Food Prices Drop in Lagos, Bringing Relief to Traders and Shoppers

Lagos residents are finally seeing some relief as food prices take a welcome dip. Many traders and shoppers have expressed their excitement over the recent price reductions, hoping this trend will last. During visits to various markets, traders pointed to lower transportation costs and the ongoing harvest season as key reasons behind the price drop.

Lower Food Costs Bring Smiles to Traders and Consumers

Mr. Sunday Okwudiri, a food trader in Dopemu, shared how the decrease in transport expenses has helped stabilize prices. He noted that staples like rice, beans, and garri are now more affordable.

“A 50kg bag of rice that sold for between ₦80,000 and ₦90,000 in December now costs between ₦70,000 and ₦75,000,” he said. “Transport costs have reduced, and this is helping traders and consumers alike.”

In Agege, another trader, Mr. John Nwabueze, confirmed the price drop and linked it to the harvest season. According to him, rice prices have been falling steadily since January.

“At the beginning of the year, a bag of rice sold for as high as ₦96,000, but now it’s down to ₦76,000,” he explained. “Beans prices have dropped even more. Last November, a bag cost between ₦230,000 and ₦270,000, but now it’s as low as ₦80,000.”

Mixed Reactions as Some Prices Drop More Than Others

Mrs. Judith Amen, a trader in Amuwo, also noticed changes in food prices but warned that not all rice varieties have dropped significantly.

“A bag of good-quality rice now sells for about ₦82,000, compared to ₦90,000 to ₦95,000 before. However, the cheaper rice at ₦75,000 isn’t always the best, as it can become mushy when cooked,” she said.

She also highlighted the price drop in garri, now selling between ₦35,000 and ₦45,000 per bag instead of ₦60,000.

Shoppers are feeling the impact of these changes. Mrs. Lilian Agunbiade, a resident of Agege, shared her excitement after visiting the market.

“I stocked up for my home and business this weekend and noticed prices had gone down,” she said. “Garri that sold for ₦3,200 to ₦3,500 per paint bucket in January now costs just ₦2,000. Vegetable oil, which was over ₦100,000 for a 25-liter keg in December, is now between ₦70,000 and ₦75,000.”

She also observed a slight reduction in flour prices, with a 50kg bag now selling for ₦59,000 instead of ₦62,000.

Will the Price Drop Last?

While many are happy with the lower prices, some remain skeptical. Mrs. Eugenia Uloma, a housewife in Egbeda, acknowledged the drop but questioned its sustainability.

“It’s true that some food items are cheaper, but I wouldn’t call it a big drop,” she said. “Beans are in season, so it makes sense that prices are lower. The price of crayfish has also gone down—from ₦11,000 per paint bucket to ₦8,000. But will it stay this way?”

For now, Lagos residents are enjoying the small relief, hoping that these price reductions will continue. Many believe the improved exchange rate of the Naira against the dollar could be a factor, but only time will tell if this downward trend will last.