Seventeen days into 2025, residents of Kaduna State are experiencing relief as the prices of essential food items have started to decline. This price drop brings renewed hope for many households struggling with the soaring costs that defined 2024.
Market Price Analysis:
According to reports from the News Agency of Nigeria (NAN), prices of grains and staple foods have steadily decreased across various markets in Kaduna. At Sheikh Abubakar Gumi Market, Kaduna’s central marketplace, the price of a 50kg bag of foreign rice has fallen from ₦125,000-₦130,000 to between ₦120,000 and ₦123,000.
Similarly, the price of yams has also dropped. Previously sold for ₦7,000 per tuber or ₦28,000 for a set of five in late 2024, large yams now sell for ₦5,000 to ₦6,000, while medium-sized yams on special bonanza sales are priced at ₦2,500.
Beans and garri have also seen notable price reductions. An eight-cup local measure of beans, initially priced at ₦3,000 to ₦3,500, now sells for ₦2,500. Likewise, a measure of garri, once sold at ₦1,400-₦1,500, now costs ₦1,200.
Additionally, a carton of Indomie noodles, which previously cost ₦7,700, has slightly decreased to ₦7,500.
Consumers Express Relief and Optimism:
Many consumers have expressed optimism that food prices will continue to decline. Hafsat Muhammad, a local shopper, shared her relief, noting that a local measure of rice now costs ₦2,100, down from ₦2,400. She also highlighted that corn, previously priced at ₦1,200, now sells for ₦900.
Similarly, Hajiya Ummi Shuaibu, a businesswoman, explained how the unexpected drop in prices disrupted her resale plans. She had purchased large quantities of maize after the harvest, anticipating a price surge similar to the previous year. However, with prices falling, she decided to sell off her stock to avoid losses.
“A bag of corn that used to be ₦60,000 now sells for about ₦50,000 to ₦55,000. I need to sell my stock quickly to prevent any losses,” she said.
Market Dynamics and Future Outlook:
The current price reductions have been attributed to improved harvest yields and steady market supply. Analysts suggest that consistent agricultural productivity and stable market conditions could sustain this downward trend in food prices.
However, economic experts caution that factors such as fuel prices, transportation costs, and market demand could still influence future price movements.
