Grain Hoarders Face Massive Losses Over Declining Prices

 Grain hoarders across Niger State are biting their fingers following the continuous crash in the prices of grains and other foodstuffs.

Weekend Trust gathered that some traders took millions of naira in loans from commercial banks, while others sold their assets, including landed properties, to buy beans, maize, soybeans, sorghum, millet, groundnuts and melon in large quantities, hoping that prices would go up as they did in 2024.

A trader in Minna lamented the situation, saying, “We anticipated price hike and stocked up on grains to sell at a profit later, but prices have continued to drop.”

unexpected market shift. Some commentators told our correspondent that if the current trend continues, many traders intending to hoard grains for future profits will face significant losses.

Meanwhile, consumers are happy with the price crash, saying the drop will ease household expenses.

While some attributed the continuous fall in prices to the sudden influx of imported grains, consumers simply said it was God’s intervention to relieve ordinary citizens of hardship.

Checks at some rural markets in the state showed that the prices of assorted grains, especially maize, sorghum, millet, beans and soybeans have continued to drop since October 2024.

At Zungeru, Beji, Kakakpangi, Lapai, Manigi, Lemu and Wuya markets, all in Niger State, the prices of grains have not moved up as anticipated by hoarders, even when some analysts expected the last Ramadan to ignite a possible rise in prices because of demand, especially grains for Zakkatul Fitr.

Weekend Trust recalls that at this time in 2024, a 100kg bag of beans was sold at N220,000 while bags of sorghum and millet cost N90,000 and N100,000 respectively. But recent checks at the Kure Ultra Modern Market and Gwadabe Market in Minna revealed that a bag of beans is currently N96,000; maize N48,000; sorghum N42,000 and millet also N42,000 per 100kg bag.

One of the consumers at Kure Market, Mr Victor Ejike, attributed the continuous crash in the price of foodstuffs to God’s intervention in the affairs of average citizens.

“We cannot say the prices have come down this year because of interventions from the government. We have not seen any effort from the government. God, in his mercy, is beginning to look at the sufferings of the poor Nigerians. I am happy that the hoarders, whose plan is to see us suffering, God is not making it possible. Last year, at a period like this, I bought a mudu of beans at the cost of N3,500, but as you can see, I just bought beans at the cost of N1,600 per mudu. That’s God!? he said.

Mohammed Musa, another buyer, said God had come to the aid of ordinary citizens and prayed that prices would continue to crash.

At Manigi market, Mashegu Local Government Area, traders told Weekend Trust via telephone that a bag of red beans is now N100,000, white beans N95,000, white maize N45,000 and red maize N47,000.

The price of millet is now N50,000 per bag, sorghum N41,000, while soybeans is N79,000.

Investigation by our correspondent revealed that only those who hoarded melon and groundnuts are currently making gains from the sales.

Traders said a bag of melon now goes for N62,000 as against N40,000 traders bought from farmers, while bags of solar and Kwankwaso groundnuts now go for N40,000 and N30,000 respectively as against N20,000 traders bought from farmers during the harvest period. But hoarders of soybean, white beans, maize, millet and sorghum are counting their losses as prices continue to crash or remain stagnant.

A trader at the Kure Ultra Modern Market confided in Weekend Trust that one of his friends took a N20 million loan from a commercial bank in November 2024 and stocked white beans and soybeans at the cost of N110,000 per 100kg bag from farmers with the intent to resell when prices go up as they did in 2024, but the prices are currently below what he bought.