News in Brief:
– The price of yam in Nigeria is expected to drop significantly due to an anticipated bumper harvest in Cross Rivers State, particularly in Ogoja, where the annual yam festival is approaching.
– This development comes as a relief to consumers grappling with high food inflation.
The prices of yam, a staple food in Nigeria, are expected to experience a significant decline in the coming months. This optimistic outlook is fueled by the anticipated bumper harvest in Cross Rivers State, particularly in the Ogoja region, as the renowned Ogoja yam festival approaches.
Cross Rivers State is widely acknowledged as a leading yam-producing state in Nigeria, alongside others like Enugu, Benue, and Ebonyi. The state (jointly with Enugu State) accounts for 42.76% in cultivated land for yam.
Soaring food prices squeeze Nigerian households
The soaring costs of staple foods, including yam, have placed a heavy burden on Nigerian households, exacerbating food insecurity in the country. Yam prices, in particular, have skyrocketed, with tubers selling for as much as ₦5,000 to ₦10,000, compared to less than ₦2,000 just a year ago. This drastic increase has compelled traders to resort to selling smaller portions to make the commodity more affordable.
However, the impending harvest season and the accompanying Ogoja yam festival offer a glimmer of hope. The area, known for its fertile soil and significant agrarian population, is a major yam-producing hub in Nigeria. Local farmers anticipate a surplus of the crop, which could drastically reduce prices in the market.
Yam glut, price drop projected
Mr. John Egbang, a yam farmer from Mbube community, confirmed the expected bumper harvest and the positive impact it will have on prices in a phone call to this publication. He explained that the yam festival, set to begin on August 18, marks the official start of the harvest season.
Furthermore, he remarked that the commencement of the festival is part of traditional rites to declare the yam harvest season open for onwards consumption and sale.
“Yam is our major crop in Ogoja, and we have been blessed with fertile soil to plant this abundantly”, he said. “People come from all over Nigeria to buy Ogoja yam, it’s very well known by traders all over the country. We have rich harvests of yam, that is the white and red variety.”
Additionally, he stated that people celebrate the festivals in different communities within the state and have different days to showcase. These people are from Boki, Ogoja, and Leboku, which celebrates theirs in September. Egbang mentioned that by that time, yam will flood the market and will be cheaper to buy.
He believes that the surplus could considerably crash prices of tubers in the market to about less than ₦2,000 apiece.
The Ogoja Yam Festival is a significant cultural and economic event in Cross River State, Nigeria. The month and date for the celebration varies from one locality to the other depending on their planting seasons. The festivities of the ceremony mark a period for thanksgiving.
Beyond its agricultural importance, the festival is steeped in tradition and ritual. The festival typically involves elaborate ceremonies, masquerades, and feasts centered around the new yam.
Transportation woes could limit price drop
However, transportation costs of moving food items from the hinterlands to the urban areas remain a challenge, as hikes in fares continue unabated. Fuel queues have returned in many parts of the country, as prices of the product have spiked recently due to purported scarcity.
Consequently, critics opine that this may affect the commodity enough to not see significant reduction in its price. Mr. Akposheri Kevwe, a commodities trader in Ojo Local Government of Lagos, said this is a serious issue that will dampen the profits.
“The price of yam may not change that much,” he stated. “The issue of transportation is still very challenging. Just yesterday, they charged my auntie who has a cassava farm in Delta State, ₦8,000 just to deliver a 50kg bag of garri. So this is what I’m talking about as something that will not really lower prices of food items that much for now, at least here in Lagos.”
