2 hours ago
6 ARTICLE AD
Prices of grains have dropped in Gombe markets amid low demand for the produce.
Checks at Gombe Central and Tudun Hatsi grain markets showed that prices of the commodities dropped by about 15 per cent in the past two weeks.
A correspondent of the News Agency of Nigeria, who visited the markets on Wednesday, reports that traders are facing a market glut amid low patronage.
A 100kg bag of maize was sold at N53,000; as against its old price of N62,000.
Beans were sold at N105,000; groundnut N160,000, and soybeans at N82,000, as against their old prices of N120,000, N175,000, and N100,000, respectively.
Rice indicated a similar decrease in prices, as a 100kg bag was selling between N163,000 and N160,000 as against N168,000 and N165,000 in the past two weeks.
Also, wheat showed a significant decrease in price as a 100kg bag sold for N86,000 as against its old price of N110,000.
Traders in the market attributed the trend to a drastic decline in the demand for the commodities in the last 14 days.
The Secretary, Tudun Hatsi Grain Market, Ali Musa, said 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 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, the 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 to add value and create a market for the agricultural commodities.
(NAN)
