With increased supplies from the North of Nigeria, prices of onions which started declining gradually in January this year, owing to the onset of its season of harvest, have persistently remained on a sliding trend. And they have been falling further in the week under review.
The commodity is highly sought after by consumers because of its nutritional value and as such it is always being patronised regardless of the price which is not usually favourable during the season of scarcity. Besides, the usefulness of the commodity cannot be over-emphasised as most consumers cannot do without it especially in cooking all kinds of delicacies.
The reduction in the prices of the commodity has enabled some of the traders to increase stock as well as sustaining their normal purchases. The situation also saw some of them who once abandoned the trade for a cheaper one, when the prices hit the roofs, resuming back to business.
During the week, visits to various markets across the states indicated that prices of onions have reduced sharply by over 50 percent between January and May 16, 2019, a situation which many of the traders attributed to on-season effect and bumper harvest.
Checks at the Ogbeogolog Market, Asaba, revealed that prices of the commodity witnessed a downward trend. For instance, a 100kg bag of onions that went for as high as N35,000 last year December at the Ogbeogologo Market, Asaba, dropped to N20,000 in March, before decreasing further to between N10,000 and N11,500 within the review week.
Okala Ibe, who sells the commodity in wholesale price at the Ogbeogologo Market Asaba, told The Independent that the decline to availability and improved supply usually associated with the season of harvest.
The same could be mentioned for that of Ose Market, Onitsha, as a prices of a 100kg bag of onions that previously attracted between N18,000 and N20,000 also fell, currently ranging from N9,000 to N10,000, of which many of the traders connected to seasonal factors coupled with increased supplies from the North.
[ 1000 Nig Naira = 2.49 Euros ]