The cost of onions in Nigerian markets has surged dramatically as the festive season approaches, with small-sized bulbs now retailing between ₦200 and ₦300.
This marks a staggering 200% increase compared to their price in November, where they sold for ₦100.
A market survey conducted by journalists on Tuesday in Abuja’s Dutse and Kubwa village markets highlighted the sharp rise.
Similarly, the price of larger-sized onions has jumped to ₦500 from ₦300. Traders attribute this trend to the usual pre-Yuletide price hikes but note that this year’s increase is particularly severe.
Abdullahi Yakubu, a seller at Dutse First Gate Market, revealed that a dustbin basket of onions, which sold for ₦170,000 to ₦192,000 last month, now costs over ₦250,000.
“The price surge is not unexpected because it happens every year during this period. However, the scale of the hike this time is extraordinary,” Yakubu said.
Consumers have expressed frustration over the skyrocketing prices, which they say have placed onions beyond the reach of average Nigerians. Deborah Okoli, a shopper, lamented,
“It’s unbelievable that a small onion which used to cost ₦50 to ₦100 is now selling for ₦300. This is ridiculous!”
The price surge coincides with Nigeria’s worsening inflation crisis. The National Bureau of Statistics recently reported an increase in headline inflation to 34.60% and food inflation to 39.93%, up from 39.19% in previous months.
Economists and financial analysts have urged the Federal Government to take decisive action in critical sectors such as agriculture, transportation, and energy. These interventions, they argue, are essential to curbing inflation and alleviating the financial burden Nigerians.
