Abuja: Consumers in Benue are rejoicing over the sharp drop in prices of most foodstuffs in the markets.
According to News Agency of Nigeria, a cross-section of consumers who spoke on Sunday in Makurdi said that prices of most foodstuffs, especially grains, had dropped significantly. Mrs. Victoria Ogwuche mentioned that she could now buy a mudu of beans for N1,500 compared to N2,300 in 2024. Additionally, she reported that a half tin of rice (half of a 25 kg bag) now costs N12,000, down from N19,000 in 2024.
Another consumer, Mrs. Member Nyor, shared that it was previously difficult to prepare kunu, a local drink, in 2024. She could now buy a mudu of guinea corn for N300, a significant decrease from N800 in 2024 and early 2025. However, while consumers are celebrating the reduced prices, traders are facing losses due to prior investments in stock.
Mrs. Onyemowo Ejeh expressed her frustration, stating that she purchased 50 kg bags of beans at N120,000 each in December 2024, only to see the price drop to N85,000 in 2025. She also faced similar losses with maize, buying 50 kg bags at N85,000 in January, now selling at N45,000. Ejeh noted the steep loss in Bambara nuts, which she bought at N185,000 per bag, now being priced at N90,000.
Similarly, Joseph Okoh reported purchasing 50 kg bags of guinea corn at N70,000 each in January, now being priced at N45,000 each. Despite his willingness to sell at the lower price, he found buyers scarce due to market oversupply. He noted that hoarders are now engaging in panic sales to minimize their losses.
Mr. Jacob Idoko, an economist, highlighted the challenges for farmers, who bought farm inputs at high prices and are unable to recover their investment through their harvests. Idoko advised that the government could maintain the current foodstuff prices by subsidizing farm inputs. He warned that without subsidies, farmers might not return to farming, potentially causing food prices to soar beyond 2024 levels.