….Urges retailers to reflect reductions

By Ebunoluwa Sessou

A group, Tinubu Media Force says food prices are gradually easing across major markets nationwide, citing the impact of reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

The group said several staple items have recorded reductions, signalling improved supply conditions and stabilising market dynamics.

The National Coordinator of the group, Mr Gbenga Abiola, disclosed this in a statement on Thursday in Lagos.

He said the easing trend underscored the growing impact of the administration’s economic and agricultural policies.

“We have observed with keen interest the gradual easing of food prices across major markets nationwide, a development that underscores the growing impact of the economic and agricultural reforms introduced by President Bola Ahmed Tinubu under the Renewed Hope Agenda.

“Key staples including rice, various strains of pepper, and poultry feed have recorded noticeable price reductions, signalling improved supply conditions and stabilising market dynamics.

“These improvements are clear indicators that President Tinubu’s policy direction is beginning to yield measurable results, as strategic interventions are easing pressure across the agricultural value chain,” he said.

Abiola said reforms in production support, import regulation, logistics and coordination were reducing costs of inputs for farmers and producers.

He described poultry feed as one of the clearest examples of the impact of the interventions.

“A clear example of this progress is the drastic reduction in the price of poultry feed across the country, which constitutes one of the highest cost components in egg production.

“This recent drop in feed prices should ordinarily result in a corresponding reduction in the price of eggs for consumers in markets nationwide.

“However, despite this significant decrease in input costs, the price of eggs has largely remained unchanged in many markets, creating a disconnect between policy gains and retail pricing behaviour,” he said.

He expressed concern that benefits achieved at production level had not been fully transmitted to consumers.

According to him, the slow response of retailers is weakening the intended impact of the reforms.

“Despite these policy-driven gains, the benefits have not been fully transmitted to consumers at the retail end of the market, as many vendors have been slow to reflect the downward trend.

“While prices were swiftly increased when costs surged, reductions are not being implemented with the same urgency, thereby limiting the relief expected by ordinary Nigerians.

“For the Renewed Hope Agenda to translate into tangible relief for households, pricing practices must be fair, responsive, and reflective of prevailing market conditions,” he said.

Abiola however called on market associations, retailers and vendors to align their pricing structures with current realities in the national interest.

“The sustainable recovery of the economy is a shared responsibility, and cooperation across the supply chain will ensure Nigerians experience affordable food, improved purchasing power, and renewed confidence in the economy,” he added.

He reiterated the group’s commitment to supporting policies aimed at food security and market stability nationwide.