Prices of various grains have dropped by about 15% in Gombe markets, driven by a low demand for the produce.
The price reduction was observed in major markets, including Gombe Central and Tudun Hatsi, where traders are struggling with a market glut due to reduced patronage.
The News Agency of Nigeria reported that prices have significantly decreased in the past two weeks.
For instance, a 100kg bag of maize now costs N53,000, down from its previous price of N62,000.
Other grains also saw price reductions, with beans selling for N105,000 (previously N120,000), groundnut at N160,000 (down from N175,000), and soybeans at N82,000 (from N100,000).
Rice prices also showed a decrease, with a 100kg bag now ranging between N160,000 and N163,000, compared to the previous prices of N165,000 and N168,000.
Wheat prices saw a notable drop, with a 100kg bag now selling for N86,000, down from its former price of N110,000.
Traders attributed the price drop to a drastic decline in demand for grains over the last two weeks. Ali Musa, the Secretary of Tudun Hatsi Grain Market, explained that the low patronage was largely due to the economic difficulties faced by many residents in the state.
“The supply outweighs the demand in view of the bumper harvest recorded this cropping season. This will push prices further down,” Musa said.
He further added that the reduced purchasing power of residents, particularly workers, contributed to the low demand and, consequently, the drop in prices.
Musa also suggested that prices would likely rise again once demand picks up in the coming months, as the market adjusts to seasonal changes.
Lawan Garba, the Chairman of the Wheat Farmers Association of Nigeria in Gombe, provided insight into the role of government initiatives in the market trend.
“The commodity flooded the market resulting in a drop in prices,” Garba noted.
The price reductions reflect broader market trends, with low demand and increased supply leading to significant shifts in the cost of essential grains in Gombe State.
Wheat is the third most consumed grain in Nigeria after rice and corn. The United States Foreign Agricultural Service projects the country’s wheat consumption to reach 6.06 million tonnes.
Additionally, the Federal Ministry of Agriculture and Food Security has distributed seeds, fertilizers, and other inputs to 2,000 farmers in Niger state under the National Agricultural Growth Scheme and Agro-Pocket (NAGS-AP) to enhance wheat production through mechanized farming methods.
Additionally, the Federal Ministry of Agriculture and Food Security has distributed seeds, fertilizers, and other inputs to 2,000 farmers in Niger state under the National Agricultural Growth Scheme and Agro-Pocket (NAGS-AP) to enhance wheat production through mechanized farming methods.