low patronage pushes Grain prices down in Nigeria markets

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Prices of grains have dropped in Gombe markets due to a decline in demand for the produce.
Visits to the Gombe Central and Tudun Hatsi grain markets revealed that the prices of various commodities have fallen by about 15 percent over the past two weeks.

A correspondent from the News Agency of Nigeria, who visited the markets on Wednesday, reported that traders are struggling with a market glut and low patronage.

For example, the price of a 100kg bag of maize has dropped from N62,000 to N53,000, while beans are now priced at N105,000, down from N120,000. Groundnut prices fell from N175,000 to N160,000, and soya beans dropped from N100,000 to N82,000.


Similarly, rice prices have decreased, with a 100kg bag now selling for between N160,000 and N163,000, compared to the previous range of N165,000 to N168,000. Wheat also saw a significant price drop, with a 100kg bag now costing N86,000, down from N110,000.

Traders attributed the price drop to a significant reduction in demand for the commodities over the past two weeks. Ali Musa, the Secretary of Tudun Hatsi Grain Market, explained that the low patronage was largely due to the economic challenges facing the country.