Crashing Food Prices: Different Strokes For Different Folks
By Yahaya Kana Ismaila
During the regime of President Muhammadu Buhari, his government implemented several policies aimed at encouraging local food production. Buhari’s greatest desire was for Nigeria to achieve self-sufficiency in food production and reduce dependence on imports. To this end, billions of naira were allocated to farmers—though, as is often the case in Nigeria, a significant portion of these funds likely found their way into private pockets. Nevertheless, the government invested in importing agricultural machinery, providing credit to farmers, subsidising the cost of farm inputs, and ultimately banning the importation of rice and other grains.
While these measures stimulated local food production, they did not translate into lower food prices as anticipated. Rather than repaying the government’s goodwill with reasonable pricing, many farmers and middlemen took advantage of the situation to hike prices, knowing that the masses had no alternative. With foreign options off the table, Nigerians were forced to pay exorbitantly for locally produced food.
For years, consumers groaned under the weight of soaring food prices. They lamented, protested, and begged for the government to lift the embargo on food imports. But Buhari, being Buhari, refused to budge. And so, the financial burden on ordinary Nigerians persisted, with many spending an increasing portion of their earnings just to afford a basic meal.
Fast forward to today, and the tables have turned. President Bola Ahmed Tinubu has taken a markedly different approach to food security—lifting the embargo on food importation and flooding the market with cheaper alternatives. The result? A drastic fall in food prices.
Ironically, those who once reaped massive profits from Buhari’s policies are now the loudest voices of opposition to Tinubu’s measures. Just recently, I met a large-scale grain farmer from whom I used to buy grains. He was livid, raining curses on President Tinubu. His grievance? The president’s policy has devalued his stockpile, forcing him to sell hoarded grains at a loss.
He lamented that he and other farmers had invested heavily in fertilizers, labour, and storage, only for the government to “undermine” them by allowing cheap imports. Now, they are compelled to offload their grains at prices they never anticipated.
I reminded him of the Buhari years—how he had benefited from the government’s largesse and how, instead of showing gratitude through fair pricing, he and his counterparts chose to exploit the masses. Back then, they justified high prices by citing production costs despite government handouts, yet they had no qualms about making massive profits at the expense of struggling Nigerians. Now that the tides have turned, he had nothing more to add.
As someone who cultivated a small farm this year, I understand firsthand the rising costs of farming. The price of fertilizers, seeds, and labour has indeed surged, making farming a less attractive venture for many. That said, I find it difficult to sympathise with those who took undue advantage of the system when the pendulum was in their favour.
An Eloyi proverb states that the best truth is the one you tell yourself. Nigerian farmers and food hoarders must now confront the truth: greed has consequences. For years, they imposed undue hardship on their fellow citizens, and now, the market forces—spurred by government intervention—have come full circle.
From a consumer’s standpoint, the current crash in food prices is a welcome relief. Millions of Nigerians can now afford staple foods without sacrificing other basic necessities. However, this shift also presents an opportunity for reflection within the agricultural sector. How can farmers remain profitable without resorting to exploitative pricing? How can the government create policies that protect both consumers and producers?
Striking a balance is crucial. While importation provides immediate relief to consumers, a long-term dependency on foreign food supply is unsustainable. Instead of wholly relying on cheap imports, the government should focus on making local farming more efficient and cost-effective. This includes investing in mechanised farming, improving rural infrastructure, and ensuring that subsidies reach genuine farmers rather than political cronies.
Yet, the problem extends beyond farmers and food hoarders. The Nigerian business mindset often revolves around exploitation rather than sustainability. For instance, during the period when wheat prices soared, the cost of bread and other wheat-basede products skyrocketed. Now that wheat prices have fallen significantly, has the cost of breade followed suit? Not at all. The same traders who rushed to increase prices when costs went up are now unwilling to reduce them, citing vague excuses.
This exposes a broader issue in the Nigerian economy—an entrenched culture of profiteering that thrives at the expense of the common man. Whether it’s food, fuel, or housing, businesses often exploit market conditions without concern for consumer welfare. If left unchecked, this mentality will continue to undermine the nation’s economic stability.
As food prices continue to adjust, different groups will experience different realities. For farmers and hoarders who previously profited off government-imposed scarcity, this is a moment of reckoning. For consumers, it is a rare breath of fresh air. But for Nigeria as a whole, it is a critical juncture that demands a more holistic approach to food security—one that ensures fairness and sustainability for all.
Yahaya writes from Kana of Nassarawa LGA in Nasarawa state and can be reached on: kanaismail@yahoo.com
