In the grain markets of Saminaka in Kaduna State and across trading hubs in Kano State, a troubling refrain now echoes: business has collapsed. Grain merchants who once struggled to keep up with demand now sit beside unsold maize. Farmers who invested heavily in fertiliser and labour harvest crops they cannot sell at remunerative prices. According to field accounts and corroborated by the Nigerian Economic Society (NES) team survey, farm gate prices for key staples have fallen by as much as 70 percent, even as input costs remain elevated. A bag of fertiliser purchased for over N50,000 yields maize that sells for less than N20,000 per bag. For producers who previously harvested 30 bags but now manage barely 15, the economics simply no longer add up. What we are witnessing is not a routine seasonal dip but a systemic breakdown in market coordination, liquidity and price transmission across Nigeria’s agricultural value chain.