Less than 20 days to Ramadan, shopping for the Islamic holy month has begun across major markets in Maiduguri.
Muslims fast from sunrise to sunset throughout Ramadan, considered the holiest month in the Islamic calendar.
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However, unlike in previous years when prices skyrocketed days before the beginning of the holy month, the faithful are having a different experience as they go shopping.
A market survey conducted by PREMIUM TIMES on Sunday at the Monday Market, Gamboru/Custom Market, and Baga Road Market indicated that prices of staples like rice, maize, beans, sugar, and groundnuts have fallen by five to six per cent over the last two months.
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A 50kg bag of rice (Nigerian made) sold between N90,000 and N95,000 two months prior is now N84,000–N85,000.
A 50kg bag of sugar also dropped from N81,500 to N80,500. The price of a 100kg bag of beans dropped from N140,000 to N90,000.
Some prices of perishable goods have also gone down. A basket of tomatoes, which was sold for N25,000 and above in previous months, now sells for between N7,500 and N12,000. Fresh pepper (100kg) dropped from N90,000 to N60,000 and onions (100kg) are now sold at N50,000.
This reporter noticed that while some residents are busy taking advantage of the drop in prices to buy the essentials for the holy month to avoid price increases, others are buying only a few things and hoping the prices will continue to fall.
“Alhamdulillahi, we thank God Almighty that the prices are gradually coming down. Per measure, rice has reduced by almost N200. It is the same with beans, but the price of sugar is still high. We pray the price will continue to drop because the prices are still too high compared to my purchasing power,” Goni Modu, a shopper encountered at the Custom Market, said.
Unlike Mr Modu, other respondents said they were only at the market to survey prices in anticipation of further decreases.
Umar Mohammad said he bought a few things while waiting to see if prices would drop again.
“There is nothing to celebrate, especially if we consider where we are coming from. Two years ago, we were buying what we are buying now with a 50 per cent discount, if not more. Our income did not significantly change. As you can see, I bought a few things; I do not need to rush. I am hoping the prices will continue to fall before Ramadan,” Mr Mohammad said.
Since the last quarter of 2023, Nigerians have been struggling with increased commodity prices.
The inflation followed President Bola Tinubu’s decisions to float the naira and to cut fuel subsidies in a bid to engender economic growth and stabilise public finances.
According to reports, while inflation has risen by over 50 per cent from 2023 to date, the naira has depreciated by almost 400 per cent against the dollar, resulting in increased import costs for fuel and other commodities.
As of December, inflation stood at 34.8 per cent, compared to 34.6 per cent the previous month.
The Central Bank of Nigeria has predicted a decline in consumer prices as it continues to regulate its monetary policies.
READ ALSO: Kano governor counters own commissioner over Ramadan feeding programme expenditure
The apex bank’s predictions are similar to predictions from local businessmen in markets across Maiduguri.
However, while most businesses remain hopeful that prices will continue to fall, they attributed the decrease to increased farming activities.
“For me, I think the reason why prices of goods are coming down is because there was an increase in farming activities this year. Everybody has enough food from his or her farm, and the demand for it in the market has decreased,” Musa Mohammed, a dealer in grains at the popular Custom Market in Maiduguri, said.
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