PAUL OGBUOKIRI reports that increasing export of processed plantain chips and flour have been linked to the persisting scarcity and high cost of plantain in the market this year. That is even as the peak period of the seasonal produce that is staple for over 40 per cent of Nigerians is here

Plantain, a member of the Banana family, is one of the major crops grown in Nigeria. They are starchy, low in sugar variety that is cooked before serving, as it is unsuitable raw. Plantain is among the foremost sources of carbohydrates in humid tropical Africa and contains 35 per cent CHO, 0.2 to 0.5 per cent fat, 1.2 per cent protein, and 0.8 per cent ash.

Plantain is an important staple food in many developing countries, especially in Africa. It provides food security and income for small-scale farmers, who represent the majority of producers.

Only about 15 per cent of the global plantain production is involved in international trade; most production is consumed domestically.

Nigeria is one of the largest plantain-producing countries in the world. Despite her prominence, it was disclosed that Nigeria has not been featured among plantain-exporting countries because it produces more for local consumption than for export. National per capita consumption figures show its importance relative to other starch staples.

However, these figures do not show regional reliance, which is often very important for highly perishable crops that are usually consumed in or near areas of production.

Sunday Telegraph reports that in recent years, the consumption and exportation of plantain has risen tremendously in Nigeria because of the rapidly increasing urbanisation and the great demand for easy and convenient foods by the non-farming urban populations.

Besides being the staple for many people in more humid regions, plantain is a delicacy and favoured snack for people even in other ecologies. A growing industry, mainly plantain chips, is believed to be responsible for the high demand being experienced now in Nigeria.

CBN (2003) indicates that plantain is one of the major staple foods in Nigeria. It had the highest percentage increase in output over years.

High price of plantain as Nigeria’s inflation eases in July

According to the recent National Bureau of Statistics (NBS) report, food inflation, a key driver of the headline rate, stood at 22.74 per cent year-on-year, opening a new tab in July compared with 21.97 per cent the month before.

The Central Bank last month kept its monetary policy rate on hold at 27.50 per cent, opened a new tab for the third consecutive time this year, pledging to maintain its current stance until inflation risks recede.

Central Bank Governor, Olayemi Cardoso, acknowledged in July that inflation was easing but said rate-setting decisions were based on the need to sustain disinflation.

NBS noted that the cost of food in Nigeria increased by 22.74 per cent in July of 2025 over the same month in the previous year. Food Inflation in Nigeria averaged 14.11 per cent from 1996 until 2025, reaching an all time high of 40.87 per cent in June of 2024 and a record low of -17.50 per cent in January of 2000.

Similarly, core consumer prices in Nigeria increased 21.30 per cent in July of 2025 over the same month in the previous year. Core Inflation Rate in Nigeria averaged 12.47 per cent from 2007 until 2025, reaching an all time high of 29.28 per cent in December of 2024 and a record low of 0.49 per cent in March of 2008.

The recent Consumer Price Index report, revealed that the July rate was 0.34 percentage points lower than the previous month and 11.52 percentage points below the 33.40 per cent recorded in July 2024.

The NBS report read:“The Consumer Price Index rose to 125.9 in July 2025, reflecting a 2.5-point increase from the preceding month (123.4).

“In July 2025, the Headline inflation rate eased to 21.88 per cent relative to the June 2025 headline inflation rate of 22.22 per cent.

“Looking at the movement, the July 2025 Headline inflation rate showed a decrease of 0.34 per cent compared to the June 2025 Headline inflation rate.”

The statistics office noted that the marked year-on-year drop partly reflected the recent change in the CPI base year.

Despite the slowdown in the annual rate, prices continued to rise in the short term, with the month-on-month inflation rate climbing to 1.99 per cent in July from 1.68 per cent in June, suggesting that households are still facing sustained price pressures.

Food inflation stood at 22.74 per cent year-on-year in July, compared to 39.53 per cent in the same month last year.

On a monthly basis, food prices rose by 3.12 per cent, slightly below the 3.25 per cent recorded in June.

Sunday Telegraph reports that the high price of plantain, a major staple, is a contributor to the high food inflation in Nigeria.

Scarcity and high cost of plantain

Some Lagos State residents and traders have lamented the scarcity and increasing cost of plantain in the state, describing it as the new gold in the country.

The residents expressed their displeasure over the situation in separate interviews with Sunday Telegraph.

Mrs Judith Amen, a general foodstuff trader at the Amuwo Odofin area of the state, said it was surprising that the produce, which is a seasonal food, is still expensive despite the fact that ‘we are already in its season when it should be in abundance in the market and cheaper.’

