Prices of grains have dropped in Gombe markets due to a decline in demand for the produce.
Visits to the Gombe Central and Tudun Hatsi grain markets revealed that the prices of various commodities have fallen by about 15 percent over the past two weeks.
A correspondent from the News Agency of Nigeria, who visited the markets on Wednesday, reported that traders are struggling with a market glut and low patronage.
For example, the price of a 100kg bag of maize has dropped from N62,000 to N53,000, while beans are now priced at N105,000, down from N120,000. Groundnut prices fell from N175,000 to N160,000, and soya beans dropped from N100,000 to N82,000.
Similarly, rice prices have decreased, with a 100kg bag now selling for between N160,000 and N163,000, compared to the previous range of N165,000 to N168,000. Wheat also saw a significant price drop, with a 100kg bag now costing N86,000, down from N110,000.
Traders attributed the price drop to a significant reduction in demand for the commodities over the past two weeks. Ali Musa, the Secretary of Tudun Hatsi Grain Market, explained that the low patronage was largely due to the economic challenges facing the country.
Musa noted that the bumper harvest this season has led to an over supply 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, the Chairman of the Wheat Farmers Association of Nigeria in the state, also weighed in, noting that government support programs for wheat farming had resulted in increased production. This surplus in supply has contributed to the drop in prices.
Garba urged the state government to establish aggregation centers to add value to the produce and create a market for agricultural commodities.
