Lagos Traders and Consumers Celebrate Drop in Food Prices

Lagos residents and traders have expressed relief and excitement over the recent drop in food prices, attributing the decline to reduced transportation costs and the harvest season.

In separate interviews on Sunday, foodstuff traders and consumers across the state noted that staple items such as rice, beans, garri, and vegetable oil have witnessed significant price reductions compared to late 2024.

Traders Confirm Price Drop

At Dopemu Market, a food trader, Mr. Sunday Okwudiri, confirmed the decline, noting that a 50kg bag of rice, which sold between ₦80,000 and ₦90,000 in December, now costs ₦70,000 to ₦75,000.

“We really cannot tell the exact reason for the drop, but one good indicator is that logistics costs have significantly reduced. 

“Like traders will say, ‘road don free small’. We hope it continues,” he said.

Similarly, Mr. John Nwabueze, a trader at Agege Market, linked the drop to the harvest season.

“As of early January, we sold a bag of rice for ₦90,000 to ₦96,000, but now, it goes for ₦76,000. Beans have also dropped significantly—from ₦230,000 to ₦270,000 per bag in November 2024 to ₦80,000 now,” he revealed.

At Amuwo Market, Mrs. Judith Amen corroborated these claims, explaining that a 60kg bag of beans, which was once as high as ₦300,000, now sells between ₦90,000 and ₦150,000, depending on the variety. 

She also noted that a bag of garri has dropped from ₦60,000 to between ₦35,000 and ₦45,000.

For many consumers, the price drop offers much-needed relief.

Mrs. Lilian Agunbiade, a resident of Agege, shared her experience shopping over the weekend:

“I noticed a drop in prices across several food items. A paint bucket of garri, which sold between ₦3,200 and ₦3,500 in January, is now ₦2,000. 

Vegetable oil, which cost over ₦100,000 for a 25-liter keg in December, now sells between ₦70,000 and ₦75,000, depending on the brand. 

Flour has also dropped from ₦62,000 to ₦59,000 per 50kg bag.

“I believe the drop may be linked to the strengthening of the naira against the dollar. We hope it continues.”

However, some Lagos residents remain sceptical about the sustainability of the price reductions.

Mrs. Eugenia Uloma, a housewife from Egbeda, acknowledged the price drop but emphasized its seasonal nature.

“Beans prices are lower because this is the harvest season. Crayfish prices have also dropped, I used to buy a paint bucket for ₦11,000, but now it sells at ₦8,000. 

“But I’m not convinced the prices will stay this way for long.”

While consumers welcome the relief, traders and buyers alike remain hopeful that the drop in food prices will be sustained across the state.