By SpringNewsNG | February 27, 2025

Nigeria’s cost-of-living crisis has eased for the first time since President Bola Ahmed Tinubu assumed office in May 2023, offering relief to struggling households and raising the possibility of an interest rate cut by the Central Bank of Nigeria (CBN) in the next Monetary Policy Committee (MPC) meeting.

A recent survey of major markets across Nigeria by BusinessDay has revealed a decline in the prices of essential food staples in February 2025. This decline is a welcome development for Nigerians who have endured rising inflation since the COVID-19 pandemic in 2020.

Food Prices on the Decline

In Lagos, Nigeria’s economic hub, the price of a 50 kg bag of foreign parboiled rice has dropped to N85,000, down from N110,000 five months ago. Similarly, a 50 kg bag of local parboiled rice now sells for N95,000, compared to N105,000 three months ago.

The price of fresh tomatoes has seen a sharp decline, with a big basket now costing N35,000—representing a 70 percent drop from the N120,000 price in 2024. This price drop comes as a relief to consumers who previously resorted to alternatives like banga, paste, dried pepper, and beetroot due to skyrocketing costs.

Other staple foods have also become more affordable. A 4-litre paint container of garri now sells for N2,500, down from N3,500 five months ago, translating to a 28.5 percent decrease. Meanwhile, a 60 kg bag of garri now costs N37,500. In Abuja and Onitsha, the price of a big tuber of yam has fallen from N5,500 to N2,500 in the past five months.

Prices of onions have also dropped in Port Harcourt and Abuja, with consumers now able to purchase six to ten pieces for N1,000—double the quantity they could buy for the same amount three months ago.

Public Reactions

For many Nigerians, the reduction in food prices is a much-needed relief. Chinwe Okezie, a make-up artist at Ikosi–Ketu, noted, “The drop in the prices of beans, yam, and garri is a big relief, especially for low-income earners. However, prices need to return to pre-subsidy removal levels, and more food items should be affected.”

Titilayo Adewunmi, a mother of four shopping at Ketu Market, expressed similar sentiments. “The sharp drop in beans prices means my family can now afford to eat beans again. We weren’t eating it before because a cup had surged to nearly N1,800 from N500,” she said.

Niyi Ayoola, a carpenter and father of five, said, “We’ve been skipping meals to survive, so this price drop is a relief. But it needs to be bigger.”

A Temporary Relief?

Despite the current reprieve, farmers warn that the price reductions may be short-lived. Rising costs of key farming inputs—fertilizers, herbicides, pesticides, and seeds—alongside climate change impacts, pose a risk to long-term food affordability.

“The government must address insecurity to drive down food prices sustainably,” said Jude Obi, president of the Association of Organic Agriculture Practitioners of Nigeria. He noted that many farmers have abandoned their farmlands due to worsening security conditions.

Addressing the Hunger Crisis

A November 2024 report by the National Bureau of Statistics (NBS) found that one in three Nigerian households struggles to afford food, with 62.4 percent reporting insufficient food in 2023—nearly double the 37 percent recorded in 2019.

Nigeria’s Global Hunger Index score rose to 28.8 in 2024, ranking the country 110th out of 127 countries. The index classified hunger levels in Nigeria as ‘alarming.’

To further reduce food prices, experts recommend that the government temporarily allow more food imports while addressing structural challenges affecting local food production. Key recommendations include improving security, reducing post-harvest losses, fixing value chain deficiencies, and increasing technology adoption in agriculture.

The coming months will reveal whether the recent price drop is a lasting trend or a temporary relief. Nigerians, meanwhile, remain hopeful that continued efforts will lead to broader and more sustainable food affordability.