Beyond rice, essential commodities like vegetable oil have also seen major price reductions. A 25-liter container of vegetable oil, which previously sold for N85,000, has now dropped to around N66,700. Market analysts link this trend to increased imports, government policy changes, and a duty-free period that has flooded the market with goods.

Wholesale dealers in Lagos and other major cities confirm that an oversupply after Christmas has left them with no choice but to cut prices drastically. The same situation applies to perishable goods like tomatoes and peppers, with farmers struggling to sell due to reduced demand. The timing aligns with the harvest season, contributing to the surplus and price reductions.

While consumers welcome the price drop, uncertainty looms over how long this trend will last. Experts warn that shifts in consumer demand, import policies, and production levels could impact prices in the coming months.

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