Prices of food commodities like maize, rice, millet, sorghum, beans, flour and soybeans, among others have dropped, especially in major producing states, a survey has shown.
This is happening ahead of the Ramadan, which commences in a few days.
Non-producing states are also said to be feeling the impact of the reduction in food prices.
Observation at grain markets in different parts of the country showed that agents of poultry feeds and rice milling companies as well as middlemen have scaled down the purchase of grains across states.
Experts linked the declined market activities by the middlemen to low patronages experienced after Christmas and New Year breaks, leading to significant drop in prices of grains like maize, millet, sorghum, paddy and beans, in addition to massive imports of the commodities.
Others said the recent massive import of some of the agricultural produce also contributed to the drop in price.
Experts linked the declined market activities by the middlemen to low patronages experienced after Christmas and New Year breaks, leading to significant drop in prices of grains like maize, millet, sorghum, paddy and beans, in addition to massive imports of the commodities.
Others said the recent massive import of some of the agricultural produce also contributed to the drop in price.
For instance, a 50kg bag of flour, which was sold for N80, 000 before the importation some few weeks ago, is now between N61, 000 and N63, 000 depending on the market.
The same also applied to locally milled rice, which the import of the produce has also affected.
While prices of grains have dropped, those of groundnut, cocoa, yam, Irish potatoes, palm and vegetable oils remain slightly high in many markets visited by our correspondents.
