In this report, LUCY CHINDABA captures the mixed reactions trailing the sudden crash in food prices across Jos, Plateau State, highlighting how the development has brought relief to consumers but heavy losses to farmers and traders who invested heavily in anticipation of higher prices
When President Bola Ahmed Tinubu assumed office on May 29, 2023, his inaugural speech contained two major policy decisions: the removal of petroleum subsidy and the adoption of a free-floating exchange rate. These policies had far-reaching consequences, the most immediate being an exponential rise in transportation costs which pushed up the prices of goods and services, especially foodstuff.
By the first quarter of 2025, however, measures put in place by government appeared to yield results, with reports indicating a noticeable drop in the prices of foodstuff across the country. While families and traders began to heave a sigh of relief, the situation brought untold losses to farmers, especially maize growers, and to traders who had hoarded food items in anticipation of higher profits.
Hoarders in distress
Checks by our correspondent in Abattoir and Gangare markets in Jos revealed how differently the crash in prices has affected various groups. One particularly tragic case was that of a woman who had hoarded maize worth millions of naira, money she had collected as loans. When prices suddenly dropped, she reportedly suffered a stroke and died.
Another hoarder, who preferred anonymity, narrated how he narrowly escaped similar fate. In his case, it was cassava. He explained: “I spent five million to stock up and lost over one million because of the change in price. This is a business I have been doing over the years but that is market for you, you sometimes win and you sometimes lose.”
He said he quickly sold off his stock of dried cassava meant to be ground into flour (Alabo) as prices plummeted.
Bartholomew Bako, another hoarder, shared his frustration: “I had purchased maize when it was being sold for ₦650 per measure with the hope that prices will rise and I would maximise profit. But to my surprise and disappointment, maize is now as low as ₦350, ₦400 for a measure here in Jos, and as low as ₦250 in the village.”
Although he has lost heavily, Bako added: “Even though sad with the turn of events, I am happy that foodstuff prices have come down, which means the common man can at least afford food.”
Farmers bear the brunt
For farmers, the crash in prices has been devastating. A maize farmer, Mary Danladi, lamented: “We the farmers are the ones losing. We are not against prices coming down but government and all those responsible for taking such decisions should look out for the interest of all and not just the consumers. We suffered to farm, bought fertiliser at very high cost but we are forced to sell at a loss.”
Asked why prices suddenly fell, she responded: “We heard that government opened the borders and so much foodstuff came into the country and that is why prices went down.”
In her view, “If government can open the borders so that goods will be imported and bring down prices, then government should also bring down the price of fertiliser and also transportation cost, which is what contributes to the high cost of goods in the first place.”
Potato farmers’ experiences
The market for Irish potato (popularly known as Plateau Potato) has also witnessed drastic price changes. At one point, a 4-litre plastic container of Irish potatoes sold for between ₦12,000 and ₦14,000. But today, the same quantity sells for just ₦2,000.
A potato farmer, Samuel Dakom, explained: “Yes, the price of Irish potatoes dropped so much as a result of bumper harvest which was also connected to the fact that the disease which bedevilled Irish (Plateau) potato plants in recent years suddenly disappeared this year. We did not experience it this time around.”
However, he expressed concern about a new problem: “There is a little problem that we noticed, and we’re trying to get to the root of the problem. As the plants were doing well and flourishing, after some time, the leaves would wither and by the time we went to harvest, we noticed they were already rotten.”
With the crash in foodstuff prices, government has been commended for easing the burden on consumers. Yet, farmers and traders continue to plead for intervention to avert crippling losses. As the costs of fertiliser and other agricultural inputs remain high, stakeholders are urging government to address these challenges in order to guarantee both economic stability and long-term food security.