For the first time since President Bola Tinubu took office in May 2023, Nigeria’s cost-of-living crisis has eased, offering much-needed relief to struggling households. The drop in food prices raises hopes that the Central Bank of Nigeria (CBN) may consider an interest rate reduction at its upcoming Monetary Policy Committee (MPC) meeting.
A 9am News Nigeria market survey in Abuja found that the prices of essential food items fell in February 2025, reducing the financial burden on many Nigerians. In 2024, rising inflation made staple foods unaffordable for many, but current market trends indicate a reversal.
Five months ago, a 50kg bag of imported parboiled rice sold for an average of N110,000. Today, depending on the brand and grain size, the price has dropped to N85,000. Similarly, the cost of 50kg of local parboiled rice has fallen from N105,000 three months ago to N95,000.
One of the most significant price drops was observed in fresh tomatoes, which saw a staggering 70% decrease from N120,000 per large basket to N35,000. In 2024, skyrocketing tomato prices forced many Nigerians to use alternatives such as banga, beetroot, and dry pepper.
Other staple foods have also seen price reductions. A 4-liter paint bucket of garri, a staple in many Nigerian households, has dropped from N3,500 five months ago to N2,500, marking a 28.5% decrease. A 60kg bag of garri now costs an average of N37,500. The price of a large tuber of yam, which once sold for N5,500, has dropped to N2,500 after rising more than 300% last year.
For many Nigerians, these price reductions are a welcome relief. Temi Kolapo, a mother of four shopping at Wuse Market, expressed her satisfaction with the drop in the cost of garri and beans. “We couldn’t afford beans before because of its high cost, but now, we can eat better,” she said, highlighting how the price drop has improved her family’s diet.
However, farmers and market analysts warn that this trend may be short-lived. The rising costs of essential farming inputs seeds, fertilizers, pesticides, and herbicides alongside the effects of climate change, threaten to push food prices up again. Many Nigerians were unable to eat healthily last year, making this period of price relief critical.
Clement Chibuzor, a carpenter and father of two, acknowledged the improvement but said more needed to be done. “The drop in food prices is helping, but it’s still too little. We have been skipping meals to make ends meet,” he said.
A report from the National Bureau of Statistics (NBS) in November 2024 revealed that one in three Nigerian households faces financial difficulties and often skips meals. The percentage of households who reported food insecurity rose from 37% in 2019 to 62.4% in 2023. Additionally, Nigeria’s 2024 Global Hunger Index score increased to 28.8, ranking 110th out of 127 nations. The report classified Nigeria’s hunger situation as “alarming.”
Economic analysts have urged the government to take decisive action by allowing food imports in the short term while addressing long-term challenges that hinder local food production. Improving supply chain logistics, boosting domestic agricultural output, and ensuring food affordability will be critical in sustaining this downward trend in food prices.
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