In a positive turn of events, major grain markets in Kano, Taraba, Kwara, and Niger states have witnessed a notable decline in food prices, bringing relief to consumers grappling with the soaring cost of living. This welcome development comes on the heels of widespread protests in Lagos, Kano, and Niger states, where citizens voiced their concerns about the prevailing economic hardships.
Prominent figures such as former Vice President Atiku Abubakar, the Sultan of Sokoto, Muhammadu Sa’ad Abubakar, the Emir of Kano, Aminu Ado Bayero, and others, along with influential groups like the Arewa Consultative Forum (ACF) and Northern Elders Forum (NEF), had urged the federal government to take swift measures to address the escalating situation.
A series of interventions and factors have been attributed to the decline in food prices. Notably, multi-billion naira feed companies have decided to halt the purchase of grains, contributing to a shift in market dynamics. Additionally, the stoppage of inter-state movement with food items, increased border surveillance to curb exports, and crackdowns on hoarding practices have played crucial roles in stabilizing prices.
Highlights from Key States:
Kano:
Reports from Kano State indicate a drop in prices of maize, soya beans, beans, and rice at major markets, including Doguwa, Tudun Wada, and Bunkure. The sealing of warehouses accused of hoarding grains by the Kano State Public Complaint and Anti-Corruption Commission has been a pivotal factor, instigating a reduction in prices. For instance, the price of a 100kg bag of maize has decreased from N58,000-N60,000 to N48,000-N50,000.
Taraba:
Similarly, Taraba State has experienced a decline in prices of various food items such as maize, millet, sorghum, white beans, soybeans, and dried cassava at Mutum Biyu, Garba-Chede, Maihula, and Iware markets. The absence of middlemen making bulk purchases has been identified as a key contributor to the price drop.
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Kwara:
In Kwara State, the cost of a 50kg bag of maize has notably decreased from N65,000 to N40,000 at Ajase market, reflecting an encouraging trend. Farmers and market experts anticipate further reductions in the coming weeks.
Niger:
Residents in Niger State, particularly in Bida, have observed a reduction in the price of a 50kg bag of maize from N52,000 to N48,000, and guinea corn from N48,000 to N39,000. The government’s decision to prohibit bulk buying of grains has been cited as a contributing factor.
Benue and Katsina:
While Benue State has yet to witness a significant drop in food prices, Katsina State has reported decreasing prices following the withdrawal of animal feed companies from markets.
Industry Interventions:
Major animal feed producers, including Premier Feed Mills Ltd (PFM) and Olam Nigeria, have temporarily suspended maize offtake, citing concerns about food insecurity and the resultant impact on citizens. This strategic move is seen as a positive factor influencing the reduction in grain prices.
The concerted efforts by the government, feed companies, and market interventions are creating a more favorable environment for consumers. As the nation navigates through these challenges, there is optimism that sustained collaborative measures will contribute to further stabilization of food prices across the country.
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