Nigeria’s cost-of-living crisis has eased for the first time since President Tinubu took office in May 2023, offering relief to households and a potential interest rate cut by the Central Bank of Nigeria (CBN).
A market survey found that prices of key staples like rice, tomatoes, and garri declined in February 2025, easing the burden on cash-strapped Nigerians who have been dealing with accelerating inflation since the 2020 pandemic.
In Lagos, the average price of a 50kg bag of foreign parboiled rice dropped to N85,000 from N110,000 five months ago. Local parboiled rice prices also decreased to N95,000 from N105,000 three months ago. Tomato prices plummeted 70% to N35,000 from N120,000, making them more affordable for Nigerians who had to opt for alternatives last year due to high prices.
Other price drops include:
- Garri: A 4-litre paint container now sells for N2,500, down from N3,500 five months ago.
- Yam: A big tuber now sells for N2,500, down from N5,500 five months ago in Abuja and Onitsha.
- Onions: Prices have dropped in Port Harcourt and Abuja, with six to 10 pieces now available for N1,000.
“The drop in price of beans, yam, and garri is a big relief for Nigerians, especially for low-income earners,” said Chinwe Okezie, a make-up artist. However, she noted that prices need to drop further to pre-subsidy removal levels.
While the price drops offer temporary relief, farmers warn that the decrease will be short-lived due to rising costs of farming inputs and climate change impacts.
To sustain the decline in food prices, experts recommend that the government allow food importation in the short term, address production and supply issues, and boost local food production through increased technology usage and insecurity reduction.