By Abdullahi Mukhtar Algasgaini
Nigerian farmers and food traders have expressed significant concerns over President Bola Tinubu’s recent directive to slash food prices, warning that the policy, while well-intentioned, could inflict serious financial hardship on them.
The order, intended to ease the cost of living for ordinary citizens, has been met with mixed reactions from key players in the agricultural supply chain.
Malam Abba Sani, a farmer from Kano, highlighted the dilemma facing producers.
“We bought our seeds, fertiliser at an expensive price, how then are we supposed to get our money back?” he questioned.
Sani argued that while the policy may seem good to the public, farmers are the ones who will “suffuffer under the new price regime.”
Echoing these concerns, Bashir Madara, the Public Relations Officer of Singer Market—a major food hub in northern Nigeria—stated that traders holding old stock would be the hardest hit.
“Every good Nigerian… will welcome the President’s order,” Madara told newsmen. “But… whenever there’s a price slash, it is very likely that some marketers have products in stock. This will definitely lead to losses.”
Madara noted that many traders have already adapted to economic volatility by avoiding bulk purchases and instead stocking only enough goods to sell in a short period, a strategy that he says will mitigate the severity of the losses.
He advised fellow traders to quickly sell off their existing inventory and appealed to the government to consider the challenges faced by the agricultural sector when implementing policies designed to help consumers.
Despite the potential for losses, Madara conceded that the policy is ultimately “good for the common Nigerian.”