President Bola Ahmed Tinubu’s recent order to drive down food prices has angered Nigerian farmers and food traders.
To make life easier for regular Nigerians, the president issued an order last week to cut food prices. However, farmers and marketers claim that the policy might cause them to face severe financial difficulties.
A Kano farmer named Malam Abba Sani warned reporters that they could sustain significant losses.
“How are we supposed to get our money back when we paid a high price for our seeds and fertilizer?” he asked.
Ordinary Nigerians may find the order appealing, but farmers like him will “suffocate under the new price regime,” Sani continued.
Bashir Madara, public relations officer for Singer Market, a significant food hub in northern Nigeria, told BASEMEDIA that traders with outdated inventory will be the most severely impacted.
declared, “The President’s directive to lower food prices will be welcomed by all decent Nigerians who have a heart and wish to see the impoverished live in peace.”
However, as you may already be aware, it is highly probable that some marketers have products in stock at the time of a price reduction. Some marketers with outdated stock will undoubtedly suffer losses as a result of this.
However, Madara pointed out that the majority of traders now refrain from stocking their stores with an excessive amount of goods.
He clarified: “We keep an eye on the current course of events. In contrast to the past, when businessmen would buy in bulk, they now stock enough to sell quickly in the hopes that the price will have dropped before he returns to buy more.
There will still be some losses, but “it will not be too severe,” he said.
Before the price reductions fully take effect, Madara urged other traders to sell off their old stock as soon as possible. In an effort to lessen the burden on regular Nigerians, he also urged the government to consider the difficulties faced by traders.
He went on to say that the policy is still “good for the common Nigerian” in spite of traders’ worries.
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