By Akinnodi Francis, Ondo

 Nigerians grappling with the high cost of living have found slight relief as food prices drop for the first time since President Bola Tinubu assumed office in May 2023, raising hopes of improved affordability and a potential interest rate cut by the Central Bank of Nigeria (CBN), at the next Monetary Policy Committee (MPC) meeting.

A market survey conducted by Weekend Hope across major cities revealed a significant decline in the prices of key food staples in February 2025, easing the burden on struggling households.

Since the COVID-19 pandemic in 2020, Nigerians have endured relentless inflation, exacerbated by subsidy removal and economic reforms.

Findings from markets in Ondo town indicate that a 50kg bag of foreign parboiled rice now sells for N85,000, down from N110,000 five months ago, while the local variant is pegged at N95,000, a reduction from N105,000 recorded three months ago.

Similarly, the price of a big basket of fresh tomatoes has plummeted from an average of N120,000 to N35,000. The surge in tomato prices last year forced many Nigerians to seek alternatives like banga, tomato paste, dried pepper, and beetroot.

The price of a rubber of garri has also seen a sharp drop, now selling for N1,200 from an average of N2,000 recorded five months ago. In Abuja, Onitsha, and Ondo State, a big tuber of yam now sells for N2,000, down from N5,500 within the same period.

A noticeable decline in onion prices has also been recorded, as six to twelve pieces now go for N1,000, compared to just three or four pieces at the same price three months ago, depending on the size.

Speaking on the development, a resident, Ojo Ajawole, described the reduction in the prices of beans, yam and garri as a welcome relief, particularly for low-income earners.

“The prices are still high compared to pre-subsidy removal levels and it should not be limited to only a few food items. The government must do more to stabilise the market,” Ajawole said, urging authorities to support farmers and open the borders for the importation of cheaper food items.

A mother of two, Titilayo Adewunmi, who was at Oja Oba market to make purchases, noted that she could now afford to buy beans, which had previously surged by over 300 percent within a year.

“The recent drop in the prices of beans and garri is a big relief for my family. It means we can now eat better than before,” she said.

For Adeniyi Ayoola, a carpenter and father, the drop in food prices has brought some relief, though he stressed that the reduction is still marginal.

“We have been skipping meals to survive. While this is a respite, prices need to come down further for Nigerians to truly feel the impact,” he stated.

Experts have emphasised the need for short-term importation to further drive down food prices, while addressing structural issues hindering local production in the long run.

According to the President of the Association of Organic Agriculture Practitioners of Nigeria, Jude Obi, insecurity remains a major threat to food production, with many farmers abandoning their farmlands due to fear of attacks.

“The government must prioritise security to ensure that food is produced in sufficient quantities. Without tackling insecurity, food prices will remain volatile,” Obi warned.

Farmers, however, cautioned that the current price decline might be temporary due to the rising costs of farming inputs such as fertilisers, herbicides, pesticides and seeds, coupled with worsening climate change impacts.

They urged the government to intervene in reducing input costs and improving agricultural productivity to sustain the downward trend in food prices.