Prices of the commodities at Gombe Central and Tudun-Hatsi grain markets have dropped by about 15 percent in the past two weeks.
According to reports by newsmen who visited the markets yesterday, traders are facing a market glut amid low patronage. It was gathered that a 100kg bag of maize was sold at ₦53,000; as against its old price of N62,000. Also, beans were sold at ₦105,000; groundnut – ₦160,000 and soybeans at ₦82,000, as against their old prices of ₦120,000, ₦175,000, and ₦100,000, respectively.
Rice indicated a similar decrease in prices, as a 100kg bag was selling between ₦163,000 and ₦160,000 as against ₦168,000 and ₦165,000 in the past two weeks. Also, wheat showed a significant decrease in price as a 100kg bag sold for ₦86,000 as against its old price of ₦110,000.
Traders in the market attributed the trend to a drastic decline in the demand for the commodities in the last 14 days.
According to the Secretary, Tudun-Hatsi Grain Market, Ali Musa, the drop in the prices affected local varieties due to low patronage occasioned by the economic crunch in the country. He said that many residents of the state were not buying grains from the markets due to the bumper harvest recorded this season.
“The supply outweighs the demand given the bumper harvest recorded this cropping season. This will push prices further down”, he further said.
Musa added that the low purchasing power of the people, especially the workers resulted in the lower demand and drop in prices. He, however, said that prices would appreciate when the demand improves in subsequent months.
Also commenting, Chairman, Wheat Farmers Association of Nigeria, Lawan Garba in the State, said the farmer support programmes initiated by the Federal Government bolstered wheat cultivation in the country. He said the commodity flooded the market resulting in to drop in prices.
Garba urged the State government to establish aggregation centres in order to add value and create a market for the agricultural commodities.
