Consumers in Benue are rejoicing over the sharp drop in prices of most foodstuffs in the markets.
A cross-section of consumers who spoke to the News Agency of Nigeria on Sunday in Makurdi, the state capital, said prices of most foodstuffs, especially grains, had dropped significantly.
Mrs Victoria Ogwuche told NAN that she could now buy a mudu of beans at the rate of N1,500 as against N2,300 in 2024.
Ogwuche also said she could now purchase a half tin of rice (half of a 25kg bag) for N12,000 as against N19,000, the price in 2024.
Another consumer, Mrs Member Nyor, told NAN that it was difficult to prepare kunu (a local drink) in 2024, but she could now buy a mudu of guinea corn for N300 as against N800, the price in 2024 and early 2025.
However, while consumers are rejoicing over the crash in food prices, traders are lamenting losses they incurred from buying and hoarding.
Mrs Onyemowo Ejeh lamented that she bought some 50kg bags of beans at the rate of N120,000 each in December 2024, only for the price to fall to N85,000 each in 2025.
Ejeh also said she bought some 50kg bags of maize at the rate of N85,000 in January this year, only to now sell them at N45,000.
“I also bought medium-sized (50kg) bags of Bambara nuts at the rate of N185,000 in January this year, and now they are pricing a bag at N90,000.
“I have not been able to sell the Bambara nuts because the loss of N95,000 on each bag is too much to bear,” Ejeh lamented.
Similarly, Joseph Okoh told NAN that he bought some 50kg bags of guinea corn at the rate of N70,000 each in January this year, but they are now being priced at N45,000 each.
Okoh said he wished to sell even at the low price, but buyers were scarce because of excess supply in the markets.
According to him, hoarders are now engaging in panic sales as they do not want to lose everything.
He said many farmers were also sad about the drop in food prices, explaining that they purchased farm inputs at very exorbitant prices and could not recoup their investments from their harvests.
Mr Jacob Idoko, an economist, told NAN that the government could only sustain the current prices of foodstuffs if it subsidised farm inputs for farmers.
“If the government wants to sustain the present prices of foodstuffs, it must subsidise farm inputs for farmers.
“If not, no farmer will go back to the farm anymore, and if they do not go back to the farm, I assure you that prices of food items will go higher than they did in 2024,” Idoko said.
Meanwhile, PUNCH Online reported on November 7 that the Federal Government unveiled new agricultural reforms aimed at ending hunger, boosting food production, and reducing post-harvest losses estimated at over $10bn annually, in line with President Bola Tinubu’s Renewed Hope Agenda for food security and national prosperity.
The Minister of Agriculture and Food Security, Senator Abubakar Kyari, and the Minister of State, Senator Sabi Abdullahi, announced this through a signed statement.
Kyari said agriculture remained the backbone of Nigeria’s economy and the key to national renewal.
“Agriculture remains the single largest employer of labour in Nigeria and contributes more than one-quarter of our Gross Domestic Product. Yet beyond these figures lies a deeper truth: agriculture is the measure of our nation’s resilience and the foundation of our collective renewal,” he said.
NAN
