Grain Prices Plummet in Gombe Markets: 15% Drop Amid Low Demand

Grain prices in Gombe markets have fallen sharply due to reduced demand, with some commodities seeing a 15% drop over the past two weeks.

Visits to the Gombe Central and Tudun Hatsi grain markets revealed the decline. According to a News Agency of Nigeria correspondent, traders are facing a glut and dwindling patronage, leaving many struggling to sell their stock.

The price of a 100kg bag of maize has dropped from N62,000 to N53,000. Beans now cost N105,000, down from N120,000, while groundnut prices have slid from N175,000 to N160,000. Soya beans and rice also recorded notable price decreases, with soya beans now at N82,000 (from N100,000) and rice at N160,000–N163,000 (previously N165,000–N168,000). Wheat saw one of the steepest drops, falling from N110,000 to N86,000 per 100kg bag.

Traders link the declining prices to an economic downturn that has curtailed consumers’ purchasing power. Ali Musa, Secretary of the Tudun Hatsi Grain Market, attributed the slump to this year’s bumper harvest, which resulted in an oversupply. “Supply is exceeding demand, and prices may drop further,” Musa said, noting that many residents are unable to buy grains due to financial constraints. He projected a price rebound when demand increases in the coming months.

Lawan Garba, Chairman of the Wheat Farmers Association of Nigeria in Gombe, highlighted government support programs as a key factor behind the wheat surplus. He urged the state government to create aggregation centers to add value to the produce and stabilize the market.

As traders brace for continued challenges, market stakeholders emphasize the need for strategic interventions to balance supply and demand while ensuring fair prices for farmers and consumers alike.