Prices of staple foods such as yam, potatoes, plantain, and tomatoes have marginally declined across major markets in Nigeria's commercial centre, Lagos. This decrease is attributed to the harvest season that commenced in August. According to data released by the National Bureau of Statistics, Nigeria's food inflation eased to 19.57 percent in August from 20.31 percent in July. A survey of major markets in Lagos found that the average prices of some staples declined marginally in September.
In Mile 12 Market, a big basket of fresh tomato now sells for N55,000 as against N80,000 sold in July, representing a 30 percent drop in price. A small basket sells for N30,000, and a crate of tomato sells for N13,000. The average price of a 100kg bag of sweet potato now sells for N18,000 as against N70,000 sold in July, a 74.3 percent decrease in two months. This significant drop in prices is a relief to consumers.
The average price of a big bunch of fresh plantain now sells for N10,500 as against N22,000 sold in July, while a medium and small size bunches sell for N7,000 and N3,500 respectively. Prices of yam, melon, and pepper also recorded a decline when compared to two months ago. Farmers and traders attributed the price drop to the harvest season. They noted that prices tend to be lower during this period of harvest.
Abiodun Olorundero, managing partner of a firm, stated that the harvest season and the new yam, potato, plantain, and others are contributing factors to the price drop. However, he warned that with the renewed pressure of oil price surge on the economy, food prices might start making rapid rises. Olorundero also noted that most of Nigeria's food is grown in the north and transported to the south and other parts of the country.
At Oyingbo Market, a trader, who wished to remain anonymous, said plantain and Irish potato prices have also eased. A small bunch of plantain that sold for N3,500 is now N3,000, while a bag of Irish potatoes fell by about 10 percent. However, the trader noted that the relief may be temporary, as high transport costs and poor storage continue to pressure prices despite the harvest glut.
Despite being the harvest season, some food prices have recorded sharp increases. A bag of onions is currently selling for an average of N200,000, depending on size or variety, compared with N60,000 sold in July. This represents a 233 percent increase in price. A 50kg of parboiled rice foreign now sells for N68,000 as against N58,000 sold in July, while a 50kg of local parboiled rice sells for N61,000.
A bag of pepper – rodo sells for N175,000 as against N150,000 sold in July. Josephine Okojie-Okeiyi, a journalist with over five years of reporting experience, writes on industry, agriculture, commodities, climate change, and environmental issues. She noted that the situation may be influenced by various factors, including transportation costs and storage conditions.
Key points
- Food inflation in Nigeria eased to 19.57 percent in August from 20.31 percent in July.
- Prices of staple foods like tomatoes, plantain, and potatoes have declined due to the harvest season.
- Despite the harvest season, some food prices, such as onions and rice, have recorded sharp increases.
