Food Prices Drop As Bag Of Onions Falls From ₦202,500 To ₦25,000 In Months — Presidency

 The government says a bag of dry onions that once sold for ₦202,500 in February is now going for just ₦25,000. Meanwhile, the price of rice has reportedly dropped to ₦40,000 per bag.

In a statement from the Presidency of Nigeria, the price swings were described as signs that market interventions are beginning to yield results. The government pointed to improved supply, imports in some key commodities, and storage support for farmers as driving the relief in food costs.

The dramatic drop in onion prices — from over ₦200,000 to ₦25,000 in a matter of months — has caught many market watchers by surprise. Analysts say the February price spike had been driven by flooding in major producing states, high cost of seeds and fertilisers, and logistical constraints.

While the latest figure offers hope for consumers, stakeholders caution against assuming stability too soon. Some traders warn that storage losses, seasonal shortages, and rising transport costs may still push prices back up unless policy support is sustained.

On rice, the ₦40,000 figure suggests a moderate easing compared with recent peaks but remains high by many household standards. The government said it is monitoring the rice market to guard against speculative hoarding that can reverse gains.

Consumers welcomed the news of relief but say that for many, food prices are still consuming a large portion of household income. Civil society groups urged the federal and state governments to ensure that the lower prices are matched by physical stock on shelves — not just reported numbers.

Going forward, the government has pledged to maintain its interventions, including subsidised fertiliser, support for local production, and improved market transparency. The public is advised to verify price claims locally, and traders are encouraged to operate with fairness to deepen the benefits of the downward price trend.