Prices of foodstuffs have begun crashing in Jigawa
as latest survey of the popular Hadejia market in the
state shows
– The market survey reveals also that a bag of rice
now goes for N8,500 at Hadejia as against the
previous N11,000 that it went for
rice
PM News is reporting that the prices of food items
have crashed in Hadejia, Jigawa state.
Quoting News Agency of Nigeria (NAN), PM News
reports that the crash in food price is as a result of ‘a
significant increase in the supply of agricultural
produce to the market’.
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According to investigations by NAN on Tuesday at
Hadejia market, food prices were down by about 30
percent. Now, a bag of millet goes for N14, 000 as
against N18, 000 while a bag of paddy rice went for
N8, 500 as against its previous price of N11, 000.
Maize and sorghum were sold at N11, 000 and N13,
000 down from their old prices of N15, 000 and
N17, 000, respectively.
PM News quotes NAN as saying that its investigation
showed that the crash was necessitated by the
harvesting of food crops and the corresponding
increase in the supply of food items in the market.
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It also also reports that farmers recorded high yields
due to appreciable rainfall and good weather condition
recorded this cropping season.
Traders, who spoke with NAN at the market,
attributed the drop in prices of food items in the state
to increase the supply of fresh produce from the farms
while a grain dealer, Alhaji Kassim Adamu expressed
confidence that prices would further go down because
of the harvest by farmers.
“The supply keeps moving up and it will push prices
further down, ” he said.
Meanwhile, Nigeria in talks with the Chinese import-
export bank China Exim Bank for a $21 billion loan to
finance its 2016 budget and develop new infrastructure
projects to boost the ailing economy.
This was announced by the minister of budget and
national planning, Senator Udoma Udo
Udoma following his visit to China in July and
President Muhammadu Buhari’s visit to China in April.