As the inflation rate dropped to 24.48 percent in January, the federal government of Nigeria ordered businesses to lower food prices and discouraged taking advantage of customers.

Abubakar Kyari, the Minister of Agriculture and Natural Resources, made this statement on Tuesday during the 2025 Wheat Farmers Green Field Day in Dabi village, which is located in Jigawa State’s Ringim Local Government Area.

He criticized businesses’ indifferent response to the decline in sales, even in the face of price reductions, calling it unpatriotic and intolerable.

“The federal government is aware that food prices have significantly decreased in key marketplaces, especially for basic commodities like rice, pasta, sugar, and wheat.

It is really alarming, nevertheless, that a large number of merchants, bakers, and store owners have chosen not to reflect this drop in their selling prices, depriving Nigerians of the respite they are due.

Concerns regarding the rising cost of food goods were voiced by stakeholders in the retail value chain in previous months. Since costs have decreased, items like spaghetti have gone from N20,000 to N15,000 and flour has gone from N81,000 per bag to less than N60,000.

“Letting consumers benefit from food price reductions is only fair and just,” Kyari stated.

The rebasing of the nation’s consumer price index caused headline and food inflation to fall to 24.48 percent and 26.08 percent in January 2025, respectively, from 34.8 percent and 39.84 percent in the previous month.

The Centre for the Promotion of Private Enterprise clarified that the notable slowdown in Nigeria’s inflation rate in January 2025 does not equate to a drop in the cost of goods and services.