For the first time since President Bola Tinubu took office in May 2023, Nigeria’s cost-of-living crisis has eased, offering relief to struggling households and raising the prospect of a possible Central Bank of Nigeria (CBN) interest rate cut in the next Monetary Policy Committee (MPC) meeting.
A recent BusinessDay market survey in Lagos, Nigeria’s economic hub, shows that the prices of key food staples declined in February 2025, easing the financial burden on cash-strapped Nigerians who have endured soaring inflation since the 2020 pandemic.
Key Price Reductions
- Rice: A 50kg bag of foreign parboiled rice now sells for N85,000, down from N110,000 five months ago. Local parboiled rice dropped to N95,000 from N105,000 in three months.
- Tomatoes: The price of a big basket of fresh tomatoes plummeted 70 percent, from N120,000 to N35,000.
- Garri: A 4-litre paint container of garri now costs N2,500, down from N3,500 five months ago, while a 60kg bag sells for N37,500.
- Yam: A big tuber of yam now sells for N2,500 in Abuja and Onitsha, compared to N5,500 five months ago.
- Onions: In Port Harcourt and Abuja, N1,000 can now buy six to ten pieces of onion, compared to three or four pieces three months ago.
Mixed Reactions from Nigerians
For many Nigerians, the drop in food prices is a welcome relief, though concerns remain about overall affordability.
“The drop in the price of beans, yam, and garri is a big relief for low-income earners,” said Chinwe Okezie, a makeup artist in Ikosi-Ketu, Lagos.
“But prices still need to come down to pre-subsidy removal levels, and not just for some food items but for all.”
Titilayo Adewunmi, a mother of four shopping at Ketu Market, highlighted how the price drop has improved her family’s diet.
“We weren’t eating beans anymore because a cup was almost selling for N1,800, up from N500,” said Adewunmi, who earns N80,000 as a secondary school teacher.
“Now, we can afford to eat beans again, which is the cheapest form of protein for many families.”
Calls for Government Action
Nigerians are urging the government to sustain and expand price reductions by:
- Supporting local farmers to boost food production.
- Opening borders to allow for cheaper imports.
- Addressing logistics and transportation costs that inflate market prices.
With inflation still a major concern, all eyes are on the CBN’s upcoming policy decisions and government interventions to ensure that this price relief is sustained and expanded across all essential commodities.