Prices of Beans, Rice, Other Food Items Crash by 40% as Hoarders Count Losses

• Grain and other food item hoarders are lamenting the impact of the crash in food prices by as much as 40%
• Findings showed that grain prices have fallen, as a 50kg bag of beans sold for N100,000 in December, now sells for N75,000 and N85,000
• Also, rice prices crashed from N100,000 in December to N52,000 or lower, depending on the brand and location

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

As Nigerians rejoice over the crash in food prices, grain hoarders are crying over a 40% dip in food costs between December 2024 and March 2025.

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.

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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

Further findings showed that 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.

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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 noted 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 rice, which sold for N85,000 in January, has crashed to N65,000 per 50kg bag.

A market survey conducted by Legit.ng showed 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.

Dealers speak on crash in rice prices

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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.

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Legit.ng earlier reported that the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate dropped to 32.15% in August 2025 compared to the July record of 33.40%.

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The development provided relief to Nigerians as experts predicted that the Central Bank of Nigeria may hold back from raising interest rates again.

According to the NBS report, the August headline inflation reflected a decrease of 1.25% points relative to the July rate.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng