Land reopening crash prices of grains, foodstuff in Katsina
The reopening of four land borders by the Federal Government last week has significantly crashed the prices of grains and many other commodities as well as slowed down hoarding activities in Katsina markets according to a Daily Trust report.
Prior to the announcement, grain merchants and other businessmen hid under the guise of company agents to buy farm produce in bulk and store to maximise profit in the near future.
According to dealers, despite the restriction on the importation of rice and other food items, merchants were still skeptical to stockpile farm produce as government might change its decision anytime, depending on the circumstance on ground.
Similarly, Mallam Muhammadu Tarzana, a grain dealer at Bakori market, said the announcement of border reopening last week had made an impact on the market price of major food items.
“Unlike last year when, by this time, maize was between N8,000 and N9,500, sorghum was N7,000, they are now sold at N14,000 and N13,000 respectively.
“The recent announcement of border reopening has crashed down the price of paddy rice from N14,000 to N12,000, sorghum from N14,500 to N13,000 and maize from N15,500 to N14,000.”
Tarzana added that most merchants withdrew from bulk purchase of the produce after the announcement, expecting that waivers for the importation of food items would follow anytime soon.