Grain prices tumble in Yobe as dealers and hoarders count heavy losses

Yobe State’s major grain markets are witnessing a dramatic fall in prices, leaving foodstuff dealers and hoarders struggling to recover from mounting losses.

At Ngalda, one of the state’s largest grain markets, traders reported sharp declines in the cost of staple crops due to sustained supplies from both newly harvested produce and previously hoarded stock.

A dealer, Idriss Zakari, told Daily Post that maize, which recently sold above ₦40,000, now trades between ₦32,000 and ₦35,000 per 100kg bag. Millet dropped further, with new harvests priced at ₦25,000 to ₦26,000, while older stock sells between ₦31,000 and ₦33,000.

The bean market has also been hit. White beans now go for ₦70,000 to ₦73,000, while red beans fetch between ₦71,000 and ₦76,000. Meanwhile, rice paddy (Shinkafa) has settled at ₦35,000 to ₦37,000 depending on quality.

Traders attribute the crash to a flood of commodities entering the market at once. “The combination of hoarded grains being released and new harvests coming in has pushed prices down significantly,” Zakari explained.

While consumers welcome the relief after months of surging food inflation, many dealers and hoarders who stockpiled goods in anticipation of further price hikes are now counting their losses.

Analysts warn that unless storage and distribution are better managed, the cycle of speculative hoarding and sudden market crashes will continue to destabilise Yobe’s grain economy.