As of February 28, 2025, Nigeria’s food commodity prices have experienced notable fluctuations, influenced by seasonal harvests, import activities, and economic policies.
Below is an overview of current prices for key staples:
Rice: The price of rice has seen a significant decrease in recent weeks. A 50kg bag of locally milled rice, which previously sold for between ₦80,000 and ₦90,000, now ranges from ₦65,000 to ₦70,000 in markets such as Alaba Rago in Lagos. This reduction is partly attributed to increased imports and a stronger naira.
Beans: The cost of beans has also declined. In Kaduna State, a 100kg bag of white beans, formerly priced at ₦160,000, now sells for approximately ₦88,000. Similarly, in Lagos markets, a paint bucket measure of beans has dropped from ₦12,000 to ₦6,500.
Tomatoes: Tomato prices have decreased due to the harvest season. In Benue State, a big basket of tomatoes, once sold for ₦45,000, now costs between ₦30,000 and ₦35,000. This trend is consistent in other regions, with markets in Abia and Imo States reporting similar price drops.
Yams: The influx of new yams into the market has led to reduced prices. In markets across Benue State, 10 tubers of yam, previously priced between ₦12,000 and ₦18,000, now sell for ₦10,000 to ₦15,000. This decrease is reflective of the harvest season’s impact on supply.
Maize, Millet, and Sorghum: Grain prices have seen a downward trend. In Kaduna State, a 100kg bag of maize, which sold for ₦70,000 to ₦75,000 during the harvest period, now costs ₦47,000. Millet and sorghum prices have similarly decreased, with current prices ranging between ₦50,000 and ₦51,000 per 100kg bag.
Palm Oil: The price of palm oil has experienced a reduction. In Benue State, a liter of palm oil, previously priced at ₦2,500, now sells for ₦1,800. This change is indicative of increased supply and market adjustments.
These price changes are influenced by various factors, including seasonal harvests, importation policies, and currency valuation. While some commodities have become more affordable, others remain relatively high due to production costs and supply chain challenges. Consumers are advised to stay informed through local market reports and adjust their purchasing decisions accordingly.
