Prices of Tomatoes and Pepper Plummet Amid Hunger Protests in Nigeria
In a surprising turn of events, the prices of tomatoes and pepper have dropped significantly in Nigeria, with a basket of the two vegetables now selling for N60,000, according to Bismarck Rewane, an economist and Executive Director of Financial Derivatives.
Rewane, who is also a member of the Presidential Economic Coordination Council, made the disclosure in an interview with Channels Television on Thursday. He noted that the drop in prices represents a significant reduction compared to the N130,000 to N150,000 a basket of tomatoes and pepper sold two to three weeks ago.
However, Rewane warned that the food items are being sold at a perishable value, meaning they may not last long on the market. He attributed the price drop to the protests and restrictions on movement, which have disrupted the supply chain and prevented fresh produce from reaching the market.
The economist predicts that the prices of tomatoes and pepper may increase again once business activities return to normalcy in Nigerian markets post-protests. "What I think will happen is that in the next few days, the price of tomatoes and peppers will increase again. Right now it is the perishable value that will be seen in the market," he said.
It’s worth noting that in the past week, protesters had taken to the streets in major Nigerian cities, demonstrating against the rising cost of living in the country. The protests were sparked by the increasing prices of staple foods, including tomatoes and pepper.
