Nigerians can finally breathe a sigh of relief as the prices of essential food items, such as sugar and Indomie instant noodles, have dropped. This news comes as a relief to the low to middle income bracket, who have been struggling with the nationwide food price hike caused by inflation and economic pressures.
Inflation in Nigeria has reached an all-time high of 29.90% in January 2024, with food inflation rising by 3.21%. However, recent market surveys conducted last week have shown a reduction in the prices of some food items. For example, a carton of Indomie Regular Chicken 70g, which previously sold for N10,650, now sells for N8,900. Similarly, the price of other Indomie products has also decreased.
In addition to Indomie, the prices of sugar, rice, beans, semo, spaghetti, and macaroni have also fallen in the surveyed markets. A 50kg bag of BUA sugar now costs N84,000, while a Dangote 50kg sugar goes for N88,000. Meanwhile, the price of Stallion Long grain rice has decreased from N88,000 to N86,000.
Wholesale and retail dealers in Wuse Market and roadside fast-food sellers in Kaduna Central Market have confirmed the price decrease in Indomie Noodles. Customers are delighted with this development, as it has led to an increase in business for sellers.
Analysts believe that this trend will continue if the government fulfills its promises to address the rising food prices. The Federal Government has already taken steps to combat food inflation, such as setting up a Presidential Committee on Emergency Food Intervention. Additionally, the President has ordered the Nigeria Customs Service to return all seized food items to their owners, and these items will be sold in Nigerian markets.
The government's proactive measures and collaboration with millers and traders are expected to contribute to stabilizing food prices in the country. Once Nigeria becomes self-sufficient in food, the Export Prohibition Act, which currently prohibits the exportation of certain items, will be reviewed.