Traders across Nigeria have been urged to lower food prices following a significant drop in the nation’s inflation rate, which fell to 24.48% in January 2025. The federal government is calling on traders to stop exploiting consumers, especially after the reduction in prices for essential commodities.
The call was made by Abubakar Kyari, the Minister of Agriculture and Natural Resources, during a speech at the 2025 Wheat Farmers Green Field Day held in Dabi village, Ringim Local Government Area of Jigawa State on Tuesday. Kyari addressed the issue of food pricing in the context of recent economic changes.
Kyari criticized the reluctance of many retailers to adjust their prices in line with the broader reduction in inflation. He deemed their actions as “unpatriotic and unacceptable.” His comments were a direct response to what he described as a failure to pass on price reductions to consumers despite a clear decrease in the cost of key food items.
“The federal government is aware of the significant drop in the prices of food items across major markets, particularly for essential commodities such as flour, sugar, rice, and pasta,” Kyari stated. He emphasized that while the prices of essential goods had decreased, many traders were not reflecting this in their retail prices.
Kyari further pointed out that despite the notable reduction in the prices of goods, retailers, bakers, and shop owners had not reduced their selling prices accordingly. He noted that this lack of action was depriving Nigerian consumers of the relief they rightfully deserve.
“It is deeply concerning that many retailers, bakers, and shop owners have refused to reflect this reduction in their selling prices,” Kyari added. “This is denying Nigerians the relief they deserve after months of hardship caused by high food prices.”
The Minister highlighted specific price drops in staple food items as evidence of the decline in food prices. “Flour, which fell from N81,000 per bag to below N60,000, and spaghetti, which dropped from N20,000 to N15,000, are just a few examples,” Kyari explained. “It is only fair and just to let consumers benefit from these reductions in food prices.”
Kyari’s statements come after the inflation rate in Nigeria showed a significant decrease in January 2025. Headline inflation dropped to 24.48% from 34.8% the previous month, while food inflation fell to 26.08%, down from 39.84%. This sharp decline was attributed to the country’s rebasing of the consumer price index.
Despite the drop in inflation, the Centre for the Promotion of Private Enterprise cautioned that the slowdown in inflation does not necessarily equate to an immediate reduction in the prices of goods and services. The Centre emphasized that while inflation may be decelerating, it does not guarantee that the prices seen by consumers will immediately follow suit.
The government’s call to action comes at a time when Nigerian citizens are still grappling with the aftermath of high food prices. The price of basic items has been a significant burden on many families, making the government’s plea for lower prices even more urgent.
Kyari’s remarks reflect a growing concern that while the broader economic indicators may show improvement, the benefits of these improvements are not always felt by the average consumer. This situation, according to the Minister, underscores the need for greater responsibility among traders.
“This is a time for solidarity,” Kyari said. “We must all play our part in ensuring that Nigerians benefit from the positive changes in the economy. Retailers must do their part in ensuring that these reductions are passed on to the consumers who need them most.”
For now, consumers across Nigeria are hoping for swift action from traders, as they wait for the impact of the government’s call for price reductions to be felt at the market level. The pressure is on, with many hoping that retailers will prioritize the well-being of Nigerian citizens over maintaining high profit margins.
