Nigerians Breathe Sigh of Relief as Food Prices Decline Across Markets Nationwide
- Food prices in Lagos and other major Nigerian cities have begun to decline, providing relief to many households struggling with inflation
- Staples like rice, yams, garri, beans, millet, and tomatoes have all seen significant price drops compared to last year
- However, some items, including vegetable oil and semovita, remain expensive despite the general downward trend in food costs
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Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Banking, Tech and the Economy.
Food prices across Lagos and several major Nigerian cities have been showing signs of gradual decline, bringing a measure of relief to households battling inflation.
A recent market survey reveals that staple food items are now more affordable compared to their peak prices last year.
Source: UGC
For instance, a 50kg bag of long-grain foreign rice, which sold for between N95,000 and N100,000 in late 2024, is now available for N82,000 to N85,000, depending on the brand and location.
Imported short-grain rice has also seen a reduction, dropping from N80,000–N90,000 to N65,000–N67,000.
Locally produced parboiled rice now goes for around N89,000, slightly down from previous highs but still significantly more expensive than its price three years ago, when none of the varieties cost more than N50,000.
Yam, once unaffordable for many families, has also seen a price correction. A tuber that cost as much as N7,000 last year now sells for N3,000.
Previously, due to the sharp increase in price, vendors had resorted to cutting yam tubers into smaller pieces to make them affordable.
The popular staple, garri, has experienced noticeable price drops as well. A paint bucket of yellow garri now sells for N3,000 in Lagos, while white garri costs about N2,500.
In Enugu, these prices are slightly lower. A 60kg bag now goes for N37,500 to N45,000, which is lower than last year's prices.
Beans, a major protein source for many Nigerians, experienced an alarming price surge about five months ago, pushing it off many families' menus.
A D’Rica cup that once cost between N500 and N800 skyrocketed to N2,000–N2,500, but prices have now eased to N1,000–N1,400 depending on the variety.
Other staples like millet, guinea corn, wheat, and soya beans have also seen marginal price reductions. Millet now sells for N4,000 per paint bucket, down from N4,500; wheat is now N5,000 from N5,500; and soya beans dropped from N6,500 to N6,000.
Corn prices have also dropped, with yellow corn reducing from N3,500 to N3,000 and white corn falling to N2,500.
Groundnut prices have seen a slight decrease, dropping to N7,200 from N7,500. Tomatoes, which once reached a peak of N120,000 per basket, have dropped significantly to between N23,000 and N27,000 for a large crate, depending on the type.
Source: Getty Images
Despite these improvements, some items remain costly. A 10kg bag of Semovita or Semolina sells for N16,000, while 5kg goes for N8,000.
Vegetable oil prices remain stubbornly high, with a 25-litre keg of Kings oil priced at N82,000 and Terra oil at N80,000.
Bank launches app to check food prices
Meanwhile, Legit.ng reported that the Bank of Industry (BOI) launched a new app and website called Pricesense.ng, which is designed to provide real-time updates on food prices across eight states in Nigeria.
The app offers comprehensive analytics, allowing users to track price trends based on brand, quantity, and historical data throughout the year.
Pricesense.ng is accessible via web and mobile platforms, enabling users to monitor wholesale and retail prices of essential food items such as rice, beans, tomatoes, maize, and more.
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Source: Legit.ng
