Prices of beans, tomatoes, potatoes surge most in June

The National Bureau of Statistics (NBS) reported that in June, beans, tomatoes, and Irish potatoes saw the highest price increases, driving a food price surge. Beans, a key protein source, rose by 252.13 percent year-on-year to N2,293, up 14.11 percent from May. In Lagos, the price of beans surged 53.8 percent from N6,500 in February to N10,000 in July. Tomato prices increased by 320.67 percent year-on-year to N2,302, and 55.59 percent from May to June, due to factors like tuta absoluta, transportation costs, climate change, and middlemen tariffs. Consequently, Nigerians are using alternatives like cucumbers and carrots. Irish potato prices rose 288.50 percent year-on-year to N2,423 and 51.92 percent from May. White garri increased 181.66 percent year-on-year to N1,135, and yams rose 295.79 percent year-on-year to N2,021. Kogi had the highest price for brown beans at N3,006 per kg, Abuja had the highest tomato price at N3,992 per kg, and Lagos had the highest yam price at N3,376 per kg.
Source: BusinessDay

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The National Bureau of Statistics (NBS) reported a significant increase in food prices in June, particularly for beans, tomatoes, and Irish potatoes. Beans, a key protein source, saw a 252.13% year-on-year price increase to N2,293. Tomato prices surged by 320.67% to N2,302, driven by pests, high transport costs, climate change, and middlemen tariffs. A basket of tomatoes in Lagos rose from N40,000 in April to N120,000 in June. Irish potatoes increased by 288.50% year-on-year to N2,423. Other staples like white garri and yam also saw sharp price hikes. The highest prices were recorded in Kogi, Abuja, and Lagos, while the lowest were in Adamawa and Kebbi.
These rising costs impact the entire agribusiness value chain, increasing production costs and reducing consumer purchasing power. To make informed decisions and foster growth, stakeholders should focus on improving pest control, reducing transportation costs, and enhancing market efficiencies. Additionally, diversifying crops and investing in climate-resilient practices can help stabilize prices and ensure food security.