As of February 28, 2025, Nigeria’s food commodity prices have undergone notable changes, driven by seasonal harvests, import trends, and economic policies.
Here’s an updated overview of key staples:
Rice:
The price of rice has significantly dropped in recent weeks. A 50kg bag of locally milled rice, which once sold for between ₦80,000 and ₦90,000, is now priced between ₦65,000 and ₦70,000 in markets like Alaba Rago in Lagos. This decline is partly due to increased imports and a stronger naira.
Beans:
Beans have also become more affordable. In Kaduna State, a 100kg bag of white beans, previously costing ₦160,000, now goes for around ₦88,000. In Lagos markets, the price for a paint bucket measure of beans has fallen from ₦12,000 to ₦6,500.
Tomatoes:
Thanks to the harvest season, tomato prices have decreased. In Benue State, a big basket of tomatoes that once sold for ₦45,000 now ranges between ₦30,000 and ₦35,000. Similar price reductions have been noted in Abia and Imo States.
Yams:
The market influx of new yams has led to lower prices. In Benue State markets, 10 tubers of yam, once priced between ₦12,000 and ₦18,000, are now available for ₦10,000 to ₦15,000, reflecting the season’s increased supply.
Maize, Millet, and Sorghum:
Grain prices have followed a downward trend. In Kaduna State, a 100kg bag of maize, which sold for ₦70,000 to ₦75,000 during the harvest, now costs about ₦47,000. Prices for millet and sorghum have similarly dropped, currently ranging between ₦50,000 and ₦51,000 per 100kg bag.
Palm Oil:
Palm oil prices have also declined. In Benue State, the cost for a liter of palm oil has fallen from ₦2,500 to ₦1,800, reflecting increased supply and market adjustments.
These fluctuations are influenced by seasonal harvest cycles, shifts in importation policies, and changes in currency valuation. While many commodities have become more affordable, others remain high due to production costs and supply chain challenges. Consumers are encouraged to keep up with local market reports to make informed purchasing decisions.