– The fluctuating price of goods in the market has left many traders in disarray
– Checks by ZENITHBLOG.com at Onigbongbo market Maryland, Lagos reveals an increment in the price of provisional items, foodstuffs, perishable goods and a reduction in others
– Traders selling food items recounted the effects of the current economic conditions on their businesses
The continuous rise in the price of goods has become an issue of concern recently. This has subsequently forced some traders into helpless situations.
Traders selling food items have recounted the effects of the current economic conditions on their businesses.
Although the government officially confirmed that the economy was in recession after Nigeria experienced negative growth for two consecutive quarters but the fluctuating price of goods in the market has left many traders in disarray.
While most Nigerians have lamented the impact of the recession as well as worsening value of the naira on the foreign exchange market, traders are of the opinion that sales has drop less than few weeks after the festivities.
ZENITHBLOG.com correspondent paid a visit to Onigbongbo market, Maryland, Lagos and it was evident how the price of foodstuff, especially perishable items, have increased.
A trader at the market simply identified as Chuks, told ZENITHBLOG.com about the increase in price of foodstuffs.
He said: ““Last week a bag of egusi cost N55,000 but just recently, the price increased by 10 percent. A bag of Egusi (Handpeel) cost N65,000 while the machine cost N55,000 as against its old price of N40,000. For ogbono, the price keeps fluctuating. A bag of ogbono before ranges from N85,000 to N100,000 but now a bag costs between N100,000 and N120,000. For crayfish, a big nylon goes for N26,000 to N30,000.”
“Before, I used to sell stock fish, but the rise in the price of the item makes me wonder where we are heading to as a nation the state of the economy is worsening compared to the previous administration.
“I buy goods in the market and record about N20,000 profit a day but now, if I make N10,000 a day then I am a lucky. The rise in dollar rates and especially the increase in fuel price, whether we like it or not, is really affecting our business negatively.”
The federal government increased the pump price of fuel by about 70 per cent to N145 earlier last year and petrol importers now have to pay more to access dollars for purchase of the product.
Findings by our correspondent revealed fairly unstable prices of imported goods while locally produced consumer goods have maintained fluctuating prices.
Hike in transportation fare, insurgency, and exchange rate fluctuations are some of the major reasons for the price increase recorded.
For Victor, a rice dealer in the market, “foodstuffs are there in the market, but their prices have doubled, and have kept increasing due to recess in the economy. People who used to buy bags now settle for one bag. Buyers are really cutting down on their expenses this period.”
“A bag of aroso rice that costs N16,500 now sells for N17,000; competing with Aroso rice that cost N17,500 as against its previous price of 18,500. Right now, I do not even have a bag of agric rice because people choose to buy at cheaper rates and they go to markets like Mile 12 where they can buy at affordable rates.
“This has made business a turn- around not for good but for bad because we just manage to sell the little ones we purchase so as to make ends meet and for survival as well,”” he stated.
Another trader in the market shares Victor’s view about scaling down their expenses since most people are adjusting to the current economy reality.
A trader identified as Moyo, who sells polythene bag (nylon) at the market, said prices of goods have increased and there’s a reduction in quality of production.
“We used to buy a bundle of black nylon for N1,000 before but now, we buy for N1,300. And for Santana nylon, we buy a bundle N500 before but now we buy at N650. Also, a bundle of polybag nylon cost N900 before but now it cost N1,300 while a bundle of big black nylon cost N2,500 as against its old price of N1,900.
“”People do not buy as they use to sales has drop. Since the rise in prices of goods has increased, it has affected the price of the raw materials as well. The quality of the production of polythene so far has been affected. The quality has been affected and the buyers are complaining as well. Before I realize about N30,000 as profit but now, it is not even up to N20,000. We are just managing,”” she stated.
Meanwhile, the price of palm-oil and groundnut oil are not as affordable as they used to be as discovered by our correspondent in the market.
“We used to buy a 25 litre keg of palm-oil for N12,500 but now, it costs N21,000. Same goes for the price of groundnut-oil that cost N13,500 before, but now goes for N14,500 to 18,000,”” a trader who pleaded anonymity told our correspondent.
Similarly, a trader referred to as Ronke, who sells soup ingredients, sugar, salt and spaghetti said the rate of increase in prices scares some traders from approaching the distributors when they run out of stock but there has been a little reduction recently.
She said:“Before, the price of all brands of tomato paste had over a 30 percent increment. A carton of Gino tomato paste cost N3,000 but now it cost N3,000 while others cost N2,200 and a carton of spaghetti that cost N3,400 is now sold for N3,600.
“”Some of the goods will increase today, and before you finish selling the next day; the price will increase. Salt was N2,500 last year for the full carton. But the last time I bought, recently, I bought a bag of salt for N4,200.”
Musiliu, a meat seller at the market said the new selling prices have adversely affected business for traders.
According to him: ““Prices have all gone high and buyers just keep passing by and some of us even sleep-off in our shops, since low patronage makes the place dull. Now,the price of a full cow leg ranges from N50,000- 70,000 depending on the size of the cow; The bigger the cow, the higher the price. It is just a difference of N5,000 placed on it.”
“People are buying but they are complaining because it is more expensive than before. A full cow before cost about N120,000 but now it cost N220,000. The continuous rise in the price of beef is influenced by the hike in transport fare and fuel price.”
While there have been general increase in prices for food items which are wholly or partially imported, it has been a mixed tale for fruits and vegetables, as well as other local farm produce.
Ifunaya who sells at the market, said fruits also witnessed hike in prices.
Yusuf, a trader who sells perishable items in the market, said the price of tomatoes have increased due to an unprecedented hike witnessed in transportation.
“The recent hike in transportation and insurgency in the northern part of the country has led to an increase in the price of tomatoes as well. A basket of Hausa tomatoes that cost N8,500 now goes for N10,000, same goes for pepper. Only the ones that are not fresh can be bought at an affordable rate.
For yams and other similar farm produce, the prices of some products remained as they were, while a few others have improved.
At the market, the price of yam remained relatively low compared to previous months. Before, five tubers of big yams cost N6,000 but now it goes from N3,500-N4,000. There are cheaper ones, but the size and location of market determine the price.
Despite the general increase in the price of non-farm produce, reduction in salaries of public and private employees have further weakened the purchasing power of most buyers.
Below is our weekly table of price changes before and now:
Table showing the changes in prices of food items before and now. Source: Esther Odili
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