After months of biting inflation and food insecurity, a welcome wave of price reductions is sweeping through markets in Lagos and other major Nigerian cities—bringing much-needed relief to households struggling under the weight of economic hardship.
A market survey conducted last week across prominent markets like Ogba, Ile-Epo, and Iddo in Lagos revealed a significant decline in the prices of staple food items. This downward trend, though gradual, signals a possible turning point in Nigeria’s cost-of-living crisis.
For instance, the price of a 50kg bag of long-grain foreign rice, which peaked at N95,000–N100,000 late last year, has now dropped to between N82,000 and N85,000, depending on the brand. Similarly, the imported short-grain variant, which previously sold for N80,000–N90,000, now hovers around N65,000–N67,000.
Even locally-produced parboiled rice, once priced at up to N100,000, is now selling for about N89,000—a welcome, albeit modest, decrease. It’s worth noting that only three years ago, a 50kg bag of rice cost less than N50,000.
Other essential staples are following suit. The price of yam, which had skyrocketed to N7,000 per tuber last year, has significantly dropped, with the same now selling for around N3,000. At the height of the crisis, sellers were forced to cut yam tubers into pieces just to keep them affordable—a rare and desperate move.
Garri, another household staple, has seen a notable price decline. In Lagos, a paint bucket of yellow garri now sells for N3,000, and the white variety for N2,500. Prices in Enugu are even lower, at N2,800 and N2,300 respectively. Just last year, these same quantities went for N4,000 and N3,000. The 60kg bags now range from N37,500 to N45,000—cheaper than a year ago.
Beans, which had become a luxury item for many families five months ago, are also seeing price correction. The average “D’Rica” measurement, which surged from N500–N800 to a staggering N2,000–N2,500, now sells for N1,000–N1,400 depending on the type—be it black-eyed, oloyin (honey beans), or others.
Millet, guinea corn, soybeans, wheat, and corn have all recorded price drops, with reductions of N300–N500 per 4-liter paint bucket across the board. For instance, yellow corn now goes for N3,000 instead of N3,500, and white corn for N2,500 as opposed to N3,000.
In the volatile tomato market, prices have finally stabilized. A basket that soared to an eye-watering N120,000 last year is now back to around N23,000–N27,000. While still higher than pre-inflation levels, this is a welcome reprieve for tomato stew lovers.
Semovita and semolina maintain relatively steady prices, with the 10kg bag at N16,000 and the 5kg at N8,000. However, vegetable cooking oil remains a stubborn outlier in this downward trend. A 25-liter container of Kings oil, which once sold for N50,000–N55,000, now retails for N82,000, while Terra sells for N80,000. The price remains painfully high compared to just a year ago.
Despite the marginal reductions, many Nigerians are cautiously optimistic.
“But the prices still need to come down to where they were before subsidy removal,” said Chinwe Okezie, a resident of Ikosi-Ketu, Lagos. “And not just for some food items, but across the board.”
She called on the government to provide more robust support to local farmers and consider reopening borders for more affordable imported goods.
Titilayo Adewunmi, a mother of four and a secondary school teacher earning N80,000 monthly, expressed her relief. “The recent drop in beans and garri prices is a big relief for my family. It means we can eat better now than we did months ago,” she said while shopping at Ketu Market.
For millions of Nigerians like Adewunmi, this shift—however slight—is not just a change in numbers, but a step toward dignity, nutrition, and stability.
PIONEER NEWS 