Business
Tomato prices crash in Lagos amid harvest season glut
The price of tomatoes in Lagos and other parts of Nigeria has significantly dropped due to a glut caused by the ongoing harvest season.
Farmers and traders have attributed the price crash to the surplus supply, which occurs annually between January and March.
A tomato glut refers to a situation where an excess harvest of tomatoes leads to a price drop.
According to reports by the News Agency of Nigeria, the price of a 50kg basket of tomatoes now sells for as low as N10,000 to N12,000, depending on the species. In the northern part of the country, a 25kg plastic crate is priced between N6,000 and N7,000.
In Lagos, the price of a big basket of tomatoes has fallen to N13,000–N15,000, compared to the N140,000–N150,000 price range recorded in May 2024. This represents a decrease of approximately 90% over an eight-month period.
The Chairman of the Tomato Growers and Processors Association of Nigeria (Kaduna State Chapter), Mr. Rabiu Zuntu, said the glut is a result of the January-to-March harvest period, during which tomato plants produce an abundance of fruits. This surplus often leads to reduced prices and significant post-harvest losses.
“One of the problems we face in the tomato sector is that the period from January, February, and March is that of tomato glut,” Zuntu explained.
He added that approximately 50% of harvested tomatoes are lost during this period due to inadequate storage facilities and limited processing capabilities.
“Presently, we only have a few functioning tomato processing facilities to help reduce the post-harvest losses we witness annually,” he said.
Urgent need for preservation
Zuntu urged consumers to take advantage of the low prices to stock up and preserve tomatoes for future use.
“We usually advise consumers this period to preserve as much tomatoes as they can to cushion the effect when the produce gets expensive later in the year,” he said.
- He further highlighted small-scale preservation methods that households can adopt, such as blending, boiling, and storing tomatoes in airtight jars, which can last up to six months.
- Another traditional method involves burying tomatoes underground in a humid environment to maintain freshness.
“However, these preservation methods may not be able to work for large-scale preservation and storage of the produce,” Zuntu cautioned.
Vendors confirm price drop
Traders in Lagos also acknowledged the significant price drop. Mrs. Queen Oloyede, a trader at Surulere, noted that a 50kg basket of tomatoes now sells for N15,000–N20,000 at the Mile 12 market.
“Since a week ago, a basket of 50kg tomatoes sells at the Mile 12 market for between N15,000 and N20,000. I advise customers to begin to stock up for the time the produce will be scarce in the market,” Oloyede said.
However, Mrs. Judith Amen pointed out that the highest quality tomatoes still come at a premium price. “Presently, the highest quality of tomatoes at the Mile 12 market sells between N35,000 and N37,000 for a 50kg basket. People should preserve the quantity they can buy,” she advised.
Consumers share challenges
Some consumers expressed concerns about their ability to preserve tomatoes effectively. Mrs. Catherine Eigbedion, a resident of Agege, attributed her limited preservation efforts to an inconsistent electricity supply.
“With tomatoes in surplus this period and at a favorable price, it is advisable to buy in bulk and stock for the scarce days. Not everyone knows the local preservation techniques due to the inconsistent electricity situation. I just buy enough to last me for a week,” Eigbedion said.
Similarly, Mrs. Ebere Dudu from Dopemu emphasized the unpredictability of tomato prices. “We are glad that there are enough fresh tomatoes in the market and they are very affordable. Because we cannot predict the price of tomatoes in the coming months, I buy as much as I can and preserve for the rainy days,” she explained.
The Trade Union of Nigeria, TUC, has raised the alarm that the price of Premium Motor Spirit aka Petrol may climb to about N2,000 per litre if urgent measures are not taken to cushion the impact of rising global crude prices and the depreciating naira.
Speaking to newsmen on Thursday, April 9, the president of the TUC, Festus Osifo, called on the Federal Government to immediately deploy 60 percent of excess crude oil revenue above the 2026 budget benchmark to subsidise crude feedstock supplies to the Dangote Refinery and other modular refineries, a move it says will slash pump prices of petrol, diesel, and jet fuel within two weeks
“Today, comrades, we are seeing that the cost of petrol is edging towards N2,000 per litre depending on the part of the country that you are. Nigerian workers are already passing through excruciating pain as we speak.
The same way it is affecting transportation, it is also affecting manufacturing. The cost of diesel has also gone northward, meaning that the cost of production has increased. When production costs rise, the final price of goods on the shelves will also skyrocket.
If this continues unchecked, the inflation that we are currently celebrating as going downwards will reverse and start moving up again,” he stated.
Osifo outlined the proposal as an urgent intervention to cushion Nigerian workers from excruciating pain caused by petrol prices edging towards ₦2,000 per litre in some parts of the country
The governor of Oyo state, Seyi Makinde, has approved a N10,000 transportation allowance as a palliative for the state workforce to cushion the effects of the increase in the pump price of Premium Motor Spirit, otherwise known as petrol.
The Chairman of the Nigeria Labour Congress (NLC), Oyo State chapter, Kayode Martins, in a statement released on Monday, March 23, disclosed that the governor has granted the request of the union on the issue of transportation allowance.
The statement read
“Following the intervention and formal request made by the State Council of the Nigeria Labour Congress (NLC) earlier this morning, the state government has approved a N10,000 transportation allowance for all workers in the state.
The newly approved allowance is set to take effect from April 2026, providing much-needed relief to workers grappling with rising transportation costs amid current economic challenges.
This development comes as a direct response to sustained advocacy by the state NLC, aimed at cushioning the impact of increased living expenses on the workforce.
Further details on implementation are expected to be communicated by the relevant government authorities in due course.”
The Central Bank of Nigeria (CBN), has declared that banks and financial institutions must establish and maintain a temporary watch-list for Bank Verification Numbers (BVN) implicated in suspected fraudulent transactions.
According to the CBN in a circular dated March 12, 2026 and signed by its Director of Payments System Policy Department, Musa I. Jimoh, the apex bank said such a suspected BVN may remain on the temporary watchlist for a maximum period of twenty-four (24) hours during which the owner would be contacted to make clarifications.
The circular explained that the move is part of several new measures under a revised regulatory framework aimed at enhancing financial system stability.
“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular stated.
The circular also sets an age requirement for BVN enrolment, restricting registration to individuals who have attained eighteen (18) years and above.
The CBN also added that amendments to phone numbers linked to a BVN shall be allowed only once.
“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.
The apex bank stated that access to BVN databases will remain tightly controlled.
“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions.
“Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the circular said.
Financial institutions are expected to comply with the new requirements, and customers may be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.
The new policy, as stated by the CBN, takes effect from May 1, 2026.
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