Meals costs within the Federal Capital Territory (FCT) and its surrounding areas have begun to say no, the Information Company of Nigeria (NAN) reviews.
A market survey carried out by NAN throughout completely different areas within the FCT reveals various value reductions on important meals objects, relying on market location and kind. Costs are usually decrease in satellite tv for pc city markets in comparison with these within the metropolis heart.
At Kado Market, a 50kg bag of rice, which beforehand offered for between N97,000 and N100,000 in January, now sells for N87,000. Equally, a 25kg bag of rice, previously priced at N45,000 to N50,000, is now obtainable for N43,500, relying on the model.
In Garki Market, a 50kg bag of rice has dropped from N92,000 in January to N81,000–N83,000, whereas a 25kg bag now sells for N42,000–N43,000, in comparison with N45,000 earlier within the yr.
In Nyanya Market, positioned within the satellite tv for pc city, a 50kg bag of rice, which offered for N90,000–N93,000 in January, now goes for N70,000–N83,000, relying on the model.
At Apo Fish Market, the worth of a 50kg bag of rice has dropped from N105,000 to N93,000.
Onions, one other staple meals merchandise, have additionally seen vital value reductions. On the widespread Orange Market alongside Abuja-Keffi Expressway, a bag of onions, beforehand offered for N90,000–N100,000 in January, now prices N50,000–N55,000. Equally, in Garki Market, onion costs have dropped drastically from N180,000–N200,000 to N55,000–N60,000 per bag.
In Karu Market, a bag of Bendel (yellow) garri, beforehand offered for N57,000–N60,000, now prices N55,000.
For palm oil and groundnut oil, a 25-litre keg of purple oil, which was offered between N75,000 and N83,000 in January, now prices between N50,000 and N55,000 at Nyanya Market.
At Apo Fish Market, a 25-litre keg of Terra groundnut oil has decreased from N88,000 to N84,000. Equally, a four-litre keg of groundnut oil now sells for N15,500, down from N17,500–N20,000.
White beans have additionally seen a value discount. A giant bag, initially priced at N150,000–N200,000, now sells for N115,000–N120,000 at Kado Market.
A mudu of white beans, which offered for N2,100–N2,300 in January, now prices N1,700–N1,800. Likewise, a mudu of brown beans, beforehand N2,200–N2,800, is now obtainable for N1,800–N2,000 at Orozo Market.
Worth Will increase in Chosen Meals Objects
Regardless of these reductions, some meals objects have recorded value hikes. Yam, pepper, and plantain are among the many affected commodities.
At Wuse Market, 5 medium-sized tubers of yam, which offered for N8,000–N10,000, now price N15,000. In Lugbe and Orozo Markets, yam costs have risen from N6,000–N7,000 to N10,000.
Equally, plantain costs have surged. A bunch of plantain, beforehand offered for N6,000, now ranges between N8,000 and N9,000.
Pepper has additionally skilled a big value enhance. A giant bag of pepper, initially N31,000, now sells for N73,000. A giant basket of shombo, which price N30,000 in January, is now offered for N36,000.
Reactions from Customers and Merchants
Some customers have welcomed the worth drops, though they consider that the reductions will not be but vital sufficient to ease the financial burden.
Mrs. Amina Suleiman, a mom of 4, expressed combined emotions in regards to the pattern.
“I’m completely happy that costs are coming down, however I don’t suppose we must always begin celebrating but. The federal government should do extra to enhance safety and infrastructure and supply incentives for farmers. This can assist additional scale back meals prices,” she mentioned.
Mr. Albert Okoro, a rice wholesaler in Garki Market, attributed the drop in costs to a slight discount in gas costs, which has eased transportation prices.
Nevertheless, he emphasised that sustained insurance policies and interventions can be vital to keep up value stability in the long term.
What it’s best to know
Final week, Nairametrics reported that through the first week of Ramadan, Abuja markets are seeing a slight decline in meals prices.
Whereas merchants, customers, and specialists acknowledge the current value aid, considerations stay over whether or not this pattern might be sustained.
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