Some Lagos State foodstuff traders and consumers have expressed excitement over the recent drop in the prices of foodstuff.

The consumers and traders disclosed this in separate interviews with the News Agency of Nigeria (NAN) on Sunday in Lagos.

However, they hoped that the price drop would be sustainable as consumers were beginning to enjoy the respite.

A foodstuff trader in the Dopemu area of the state, Mr Sunday Okwudiri, said the price drop was beneficial to both consumers and traders. He attributed the situation to the reduced cost of transportation.

“The prices of most food items have dropped, and we are grateful for that. Rice, beans and garri have witnessed a commensurate drop in their prices.

“We sold a 50kg bag of rice last December between N80,000 and N90,000, but now the same quantity of rice sells between N70,000 and N75,000.

“We cannot determine the reason for the drop in food prices, but one good indicator is that logistics expenses have significantly dropped.

“Like traders will say, ‘road don free small.’ We hope it continues like that,” Okwudiri said.

Another foodstuff trader in the Agege area of the state, Mr John Nwabueze, also alluded to the recent drop in the price of food items, which he attributed to the harvest season of some produce.

“The price of food items, especially rice and beans, is really dropping gradually, as we have observed since the year began.

“As of the first week of January, we sold a bag of rice between N90,000 and N96,00,0, but now the same bag goes for N76,000.

“Beans have been dropping more and more since last year. As of November 2024, we had beans at the highest price. An average bag was sold for as high as N230,000 to N270,000, but now the same quantity sells for N80,000.

“We cannot determine the reasons for the price drop of these food items, but we are glad it is happening.

“We are also in the harvest season for some of these produce,” Nwabueze said.

Mrs Judith Amen, another foodstuff trader in the Amuwo area of the state, also corroborated the slight drop in some food prices.

“Well, there is a slight drop in the price of rice, but not so much. A bag of good quality rice sells at N82,000 as against N90,000 to N95,000 it was sold for earlier.

“The bags of rice that sell for N75,000 per bag are not high-quality rice, as some may become mushy easily when boiled.

“The price of beans has been dropping since late last year. This is the season of beans because they are being harvested.

“A 60kg of beans used to sell up to N300,000 per bag but now sells between N150,000 and N90,000 depending on the variety.

“A bag of garri now sells between N35,000 and N45,000 as against N60,000. So, we can say there is a drop,” Amen said.

Also, Mrs Lilian Agunbiade, a resident in the Agege area of the state, said the joy of being able to buy foodstuff and getting all your supplies is next to none.

“I went to the market this weekend to stock up for my household and my business, and I noticed that some food prices had actually dropped.

“This drop in price is indeed a welcome development. I bought a paint bucket of garri (cassava granules) between N3,200 and N3,500 in January, but it sells at N2,000 for a paint bucket.

“Also, the price of vegetable oil has considerably dropped; as of December 2024, it sold for more than N100,000 for a 25-litre keg.

“But presently, the same quantity of vegetable oil has dropped down to N70,000 or N75,000 depending on the brand.

“Also, the price of baking flour has also dropped. A 50kg bag of all-purpose flour used to sell at N62,000, but now it sells at N59,000.

“Generally, I observed that the prices of foodstuff items dropped a little bit across all products sold in the market.

“I am happy to purchase at the rate I did and get the items I needed for my house. I think the drop may be related to the drop in the dollar's value compared to the Naira. We hope it continues like this,” Agunbiade said.

On her part, Mrs. Eugenia Uloma, a housewife and resident in the Egbeda area of the state, expressed skepticism over the price drop while hoping it would be sustained.

“Well, I cannot say the price of foodstuff items has really dropped because it is a slight drop.

“Some food items have witnessed price drops because it is their season; beans are being harvested, so the price will definitely drop early in the year.

“The price of crayfish has also dropped. I used to buy a paint bucket for N11,000, but now it sells for N8,000.

“If the drop is true, we just hope it will not rise again,” Uloma said.