Foodstuff dealers and hoarders in Yobe State are counting losses following a significant crash in grain prices across major markets, notably the Ngalda grains market—one of the largest in the state. Prices for key staples such as maize, millet, sorghum, and beans have fallen sharply due to a sustained and increased supply of commodities entering the markets.
Idriss Zakari, a grain dealer, revealed that the price of maize has dropped to between ₦32,000 and ₦35,000 per 100kg bag, while millet now sells for between ₦25,000 and ₦33,000 depending on the variety. White beans are priced between ₦70,000 and ₦76,000 per bag, and rice paddy (Shinkafa) ranges from ₦35,000 to ₦37,000.
The crash is attributed mainly to the release of stocks previously hoarded alongside a fresh harvest entering the markets simultaneously. This flood of supply has led to an oversupply situation, pushing prices downward and causing significant financial strain for traders and hoarders who expected higher returns.
While the price decreases provide relief for consumers grappling with high food costs, they pose a challenge to businesses that rely heavily on steady market prices. Farmers and traders face the risk of selling below production cost, potentially discouraging future planting and supply.
Yobe’s recent economic data also highlights the gradual easing of food inflation, attributed to government agricultural initiatives like the State’s Agricultural Empowerment Programme (SAEP), which has empowered thousands of farmers and contributed to increased harvest outputs.
This price correction, while painful for some, suggests improving food availability and a cautiously optimistic outlook for food security and affordability in Yobe State.
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