Traders and consumers in Lagos are welcoming a recent decline in food prices, attributing the change to reduced transportation costs and ongoing harvest seasons.
During market visits on Sunday, traders expressed optimism that the price drop would be sustained, offering relief to households and businesses struggling with high food costs.
At Dopemu market, food trader Sunday Okwudiri confirmed price reductions for staples like rice, beans, and garri.
“A 50kg bag of rice that sold for ₦80,000 to ₦90,000 in December now goes for ₦70,000 to ₦75,000. Transport costs have dropped slightly, which is helping stabilize prices,” he explained.
Similarly, John Nwabueze, a trader in Agege, linked the decline to seasonal harvests.
“In January, we sold a bag of rice for ₦90,000 to ₦96,000, but now it’s ₦76,000. Beans prices have fallen significantly too—from ₦230,000 to ₦270,000 per bag last November to just ₦80,000 now,” he noted.
Amuwo trader Judith Amen also confirmed price drops but pointed out variations in product quality.
“Good-quality rice still sells for ₦82,000, but lower-quality ones go for ₦75,000. Beans, however, have seen a major reduction, with some varieties dropping from ₦300,000 to ₦90,000 per bag. Garri prices have also fallen from ₦60,000 to between ₦35,000 and ₦45,000 per bag,” she said.
Shoppers are noticing the difference. Lilian Agunbiade, a resident of Agege, highlighted lower prices on essential goods.
“A paint bucket of garri that cost ₦3,200 to ₦3,500 in January now sells for ₦2,000. A 25-litre keg of vegetable oil that was over ₦100,000 in December is now ₦70,000 to ₦75,000. Even flour prices have dropped slightly, from ₦62,000 to ₦59,000 per 50kg bag,” she noted, attributing the trend to the strengthening naira.
However, some consumers remain skeptical about the sustainability of these reductions. Egbeda resident Eugenia Uloma cautioned against premature celebration.
“Some prices have dropped, but mainly for seasonal items like beans and crayfish. I used to buy a paint bucket of crayfish for ₦11,000, but now it’s ₦8,000. Hopefully, the trend continues instead of reversing,” she said.
While traders and consumers are hopeful, many are watching closely to see if food prices remain stable in the coming months.
