– As the country continues to experience a recess in the economy, there has been a little reduction in the price of some goods in the market and an increment in the price of others
– Checks by Zenithblog.com at Ogba Retail market, Ogba, Lagos , shows an increase in the price of perishable goods and a reduction in others
– Traders reveal some buyers are ignorant of the reduction in the price of some basic food items in the market, hence reducing their purchasing power
– Despite the reduction in the price of goods, traders continue to lament low patronage
There are many big markets in Lagos where people can buy their goods at relatively good prices as well as get quality items. For some people, visiting a market in Lagos is more than just buying or selling; it is about the potential shopping experience.
Naturally, people have different reasons for going to different markets in Lagos. It is not just about shopping; it is more than just buying or selling when you visit a market in Nigeria. It is about the people, the bargain, and the reactions.
Known particularly for its cheap farm produce, this market is located along Ogba road, Lagos. For the lovers of fresh and cheap perishables, a visit to the market, guarantees all the food items you are searching for as far as it is grown in tropical Africa. You will find vegetables, fruits, anything related to salad, livestock and many more.
As the country continues to experience a recess in the economy, there has been a little reduction in the price of some goods in the market and an increment in the price of others.
The rise in the price of goods and other food items in the country for some time now have been caused by the country’s inability to fight against the continuous economic downturn that has resulted into a recession.
Findings by ZENITHBLOG.com correspondent reveal the reduction in the price of some goods and an increment in the price of perishable items. Traders in the market informed that the buyers are ignorant of the reduction in the price of some basic food items and this has thereby reduced their ability to purchase food items.
Ogba retail market is known by most buyers for fresh food items; goods and other farm produce on display for sale, despite this assertion, traders in the market, lament low patronage.
A trader in the market says the price of imported goods continues to increase while others are relatively low as a result of the unstable exchange rate.
It was discovered that the prices of imported food items like, cosmetics and beverages, among others, have witnessed over 50 percent rise as a result, leading to low sales.
A trader Victoria, who sells fashion wares, told our correspondent that: “The prices of our goods have gone up by nearly 60 percent of what it used to be in previous years. It is only a few people who can afford to travel, and they are the ones fixing the current prices. Most traders do not travel anymore because of the rise in exchange rate and a lot of the products that are in the market today were bought at exorbitant prices.”
Specifically, prices of commodities like rice, garri, beans, yam, fish, chicken among other basic items, have soared beyond the reach of many families.
A bag of agric rice which sold for N16,500 few weeks, now sells for N20,000, while a bag of aroso rice goes for N18,000. Also a big bag of garri which sold for N14,000 now sells for N16,000 while one paint bucket of it which was selling for N350 now sells for N700. As for beans, a bag of Olotun beans that cost N30,000 before, now goes for N34,000. Same goes for Oloyin and Oloone beans.
Mrs Onwuka, a rice dealer in the market says the prices of the items are influenced by the current economic situation the country is experiencing.
“For rice, a bag of agric rice has become more expensive because it is most preferred and good for families of low budget. It is sweet compared to aroso rice. Aroso rice is good for meals like jollof rice and fried rice. This has made agric rice very expensive. A bag of agric rice now goes for N20,000 as against its old price of 16,500. While a bag of aroso rice can be purchased from N17,000 upward.
“For garri, we have three types of bag; the biggest, quarter and the smallest bag. A bag of yellow garri cost N11,000 while a big bag of white garri that was sold from N13,000 now goes for N16,000. And the price sometimes is influenced by the size of the bag and the location of the market. Most trader who buy at a wholesale price, buy at a reduced amount,” she added.
Findings revealed, 25 litre of groundnut-oil which was selling for N13,500 before, is now selling for N16,000, while A bottle of groundnut-oil previously sold for N250, now goes for N350. Also, a 25- litre palm oil that sold for N16, 000 is now selling for N21, 000, while a bottle which was selling for N250 before, now sells for N600.
Similarly, a carton of turkey which sold for N8,000 in December now sells for N10, 500 while a carton of chicken which cost N7,500 before, now cost N10, 000.
Even as yam is not expected to be expensive at this time due to excess supply in various markets, five tubers which sold for
The survey also showed that the price hike affected the price of beef, as one meat which formerly sold for N1,500 now goes for N2,500 while the one that sells for N1,500 against the former rate of N1000. However, perishable items like tomato, pepper and pumpkin leaves still sell at normal prices but are likely to get more expensive once their seasons are over.
At the market, it was observed that Prices of tomatoes, pepper and chilli pepper on Thursday soared by over 100 per cent in most markets in Lagos,
According to a survey by ZENITHBLOG.com correspondent, a big basket of tomatoes which previously sold for N8, 000 now sells from N10, 000 upwards, depending on the size, the type and the market situation.
Ramota, a trader who sells tomatoes, pepper and onion said the prices of the perishable items have increased. People have capitalized on the dollar issue to inflate prices of items that ought not to have gone up.
“A basket of fresh Hausa tomato now sells for N10, 000.00 from N8,000, while a basket of chili pepper goes for N7, 000, as against the N6,000.00 it sold for in the preceding weeks. A bag of new onion goes for N25,000 from N18, 000, while a bag of old onion that cost N28,000 before, now cost N33,000.
While the volatility in the exchange rate is primarily responsible for the soaring prices of imported items, the increase in the prices of other (locally) produced items seems to be a puzzle to many.
Reacting to the situation, a trader who sells imported goods like clothes, shoes, bags and household items, Mrs Ifeoma said: “I have to be truthful to you; what we have now is a situation whereby people increase prices because prices of imported items have increased. Yes, I can say that most things I sell are not imported because some are produced in Nigeria but this is an opportunity to make money.
“The raw materials of some of the things sold in Nigeria are sourced outside the country. So looking at the big picture, the exchange rate is responsible. The government needs to act now because things are getting out of hand; it may get to a level where it would become uncontrollable. Some customers, who hardly buy on credit, now buy to pay at a later date.”
Ifeanyi, another trader who sells foodstuffs in the market, said the situation is frightening.
He said: “Prices of food and transport have gone up. Everything now is costly and traders will have to sell according to the amount they purchase the items. But there has been a reduction in the price of foodstuff items. Some traders are not familiar with the new price and new produce but are only used to the old items.
“A bag of egusi (Handpeel), that cost N45,000 before now goes for N38,000 while the bag of Egusi(machine) cost N41,000 as against its old price of N48,000.also a bag of ogbono new one that cost N110,000 now cost N115,000. For crayfish, a big nylon of crayfish that cost N30,000 now goes for N26,000. But notwithstanding, sales have been encouraging,” he noted.
“The prices of most food items have tripled, thereby affecting the purchasing power of most homes like mine. Salaries are still unpaid and some companies are folding up. How do we cope and pay our children school fees? It is hell living in Nigeria now,” a buyer who pleaded anonymity told our correspondent.
A fruit seller in the same market, Adamu lamented: “The present economic situation is worrisome. You buy things costly, you increase the price a bit in order to make some profit, yet you cannot even sell much because people do not have money due to inflation.”
A buyer in the market identified as Ajoke, informed that the current hard times should not be surprising to anyone. Suggesting that government should look into the price hike of goods and sanctioning those exploiting the masses.
“The poor are the most affected because the rich have enough; the poor whose income have remained stagnant are paying out of nothing. That is why the situation is pathetic and calls for government intervention.”
Below is our weekly table of changes in price of goods before and now:
Table showing the changes in prices of food items before and now. Source: Esther Odili
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