• About
  • Advertise
  • Careers
  • Contact Us
Friday, June 27, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Digital Assets

Uncovering Fluctuations in Food Pricing and Commodity Trends in Nigeria | by CADEF

by Techeconomy
February 6, 2024
in Digital Assets
1
CADEF - Food prices Monitor
CADEF's research on Food prices in Nigeria

CADEF's research on Food prices in Nigeria

UBA
Advertisements

Recent research conducted by Consumers International and Consumer Advocacy and Empowerment Foundation (CADEF) has unveiled concerning trends in Nigeria’s food pricing landscape.

The research spans six geo-political zones and focuses on fluctuations in food prices, especially staple items like yam, garri, rice, beans, chicken, and groundnut oil between the months of November and December, 2023.

Earlier research in August by the organizations revealed a substantial rise in retail/consumer prices compared to wholesale/market prices for essential food items. This suggests that consumers are disproportionately burdened with increased costs, raising questions about fairness in the market.

Consumers International, representing consumers worldwide, developed a tool called the Fair Food Price Monitor.

This tool tracks the relationship between food prices at different supply chain stages, utilizing data from reputable sources such as the National Bureau of Statistics and FEWS NET.

Davine Minayo, Specialist in Fair Food Prices in Africa at Consumers International, emphasizes the importance of data-driven decision-making to address market imbalances. Minayo states, “Our collaborative efforts aim to shed light on the issues affecting consumers and farmers in Nigeria.”

The recent research indicates a continued acceleration of retail prices compared to wholesale prices, particularly for beans, yam, rice, chicken, and maize. Calls for a thorough investigation by national authorities have been made, especially in markets of concern.

Commodity Analysis Insights:

CADEF said that detailed analysis of farm gate, wholesale, and retail prices for commodities such as Maize, Rice, Beans, yam, palm oil, and Chicken over the past three weeks reveals notable price fluctuations.

November and December brought forth noteworthy shifts in the percentage changes across the value chain for key commodities—beans, chicken, maize, and yam.

These fluctuations serve as a lens through which we can examine the intricate interplay of market forces, presenting opportunities and challenges alike. At the farmgate level compared to the retail level, in November, beans, chicken, and maize took the spotlight with substantial percentage changes of 127.29%, 176.16%, and 134.07%, respectively.

The stage altered in December, witnessing a recalibration of these figures. Beans retained prominence, albeit with a reduced percentage change of 97.84%, while chicken and maize experienced shifts to 41.10% and 111.45%, respectively.

Intriguingly, yam emerged as a contender in December, securing a notable percentage change of 87.34%.

As advised in our last press release, understanding the factors driving these fluctuations is crucial for market analysis and decision-making.

These fluctuations underscore the volatility within the retail sector, where even slight changes can have palpable impacts on consumer accessibility and affordability.

Stakeholders are advised to closely monitor these trends, engage in ongoing analysis, and remain adaptable to the evolving dynamics of the commodity market.

The overarching concerns emanate from price variations at each level of the value chain. The potential impacts on farmers’ income, supply chain stability, and consumer affordability necessitate collective attention.

Prof. Chiso Okafor, Executive Director of the Consumer Advocacy and Empowerment Foundation (CADEF), emphasizes the need for regulatory intervention to ensure fair pricing in food markets. Okafor states, “The findings underscore the urgent need for authorities to investigate and address any unfair practices that may be contributing to the burden on consumers and farmers.”

CADEF, Prof. Chiso Okafor
Advertisements
MTN ADS
Prof. Chiso Okafor, Executive Director of the Consumer Advocacy and Empowerment Foundation (CADEF)

Recommendations and Action Needed:

In response to the identified challenges, stakeholders are encouraged to commit to a call to action.  Collaborate with farmers and distributors (market associations, farmers associations, security agencies, etc.,) to address farmgate and retail concerns.

Enhance market transparency and information sharing for pricing stability. Engage in discussions to address systemic issues within the food supply chain.

This nuanced analysis serves as a call to action for all stakeholders to navigate the complexities of the food supply chain collectively.

Consumer organizations recommend government actions to address the threat of unfair food prices, including strengthening competition, sanctioning anti-competitive practices, tackling monopolies, addressing multiple taxations, and supporting subsidies for farmers.

[Featured Image Credit]

Loading

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: CADEFProf. Chiso Okafo
Techeconomy

Techeconomy

Next Post
Olayemi Cardoso, CBN, Banks Recapitalisation

Inflation Rate Will Drop to 21% in 2024, Cardoso tells Lawmakers

Comments 1

  1. Pingback: Soaring Inflation: CBN Makes a Promise - Tech | Business | Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Meta’s Threads Surpasses 175 Million Monthly Users in Its First Year

Meta’s Threads Surpasses 175 Million Monthly Users in Its First Year

12 months ago
Achievers University and Pantami Honorary award

Eminent Scholars, others Eulogize Pantami at Honorary Degree Conferment Ceremony

3 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.