“We are in the plantain season. So, I don’t understand why the price is still so exorbitant for just a few pieces of the produce.

“A big bunch of fresh plantain costs as much as N30,000 at Mile 12 market presently as against N10,000 or N12,000 we bought in recent months.

“The kind of plantain we see in the market are not fresh and big and due to the high demand for it, the farmers harvest them before they are mature.

“Even at that size, a small bunch of four pieces presently sells at N3,000; that size sold at N1,000 by this time last year. Only a few people can afford plantain now. We hope it gets better. For me, I have stopped stocking them,” Amen said.

Also, another trader, Mrs Josephine Okoro, a plantain vendor at the Gbaja Market in Surulere, Lagos, blamed seasonal fluctuations and rising fuel cost as the reasons behind the recent surge in plantain prices, but noted that she has it on good authority that the reason the situation this year is worse than the previous years is that off-takers are buying up the produce before it could get to the market in Lagos.

“I was told that some factories processing plantain chips are buying up the product and making it into chips, flour and other finished goods for export. But I am still hopeful that the price will start to fall from this September, which is normally the peak season,” she said.

“Since 2022, the prices have continued to increase due to higher transportation costs following the fuel price hike. Transporters are now charging double, and the rain has damaged some of the harvests. That’s why plantains aren’t as affordable as they used to be.

“We expect the situation to ease this month if the so-called off-takers, will allow. We can expect fresher and more affordable plantain. Currently, prices range from around N3,000 for smaller ones to N10,000 for larger ones.

“While the cheaper option might seem appealing, it’s worth noting that the smaller plantains may not offer the best value for money. For a better deal, consider purchasing the larger ones, which cost between N5,000 and N10,000,” Okoro said; adding that the smaller ones were not usually matured before they were harvested.

Mrs Adebisi Ayefeso, a Surulere buka owner, said plantain prices have tripled, and customers were unhappy with smaller portions.

“Last year, I could buy a full tray of plantain for N5,000. Now, I’m spending N15,000 and still not getting enough.

“Customers get upset when portions are small, but I can only make do with what I get at the market,” Ayefeso said.

On her part, Mrs Mary Babalola, a civil servant, said the produce is more affordable at the border areas of the state.

“Plantain is really costly. I bought four small pieces for N2,000, and it was not enough for my two children.

“The sizes are also very small when compared with fleshy ones we bought last year.

“I do not know why it is expensive in Lagos, but last month, I bought a very big bunch in the Badagry area of the state at N2, 000.

“I do not know why the price discrepancy is so high from one area of the state to another,” Babalola said.

Export of plantain products

There are over seven plantain chips exporting companies in Nigeria, like OMary Foods Company Limited and Olu Olu Foods, which are involved in exporting plantain products from Nigeria, as indicated by their presence in the export-focused Instagram content and their product offerings.

The Nigerian Export Promotion Council (NEPC) supports such companies, and the UK and Ghana were identified as major export destinations for Nigerian plantains and related products in 2023.

Similarly, Blue Muntain Holiday Magazine Ltd is the largest plantain chips exporter with 2 shipments with a total weight of 40 Tons in years. The year, 2023, accounted for the highest amount of plantain chips exports.

Other plantain chip and flour processing companies are: Tcrown Foods, Consecrated Foods, Kaptain Foods, Veevato Foods Company, Chips and More Nigeria, Admin Spicy Chips and Pastries, Crisp Premier Chips, Savoury Plantain Chips, among others.

Production not enough for export

As the price of Shea Nuts in Nigeria plunges after the government banned exports, with the product selling for N800,000 a tonne, down 33 per cent from a few days earlier, according to Bloomberg report, experts have called on the government to intervene in the alleged high export of plantain products, saying the country’s level of production of plantain currently cannot sustain the rising export of finished plantain products.

Recall that President Bola Tinubu had placed a six-month moratorium on shipments of Shear Nuts needed to “secure supply for local processors, create jobs, and protect a value chain where 95 per cent of pickers are women.”

According to experts, though the ban was expected to have serious financial implications for major exporters, it would have a positive effect on national food security in the short term and in the long run, would force the expoπrters to invest in the large scale production of the produce. The same result is expected in plantain, said the Chief Executive Officer of Lagos-based Vestance, Rildwan Bello, the consultancy firm that tracks agricultural commodity prices.

“If the action is repeated in plantain, it would have serious financial implications for major exporters, who could face default on contracts. Exports are making the market vibrant. Local demand is not as high as local supply. The high cost of raw plantain in the market is the price we have to pay to build the industry,” Bello said.