Onion prices crash in North, South West Nigeria amid fresh harvests drive

Onion prices crash in North, South West Nigeria amid fresh harvests drive

 There is a significant drop in onion prices in markets
across the north and south.

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, disclosed 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 Dailypost,
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.

 

Recall that 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.

Source: Onion prices crash in North, South West Nigeria amid fresh harvests drive

 - NigerianEye

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