The cost of onions in Nigerian markets has surged significantly ahead of the 2024 festive season, with small-sized bulbs now selling for between N200 and N300.
This marks a 200% increase compared to the N100 price recorded in November.
A market survey conducted on Tuesday in Abuja’s Dutse and Kubwa markets revealed a similar rise in the cost of big-sized onions, now selling for N500, up from N300. Additionally, a dustbin basket of onions, previously priced between N170,000 and N192,000, has skyrocketed to N250,000.
Abdullahi Yakubu, a seller at the Dutse first gate market, attributed the hike to the seasonal price surge, noting, “It’s not unusual before the festive period, but this time, the hike is much higher than expected.”
The increase has left many Nigerians struggling to afford onions, with consumer Deborah Okoli describing the situation as “ridiculous.” She lamented, “A small onion of N50 to N100 is now N300; this is beyond the reach of ordinary Nigerians.”
The surge in onion prices coincides with Nigeria’s rising inflation, as the headline and food inflation rates reached 34.60% and 39.93%, respectively.
However, Economists have called on the Federal Government to address key sectors, including agriculture, to curb the escalating inflationary pressures.