There is a significant drop in onion prices in markets across the north and south, Media Talk Africa reports.
In the past months, onion prices had skyrocketed to unprecedented levels, with a large bag selling for over ₦300,000.
However, the price of a large bag has now dropped by almost 50%.
The chairman of the Kano State Onion Farmers Association, Mustapha Ahmed, told DailyPost that a large bag now costs not more than ₦80-90k while smaller bags are sold for ₦40,000 to ₦50,000.
“Onion prices have reduced compared to before. We had already assured people that the price would eventually come down,” he said.
“We are now receiving fresh onions from states like Sokoto and Zamfara. This has forced those who were hoarding onions to bring them out for sale.”
Similarly, the deputy chairman of the Akinyele Foodstuff Market in Ibadan, Oyo State, Muhammad Auwal Tahir, in an interview with Media Talk Africa, noted that a large bag now sells for ₦140,000, compared to the previous ₦330,000.
“Those who hoarded onions are now bringing them out to avoid losses. Soon, onions will become even more abundant as supplies arrive from states like Katsina, Kaduna, and Kano. I assure the public that prices will stabilize further in no time,” he added.
Media Talk Africa had reported how some food vendors complained that the high cost of onions almost disrupted their business.
This year’s unprecedented rise in onion prices had caused many traders to delay their purchases until supply increased.
It was also a struggle during the festive seasons as many families struggled to cope with the astronomical rise in the prices of onions.
It’s yet to be seen how this price drop in the north and south West will impact the entire country.
