Grains Prices Have Dropped 15% in Markets in Gombe State, News Agency of Nigeria Reports
Prices of various grains have dropped by about 15% in Gombe markets, driven by a low demand for the produce.
The price reduction was observed in major markets, including Gombe Central and Tudun Hatsi, where traders are struggling with a market glut due to reduced patronage.
For instance, a 100kg bag of maize now costs N53,000, down from its previous price of N62,000.
Other grains also saw price reductions, with beans selling for N105,000 (previously N120,000), groundnut at N160,000 (down from N175,000), and soybeans at N82,000 (from N100,000).
Rice prices also showed a decrease, with a 100kg bag now ranging between N160,000 and N163,000, compared to the previous prices of N165,000 and N168,000.
Wheat prices saw a notable drop, with a 100kg bag now selling for N86,000, down from its former price of N110,000.
Causes of price decline
Traders attributed the price drop to a drastic decline in demand for grains over the last two weeks.
The supply is observed to have outweighed demand in view of the bumper harvest recorded this cropping season, a source within the market opined
The reduced purchasing power of Nigerians may also be a factor, particularly among civil servants.