr Dakuku Peterside

      July 28, 2025

      Dignifying The Nigeria Police – By Kazeem Akintunde

      July 28, 2025

      Land Grab: Why UniAbuja Needs Presidential Protection (Part 2) – By Martins Oloja

      July 28, 2025
    • EDUCATION

      13 Countries Offering Free Or Low-Cost PhD Programmes For Non-Citizens

      January 25, 2025

      NECO: Abia, Imo Top Performing States In Two Years, Katsina, Zamfara Come Last

      October 3, 2024

      NBTE Accredits 17 Programmes At Federal Polytechnic Kabo

      August 20, 2024

      15 Most Expensive Universities In Nigeria

      May 19, 2024

      FULL LIST: Tinubu Appoints Former SGF Yayale, Ex-Governor Yuguda, Muhammad Abacha, Jega In Universities’ Governing Councils

      May 18, 2024
    • INTERNATIONAL

      Palestinian Newborns Starving In Gaza As Infant Formula Runs Out

      August 1, 2025

      Microsoft Accuses Russia’s FSB Of Using Malware Against Foreign Embassies

      August 1, 2025

      Israel Starves More Palestinians To Death In Gaza As Attacks Continue

      July 31, 2025

      Trump Hits India With 25% Tariff, Extra ‘Penalty’ For Russian Oil Purchases

      July 31, 2025

      Gaza On ‘Brink Of Full-Scale Famine’ As Israel Blocks Crucial Aid

      July 30, 2025
    • JUDICIARY

      FULL LIST: Judicial Council Recommends Appointment Of 11 Supreme Court Justices

      December 6, 2023

      Supreme Court: Judicial Council Screens 22 Nominees, Candidates Face DSS, Others

      November 29, 2023

      FULL LIST: Judicial Commission Nominates 22 Justices For Elevation To Supreme Court

      November 16, 2023

      Seven Key Issues Resolved By Seven Supreme Court Judges

      October 26, 2023

      FULL LIST: CJN To Swear In Falana’s Wife, 57 Others As SANs November 27

      October 12, 2023
    • POLITICS

      What Peter Obi May Lose If He Joins Coalition As VP Candidate

      May 25, 2025

      Atiku Moves To Unseat Wike’s Damagum As PDP Chairman, Backs Suswam As Replacement

      April 15, 2024

      Edo’s Senator Matthew Uroghide, Others Defect To APC

      April 13, 2024

      Finally, Wike Opens Up On Rift With Peter Odili

      April 2, 2024

      El-Rufa’i’s Debt Burden: APC Suspends Women Leader For Criticising Kaduna Gov

      March 31, 2024
    • SPORTS

      Super Eagles Forward, Osimhen Completes Transfer To Galatasaray In Record €75m Deal

      August 1, 2025

      AfroBasket 2025: Nigeria’s D’Tigress To Play Cameroon In Quarter-Final

      August 1, 2025

      Nigeria’s D’Tigress Await Angola, Cameroon As 2025 Afrobasket Enters Quarterfinals

      July 31, 2025

      Manchester United Open Talks To Sign RB Leipzig’s Benjamin Sesko

      July 31, 2025

      Remo Stars Begin NPFL Title Defence Against Rivers United, Abia Warriors Host Pillars

      July 30, 2025
    • MORE
      • AFRICA
      • ANALYSIS
      • BUSINESS
      • ENTERTAINMENT
      • FEATURED
      • LENS SPEAK
      • INFO – TECH
      • INTERVIEW
      • NIGERIA DECIDES
      • OPINION
      • Personality Profile
      • Picture of the month
      • Science
      • Special Project
      • Videos
      • Weekend Sports
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    Home - Nigerians Glee, Hoarders Groan As Food Prices Crash By 40% In Three Months

    Nigerians Glee, Hoarders Groan As Food Prices Crash By 40% In Three Months

    By News Point Nigeria ReportersMarch 6, 2025
    Food 1

    WHILE Nigerians continue to bask in the euphoria of a crash in food prices, traders who have hoarded grains are bemoaning the 40% drop in prices between December and March 2025.

    In December, many traders bought grains for storage, intending to sell when prices rose by February-March, as has been the norm in the last two years.

    Unfortunately for them, grain prices have continued to decline. For instance, a 50kg bag of beans that was sold between N100,000 and N140,000 has dropped to N75,000–N85,000.

    UBA

    Rice, which cost around N114,000 in December, is now about N52,000 in some places.

    Also, a 50kg bag of soya beans dropped from N120,000 to N60,000, sorghum from N140,000 to about N35,000–N40,000, millet from N70,000 to N40,000, and maize from N120,000 to N45,000.

