Nigeria is experiencing a decrease in food prices, bringing relief to households facing a cost-of-living crisis. Key staples like rice, tomatoes, and garri have seen significant price drops since early 2025. While this trend offers hope for better food access and potential interest rate cuts by the CBN, concerns remain over rising agricultural input costs and worsening food insecurity.
Nigeria is witnessing a decline in food prices for the first time since President Tinubu’s administration began in May 2023. This development brings much-needed relief to households burdened by rising living costs, raising hopes for a potential interest rate cut by the Central Bank of Nigeria (CBN) in the upcoming Monetary Policy Committee meeting.
In February 2025, an analysis by BusinessDay indicated that prices for essential food staples had decreased, following a prolonged period of inflation exacerbated by the pandemic. In Lagos, a 50 kg bag of imported parboiled rice now retails for approximately N85,000, down from N110,000 five months prior, while a local bag is priced at around N95,000, down from N105,000.
Notably, the price of tomatoes in Lagos dropped by 70% over the past months, falling from an average of N120,000 to N35,000, making them more accessible to consumers who faced significant price hikes in 2024. Similarly, garri, a staple food, has seen its price decrease from N3,500 to N2,500 for a 4-liter container, while larger bags also saw a reduction in cost.
Consumer feedback reflects relief across various demographics. Chinwe Okezie, a makeup artist, stressed that this decrease is essential for low-income earners, emphasizing the need for broader price reductions. Titilayo Adewunmi, a secondary school teacher, shared that her family’s ability to afford beans has improved, highlighting how price drops for essentials have positively impacted nutrition.
However, farmers warn that the current dip in food prices may be short-lived due to rising costs for agricultural inputs like fertilizers and seeds, alongside worsening climate conditions. Many households are still struggling; despite the recent reductions, the prices remain above pre-subsidy levels, which further pressures family budgets.
Winter statistics from the National Bureau of Statistics (NBS) reveal alarming trends in hunger, with 62.4% of households unable to afford sufficient food in 2023, up from 37% in 2019. The Global Hunger Index has ranked Nigeria alarmingly high, at 110 out of 127 countries, indicating persistent food insecurity.
Experts argue that the government should facilitate food imports to stabilize prices in the short term while working on enhancing domestic production capabilities to improve long-term food security. Addressing issues like insecurity, post-harvest losses, and technological advancements in agriculture are critical for sustainable progress. Jude Obi of the Association of Organic Agriculture Practitioners of Nigeria emphasizes the need for government intervention to combat insecurity affecting food production.
The decline in food prices in Nigeria offers temporary relief amid a continuing cost-of-living crisis, providing some hope for households. Despite the positive changes, significant challenges such as rising agricultural input costs and the ongoing hunger crisis persist. Increased governmental support for local food production and security measures are essential for achieving lasting improvements in food affordability and availability.
Original Source: businessday.ng
