– Checks by ZENITHBLOG.com at the Iddo Market, Lagos, shows a reduction in the price of some foodstuffs
– Some traders believe that low patronage informed latest development
– The market which used to be very busy before has now become almost a shadow of itself as stall owners locked up while those who opened had very few customers
Many stall owners and market women have shut down their businesses after the recession in the country has caused them more harm than good.
ZENITHBLOG.com had since late 2016, commenced a weekly visit to markets in Lagos state and environs to make inquiries about the prices of foodstuff and other items in the market, especially since the masses started groaning about the effect of the recession on the economy.
Many people have lamented in the past, about the unbelievable rise in the prices of commodities, as they believe that the order by President Muhammadu Buhari on the closure of borders may be responsible for some of their predicaments.
File photo of a typical Lagos market.
High exchange rate (a dollar is now almost N500), devaluation of naira and non-availability of local varieties of some farm produce have also been listed as reasons for the constant rise in the prices of goods in previous weeks.
Amidst all of these, some traders still came up with the argument that the rise in prices of goods in the country is seasonal but others opined that the prices of goods are influenced by the economic situation of the country.
According to those who blamed the economy, when the economy is growing, things in the market will be affordable and available but when it is not, other factors would determine how high or low the prices of goods in the market will be.
At the market, the prices of perishable items like tomatoes, pepper and onion have become relatively low and the traders who managed to open their stalls had nothing impressive to say other than lament the situation of things.
A basket of tomatoes now costs N7,500, tatashe and chilli pepper have also been confirmed to now cost N6,000 and N6,500 respectively, as against the N4,500 and N5,000 they were sold in previous week.
Ahmed, a trader in the market, says the present market situation is the reason there is a slight reduction in some prices, adding that recently, the price of these perishable items crashed after festivity.
“Presently, the prices of perishable food items dropped, this is due to the market situation, availability and surplus. Also, the prices increased during festive period which is usual, but now that the festivity is over, traders witnessed a drop in price,” he explained.
The trader stated further, that the weather condition influences the prices as well.
“Sometimes, the weather condition plays a key role in determining the price of these perishable items. During rainy season, tomatoes are usually costly because the wind interferes with the yield but now, the weather condition is favourable.
“Same goes for Onions. Onions is available and affordable in the market now because this is the season. A bag of old onion that cost N35,000 before, now cost N22,000 while a bag of new Onion that cost N25, 000 before, now cost N18,000,”” Ahmed added.
Another trader addressed as Mr Festus, ascribed this increase to the economic condition the country is faced with. He added that goods soar in the country daily and this affects the choice of the buyers who become unaware of the new price.
““Presently, the rate at which prices of goods soar is shocking because the goods I sell before were very affordable and available but now, you get to the market to buy particular goods with an intended amount, then you meet a different situation entirely, the prices have doubled.
““Traders go through a lot of stress in transporting goods to the market. Then they add the cost differential to the goods but when it is too expensive for the buyers, and then the traders are at a loss.
“A small lantern that cost
Meanwhile, the price of rice remains the same while that of beans increased as observed in the market.
Solo, one of the traders who deal in the stuff, said: ‘“The hike in the price of rice is due to short supply within and the importation of various brands. But I can state categorically that the rice that is smuggled into the country is cheaper and affordable compared to the locally produced ones.
“The locally produced rice are expensive but the imported ones are the ones that can be bought from 17,500 (Aroso and Agric). Also, the prices of beans have been reduced. A full bag of Oloone cost N28,000 while Olotu cost N34,000. For Oloyin,they are of two types, the white Oloyin and Banjara (BJ) Oloyin. The white one can be purchased at N27,000 and the Banjara Oloyin cost N32,000.”
These stalls are without buyers and even the sellers, an indication that all is not well in the marketplace. Credit: Esther Odili
Speaking also on the latest developments in the market, Chisom, a trader told our correspondent the reason for the reduction in their prices.
He said: “There are different types of palm- oil. The ones that are not mixed and the ones that are mixed. The ones that are mixed with groundnut oil makes a soup black and are not expensive but the ones that are not mixed are expensive. When customers buy the mixed one, they end up complaining and do not patronize the trader again.
“Right now, the price is not fixed but the traders determine the amount they wish to sell. The bad groundnut-oil sells between N10,000- 11,000 while the good one can be purchased from N15,000 upward. But for good palm-oil, 25-litre cost N22,000.”
Some shops were practically under lock and key and other areas in the market was very scanty. This, our correspondent gathered, is a far cry from the lively nature of the place which serves as a depot for food items coming into Lagos from other states.
Ans as observed, food items that were sold at very exorbitant price in recent weeks are now relatively low.
Five tubers of yam initially sold for N5,000 upwards now cost N4,000 while five tubers of small yam that was sold from N3,000 upwards, now cost N2,500.
In his explanation, Aliu, who sells yam in the market, told our correspondent that the reduction in price is due to the current market situation.
Soup ingredients like tomato paste, seasoning powder, among others, also witnessed a little reduction in price since there were very few customers patronising the traders.
Below is the table showing the weekly difference in the prices of food items in the market:
A table showing the former and present prices of food items in the market. Credit: Esther Odili
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