Bismarck Rewane, an economist and Executive Director of Financial Derivatives, has reported a significant drop in the prices of tomatoes and pepper amidst the ongoing hunger protests in Nigeria.
Speaking in an interview with Channels Television on Thursday, Rewane revealed that the cost of these staple items had decreased to approximately N60,000 per basket. This contrasts sharply with their prices two to three weeks ago, which ranged from N130,000 to N150,000 per basket.
Rewane, who is also a member of the Presidential Economic Coordination Council, attributed the price drop to the impact of the protests on market dynamics.
“Our team went into the market yesterday (Wednesday) and observed that the price of tomatoes had dropped to N60,000 per basket, a significant reduction from two to three weeks ago,” he said.
He also noted that pepper prices had similarly fallen by about 57 percent.
Despite the reduction, Rewane cautioned that this price drop is a result of perishable goods being sold off quickly due to disruptions in supply chains caused by the protests. He warned that prices could rise again as market activities normalize.
“The goods that are on the farm are not getting to the market due to restrictions on movement, and the goods in the market are being sold off at perishable value,” he explained.
Rewane predicted that as business activities resume normalcy, the prices of tomatoes and peppers might increase once more.
The ongoing hunger protests, which have seen demonstrators across major Nigerian cities voicing their frustrations over the rising cost of living, appear to have had a significant but temporary effect on the prices of these essential food items.