“How Nigerians Can Maximize Benefits from Falling Food Prices”
Story: Daniel November 11,2025
The recent decline in food prices has provided much-needed relief to Nigerian households, offering an opportunity for families to save more and plan ahead. A survey by BusinessDay shows that food costs have dropped by about 30% year-on-year, largely due to the harvest season and increased food imports.
Experts suggest several ways Nigerians can take full advantage of this temporary price drop, especially with the festive season approaching:
1. Buy in Bulk
Since the current price drop is seasonal, purchasing large quantities of staples now can yield significant savings. For instance, a 50kg bag of local parboiled rice now costs around N65,000, while imported rice is about N62,000. Previously, a bag cost roughly N90,000, meaning households can save up to N25,000 per bag. Bulk buying also reduces the need for frequent shopping, saving both time and money.
Amara Ifeanyi, a Lagos resident, shared her approach: “I now buy eggs by the crate and rice by the quarter bag. Buying in bulk is cheaper than buying in pieces.” Experts also recommend investing in proper storage, like freezers, to keep perishable items fresh and prevent spoilage.
2. Source Directly from Depot Markets
Shopping at depot markets—where produce comes straight from farms—can be cheaper and more sustainable. In Lagos’ Mile 12 Market, for example, a large basket of tomatoes sells for around N35,000, compared to N40,000 in other local markets. Similarly, in Kano’s Dawanau Market, grains and other staples can be purchased at lower prices, bypassing middlemen who often drive price hikes.
3. Budget and Track Food Spending
Lower food prices offer a chance to reorganize household budgets. Prioritizing essentials, shopping with a list, and tracking spending can help save money, build emergency funds, or invest in food storage.
While the decline in food prices is not uniform across all Nigerian states due to factors like varying purchasing power, it is providing meaningful relief in many areas, giving households the opportunity to save and plan ahead.
