Abia Imo Food Prices: Recent Drops in Beans, Tomatoes, Yams

In recent months, markets in Abia and Imo states have seen a welcome drop in the prices of staple foods like beans, tomatoes, onions, and new yams. These reductions, largely due to the harvest season, are offering much-needed relief to consumers amid economic challenges. However, while some items have become more affordable, others, such as garri and rice, continue to rise in price. This reflects the complex dynamics of food markets in Abia and Imo. This blog explores these market trends, providing insights into the factors driving these changes and their broader implications.

Beans Prices Drop in Abia and Imo Markets

Beans, a vital source of protein in many Nigerian households, have experienced a notable reduction in price in Abia and Imo states. Previously selling at ₦10,000 per paint bucket, the price has now dropped to between ₦7,500 and ₦8,000, depending on the variety. The significant decrease is largely due to the harvest season, which has increased the supply of beans in the market.

Factors Contributing to the Price Drop in Abia and Imo

Increased Supply from Harvest: The ongoing harvest season has brought a fresh supply of beans to the market in Abia and Imo, reducing scarcity and pushing prices down.
Market Competition: As more beans become available, traders are competing to attract buyers, which naturally drives prices lower.
Consumer Demand Dynamics: With more affordable alternatives becoming available, the demand for beans has slightly decreased, contributing to the lower prices.

This drop in beans prices is particularly beneficial for low-income households, who rely heavily on beans as a staple food. It also provides an opportunity for traders to increase sales volume despite the reduced price.

New Yams: Lower Prices in Abia and Imo

The price of new yams, a seasonal favorite, has also seen a substantial decrease. A large tuber that was previously sold for ₦7,000 is now available for ₦4,000, while medium-sized yams have dropped from ₦5,000 to between ₦2,500 and ₦3,000. This reduction is directly tied to the influx of new yams into the market from major yam-producing regions.

Harvest Season Impact

Bumper Harvests: The current harvest season has resulted in a surplus of new yams in the market, driving prices down significantly.
Regional Contributions: Yams from both northern and southeastern regions are now more readily available, further increasing market supply.
Consumer Preferences: As consumers typically prefer fresh yams, the increased availability during harvest season has led to a natural drop in prices as traders seek to clear stock quickly.

Tomatoes and Onions: Mixed Market Reactions in Abia and Imo

The tomato market has also witnessed a sharp decline in prices. A paint bucket of tomatoes that once cost ₦15,000 is now available for ₦8,000. The arrival of fresh tomatoes from Gboko, Benue State, has played a significant role in this price reduction.

Tomato Price Dynamics

New Supply Sources: The entry of tomatoes from Gboko into the market has increased supply, leading to lower prices.
Market Saturation: The combination of local and regional tomato supplies has saturated the market, causing prices to drop.
Seasonal Variations: The price of tomatoes often fluctuates based on seasonal availability, and the current harvest season has resulted in an oversupply.

However, the onion market tells a different story. Despite the harvest season, onion prices have continued to rise, with a bag now costing ₦120,000, up from ₦85,000 just a few months ago.

Challenges in the Onion Market

High Transportation Costs: The cost of transporting onions from northern Nigeria, where they are predominantly grown, has skyrocketed due to increased fuel prices.
Insecurity Issues: Ongoing insecurity in northern regions has disrupted farming activities, leading to lower production levels and higher prices.
Storage and Handling: Onions require careful storage and handling to prevent spoilage, and the costs associated with this have also contributed to the rising prices.

Garri and Rice: Persistent Price Increases in Abia and Imo

While some staple foods have seen price drops, others like garri and rice continue to be expensive. A bag of garri, which sold for ₦40,000 last year, is now priced at ₦68,000, reflecting a steep increase.

Garri Market Trends

Transport and Distribution Costs: The rising cost of transportation, exacerbated by fuel price hikes, has significantly impacted the price of garri.
Production Costs: Increased costs of inputs such as cassava and processing have also contributed to the higher prices.
Market Demand: Despite the high prices, demand for garri remains strong, keeping prices elevated.

Similarly, the price of rice, a staple in Nigerian households, has remained high. A 50-kg bag of foreign rice now sells for ₦90,000, while a local brand is priced between ₦70,000 and ₦75,000. The consistent demand for rice, coupled with high production and importation costs, has kept prices at these levels.

Other Commodities: Abia Imo Price Changes

In Umuahia, Abia State, red pepper prices have slightly reduced, with a basket now selling for between ₦65,000 and ₦70,000, down from ₦95,000 to ₦100,000. This reduction is largely due to increased competition among suppliers from different regions, including Ogoja, Ngwa, and Nsukka.

Sweet Potatoes and Other Commodities

Sweet Potatoes: The price of sweet potatoes has risen sharply. A 75-kg bag now costs ₦75,000, up from ₦50,000 just five months ago. This increase is due to higher transportation costs and reduced production levels.
Crayfish: The price of crayfish has also surged. A bag now sells for ₦180,000 to ₦200,000, compared to ₦140,000 to ₦160,000 in April. Traders attribute this to high transportation costs and the complex processing involved.
Eggs and Vegetable Oil: The price of eggs has increased, with a crate now costing ₦4,800 to ₦5,000, up from ₦3,900 to ₦4,200 five months ago. Similarly, vegetable oil prices have risen, with a 25-litre container now costing ₦55,000.

Conclusion

The recent drop in prices for staple foods like beans, tomatoes, and new yams in Abia and Imo states brings some relief to consumers, especially those facing rising living costs. However, high prices for essentials like garri, rice, and onions highlight deeper issues in the Nigerian food market. These issues include transportation costs, insecurity, and production inefficiencies. As the harvest season continues, food prices may fluctuate, but addressing these problems is key to achieving long-term price stability.

Reference

Nairametrics – Prices of beans, yam, garri, milk decrease in August, other staples remain high- survey
Pulse – Beans, tomatoes prices drop as new yams fall from ₦7,000 to ₦4,000 in Abia, Imo