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For the primary time since President Bola Tinubu took workplace in Might 2023, Nigeria’s cost-of-living disaster has eased, providing aid to struggling households and elevating the prospect of a potential Central Financial institution of Nigeria (CBN) rate of interest reduce within the subsequent Financial Coverage Committee (MPC) assembly.
A current BusinessDay market survey in Lagos, Nigeria’s financial hub, reveals that the costs of key meals staples declined in February 2025, easing the monetary burden on cash-strapped Nigerians who’ve endured hovering inflation for the reason that 2020 pandemic.
Key Value Reductions
Rice: A 50kg bag of international parboiled rice now sells for N85,000, down from N110,000 5 months in the past. Native parboiled rice dropped to N95,000 from N105,000 in three months.
Tomatoes: The value of an enormous basket of recent tomatoes plummeted 70 p.c, from N120,000 to N35,000.
Garri: A 4-litre paint container of garri now prices N2,500, down from N3,500 5 months in the past, whereas a 60kg bag sells for N37,500.
Yam: An enormous tuber of yam now sells for N2,500 in Abuja and Onitsha, in comparison with N5,500 5 months in the past.
Onions: In Port Harcourt and Abuja, N1,000 can now purchase six to 10 items of onion, in comparison with three or 4 items three months in the past.
Combined Reactions from Nigerians
For a lot of Nigerians, the drop in meals costs is a welcome aid, although considerations stay about general affordability.
“The drop within the worth of beans, yam, and garri is an enormous aid for low-income earners,” mentioned Chinwe Okezie, a make-up artist in Ikosi-Ketu, Lagos.“However costs nonetheless want to return all the way down to pre-subsidy elimination ranges, and never only for some meals gadgets however for all.”
Titilayo Adewunmi, a mom of 4 buying at Ketu Market, highlighted how the worth drop has improved her household’s eating regimen.
“We weren’t consuming beans anymore as a result of a cup was virtually promoting for N1,800, up from N500,” mentioned Adewunmi, who earns N80,000 as a secondary college instructor.“Now, we are able to afford to eat beans once more, which is the most affordable type of protein for a lot of households.”
Requires Authorities Motion
Nigerians are urging the federal government to maintain and increase worth reductions by:
Supporting native farmers to spice up meals manufacturing.
Opening borders to permit for cheaper imports.
Addressing logistics and transportation prices that inflate market costs.
With inflation nonetheless a serious concern, all eyes are on the CBN’s upcoming coverage choices and authorities interventions to make sure that this worth aid is sustained and expanded throughout all important commodities.
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