Prices of grains have decreased in Gombe markets due to a reduction in demand for the produce. At the Gombe Central and Tudun Hatsi grain markets, the prices of various commodities have fallen by about 15 percent in the last two weeks.
According to the News Agency of Nigeria, traders are facing a market glut and low patronage.
For instance, the price of a 100kg bag of maize has dropped from ₦62,000 to ₦53,000, while beans are now priced at ₦105,000, down from ₦120,000. Groundnut prices fell from ₦175,000 to ₦160,000, and soya beans dropped from ₦100,000 to ₦82,000.
Similarly, rice prices have decreased, with a 100kg bag now selling for between ₦160,000 and ₦163,000, compared to the previous range of ₦165,000 to ₦168,000. Wheat also saw a significant price drop, with a 100kg bag now costing ₦86,000, down from ₦110,000.
Traders attribute the price drop to a significant reduction in demand for the commodities over the past two weeks. Ali Musa, Secretary of Tudun Hatsi Grain Market, explained that low patronage is largely due to the country’s ongoing economic challenges.
Musa noted that the bumper harvest this season has led to an oversupply of grains, which has further driven prices down. He also pointed out that many residents are not buying grains due to financial constraints.
“The supply outweighs the demand because of the bumper harvest. This will likely push prices even lower,” Musa said. He added that prices would likely rise when demand increases in the coming months.
Lawan Garba, Chairman of the Wheat Farmers Association of Nigeria in the state, also noted that government support programs for wheat farming had increased production. This surplus in supply has contributed to the price drop.
Garba urged the state government to establish aggregation centers to add value to the produce and create a market for agricultural commodities.