    WIDGET ADS

    For tubers, 120 pieces of yam, which sold for about N300,000 last year, are now sold for about N180,000.

    A trader from Wuse Market, Abuja, Maureen Ibe, lamented her predicament, saying she took a loan of N1.5 million to buy bags of maize in December, hoping that prices would rise by the end of January.

    Thomas Sankara African Leadership Prize

    However, she is disappointed that the reverse is the case.

    She said, “In December 2023, we bought bags of maize for N60,000, and by March, when prices went up, we sold them for around N120,000 and made lots of money. But this year, we were hoping that prices would go up. Now, we have tied our money down because maize is selling for less than what we bought in December.”

    Nigerian TAX Reform - Federal Goverment

    Another trader from Katsina, Saleh Abu, also lamented the drop in grain prices, saying, “We don’t understand what is happening. We used all our money to store grain in December, and now we don’t have any money left to buy new stock.”

    Adamu Musa from Kano State explained that, as of last year, food companies usually came to mop up their grains, but now most of them no longer do so, adding, “Even when some of them come, they want to buy on credit, but we traders cannot sell to them because our money is already tied up in stored grains.”

    Adamu attributed the drop in food prices to a lack of money in circulation, as many traders have to sell off their grains just to raise cash for other necessities.

    National Orientation Agency Page UP
    National Orientation Agency - Down

    On the part of the trader from Iseyin, she said there is a drop in prices because of the opening of land borders, as the Nigeria Customs Service no longer seizes their goods at the border like they used to, except on a few occasions when they want to extract money from them.

    As of December 2024, food inflation had risen to 50%, worsening the cost-of-living crisis and leading to a spike in malnutrition.

    In response, the federal government announced plans in July 2024 to grant waivers on food importation. Earlier, the government had also reopened land borders to allow food imports from neighboring countries.

    While farmers expressed reservations about the policy, arguing that it would negatively impact food security, economists projected that increased food supply would help stabilise prices by reducing the demand-supply gap.

    An analyst, Mr. Ismael Mohammed, told this newspaper that the increase in food supply triggered by imports has led to greater food availability, resulting in falling prices.

    “The force of supply has been manipulated through importation, making food more available and leading to a drop in prices,” he said.

    However, he noted that this method is not sustainable unless the government continues to import food, which is not beneficial for Nigerian farmers.

    It should be noted that food importation has eased the food crisis by increasing availability for consumption and animal feed production.

    Nigeria’s food crisis has been worsened by insecurity, preventing many farmers from accessing their lands due to the threat of bandits.

    Analysts argue that regardless of the government’s efforts to increase food availability, the most sustainable way to tackle food inflation is by improving security so that farmers can return to their farms.

    The Managing Director of Green Sahara Farms, Suleiman Dikwa, has also emphasized the need for the government to address post-harvest losses, which have led to 40% of farmers’ produce going to waste.

    Food Prices Hoarders Nigerians
    Share. Facebook Twitter WhatsApp LinkedIn Telegram Email

    Related Posts

    One Year After, Experts Review Tinubu’s 2024 Protest Speech, Say Progress Minimal

    August 1, 2025

    ‘Let’s Stop Playing Games’, Reps Fume At Minister As ₦5bn Baro Port Remains Unused

    August 1, 2025

    Tinubu Urges Governors To Invest More In Poverty Eradication, Others

    August 1, 2025

    Kano Governor Appoints ICPC Veteran, Saidu Yahya As New Anti-Corruption Boss

    August 1, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Latest Posts

    One Year After, Experts Review Tinubu’s 2024 Protest Speech, Say Progress Minimal

    August 1, 2025

    ‘Let’s Stop Playing Games’, Reps Fume At Minister As ₦5bn Baro Port Remains Unused

    August 1, 2025

    Tinubu Urges Governors To Invest More In Poverty Eradication, Others

    August 1, 2025

    Kano Governor Appoints ICPC Veteran, Saidu Yahya As New Anti-Corruption Boss

    August 1, 2025

    INEC Mobilises Stakeholders Ahead Of August 12 Voter Registration In Yobe

    August 1, 2025
    Advertisement
    WIDGET ADS
    News Point NG
    © 2025 NEWS POINT NIGERIA Developed by ENGRMKS & CO.
    • Home
    • About us
    • Disclaimer
    • Our Advert Rates
    • Privacy Policy
    • Terms of Use

    Type above and press Enter to search. Press Esc to cancel.

    Join Us On WhatsApp