Information reaching us has indicated that bumper harvest has led to drop in prices of food items especially, grains in Kano State.
A survey by the News Agency of Nigeria (NAN), in some markets in the state, showed that prices of the commodities, such as maize, millet, sorghum and local rice have dropped by about 40 per cent.
According to the survey, a bag of maize is now selling for N8,500 as against N12,500 sold last month, while a measure cost N350 as against its previous price of between N400 and N450.
The survey further indicated that the price of a bag of millet had equally dropped from N14,000 to N9,500. Similarly, a 100kg bag of local rice, which used to cost between N33,000 and N40,000 is now being sold at between N26,000 and N28,000, while a measure now go for N600 as against N750.
The survey also showed that a bag of sorghum which sold for N16,000 before the harvest now cost N13,000, while a bag of wheat N16,000 as against its former price of N24,000. Some consumers, who spoke with NAN, expressed optimism that the prices of food items would further crash before the year ends.
However, some traders at the markets attributed the situation to increase in the supply of the produce from the farms. A trader at Dawanau International Grains market, Alhaji Sani Ali, said prices of the commodities would further go down due to the economic situation in the country.
“I am sure the price will further go down due to low patronage by companies and individual buyers. Most of the companies now buy half of what they used to buy before because of the economic situation and some buy on credit.”
Another trader in the market, Malam Isa Sule, also expressed confidence that prices would further go down because the harvest season was not over.
“As farmers continue to harvest, the supply of the commodities will continue to flood the markets and this will push prices further down,” he said.
Source: NAN. [myad]
