Ahead of the holy month of Ramadan, consumers in major Nigerian cities are witnessing a significant drop in food prices.
Local market and major supermarkets across Lagos, Abuja, Kaduna and Kano have reduced the cost of essential staples such as rice, maize, cooking oil, and meat.
According to recent market reports from the Federal Ministry of Trade, the price reduction comes as increased supply from local farmers meets rising demand in anticipation of Ramadan festivities.
The ministry said the strategic move aims to ease the financial burden on families, enabling them to prepare for the fasting period.
At the grain market in Kaduna State, a 100kg bag of maize, which was sold between N70, 000 and N75, 000 during harvest, is now N47, 000; while soybeans, sold for N110,000, is now N68,000. Similarly, the white variety of beans, sold for N150, 000 during harvest, is been now N100, 000.
At Alaba Rago market in Lagos, a bag of rice which was sold between N80,000 and N90,000, now sells for N65,000 and N70,000; while the price of a paint rubber of beans has dropped from N12,000 to N6500.
In Kano State, reports showed drop in food prices At major markets, with the price of a mudu of beans has dropped to N2,500 from N3,500 millet, N1,200 from N2,700.
As Ramadan approaches, Nigerians are hopeful that these lower prices will persist throughout the month, fostering an environment of accessibility and financial relief during one of the most significant periods of the year.
