– The inconsistent and fluctuating rate of dollar against the naira seems to be worsening the prices of goods in the market
– ZENITHBLOG.com findings at Ikorodu market revealed the inflating prices of some basic food items in the market
– Traders informed that the dollar crunch has had an adverse effect on the prices of goods in the market so far, thereby resulting in low sales and low patronage
Traders across Lagos market complained bitterly about the worsening state of the economy as the prices of goods continue to rise.
ZENITHBLOG.com paid a visit to at Ikorodu market, to find out how the traders are managing with the economic crisis that has affected the rates of goods in the market.
Checks by our correspondent, shows the inflating prices of some basic food items in the market and a fluctuating price of others was due to the devaluation of naira and the policy introduced by the Central Bank of Nigeria.
The prices of local and imported food items have been on the rise and this is due to the high rate of dollar and the restriction placed on imported food items.
At the market, there was an increase in the price of some food items, the goods that are imported and a fluctuating price of other items that are brought into the market locally.
Marketers spoke on the reasons behind the price hike and their challenges so far.
A trader, Chukwuma who sells foodstuffs like Rice, Beans, Groundnut-oil, Cray figs, Egusi and Ogbono explain details the price of these items, since the devaluation of Naira.
He said: “25 litres of groundnut oil was sold at N13,500 before, now sells from N15,500 and above. Same goes for palm- oil. But this depends on the quality and the brand: The higher the quality, the higher the price.
“A bag of rice which sells from16, 500 before, now sells at N18, 000 and above depending on the brand and quality as well. Agric rice that cost N16,000 before, now goes for N21,000. Meanwhile the price of Beans according to him has been stable and normal because it is influenced by the seller.
“The goods that are imported into the country are not the ones whose price increased drastically, but some locally produced items are also very expensive. Because, when the exchange rate is high, everything skyrockets; there is no difference again, people are demanding, but the resources needed is not available thereby reducing their purchasing power.”
The trader also added: “The biggest bag of crayfish is N150,000 while the big nylon (patala) is N28,000. Egusi (machine) before is N38,000 but now is N45,000. And Egusi (handpeel) before is N45,000 but now it is N60,000. The price of ogbono keeps fluctuating. Before it cost between N80,000- N95,000 but now, it is N110,000,” he added.
Roseline, who sells perishable items like tomatoes, Chilli pepper and onion attribute the high price to the rise in dollar lately.
In her words: “The price of tomato fluctuates; it is often determined by the present situation of the market. There is no market. We sell but do not make profit as expected after purchase. Everyone keeps complaining there is no money. We are yet to see the change we voted for.
“There is no fixed price and sometimes it is influenced by the location, market situation and the economy in general. A basket of tomatoes that cost N10,000 in previous weeks, now cost between N5,000-N6,000 and N8,000. But for Ghana tomatoes, a basket cost N10,000 as against its old price of N12,000. Same goes for a bag of Pepper (Tatase), the price increased a bit but that of Chilli pepper increased from N7,000 to N13,000.
“A bag of new onion that was sold for N18,000 before, now sells between N14,000 and N15,000. While a bag of old onion that cost N35,000 before, now cost N28,000,” she informed.
Mr Chinedu, A bookshop owner in the same market complained of poor sales.
He said: “Patronage is low. It was not as impressive as before and this is due to the economic situation the country is experiencing. The qualities of the books produced have been reduced; as publishers are complaining of the high cost of materials and papers, thus reducing the quality of the ones produced.
“Traders are not responsible for the hike in prices of the items; we sell according to the amount of purchase. Things have become more expensive due to the high exchange rate. And sellers are not happy with the hike in prices of all items in the market, as the buyers are complaining.”
Meanwhile yam, has become expensive as observed in the market lately.
Five tubers of yam (small) that was sold for N2,000 before is now sold for N3,000, while five tubers of (big yam) can be purchased from N4,000. Sellers attribute this to the non-availability of the produce by the source and the cost of transportation.
A customer, who pleaded anonymity, said she appreciates the effort of the government towards the fight against corruption and though it is tough now but soon we will rejoice as things will return to normalcy.
“The present administration is trying so hard in its fight against corruption but it is not a simple task, so it is a matter of time, things will get better for sure.”
Another trader identified as Chisom, confirm the price of electronics like generator, industrial fan, television, washing machines and other items showed a different side, as some of these prices has increased drastically.
According to him, the products are imported and have increased lately due to the foreign exchange.
“Most of the electrical appliances are imported. And since the devaluation of naira, the prices have increased drastically, reducing the profit before and now. There is a huge margin between the profit we make before this present economic crisis and the previous ones: Some of us who travel to purchase these goods, do not even try as things have become so hard and difficult.
“Washing machine that cost N35,000 before, now goes for N70,000. Skyrun gas cooker that cost N25,000 before, now sells for N58,000. Generators are not left out, they have increase as well. The prices are determined by the capacity, the brand and the size. Furman 399, cost N110,000 now as against its old price of N56,000. Tiger that is referred to as (I better pass my neighbour), before we sell at N15,000 but now it is N29,000. Same goes for industrial fan that cost N10,000 before, now sells from N18,000- N22,500. The amount we make a day has been reduced because we buy at a fixed price, and end up selling at a reduced price which hampers the profit expected. We do not make profit but only sell off the products,” he affirmed.
In a similar vein, Iya Deborah who sells baby wares, shoes, bags, bicycle and so on, told our correspondent that prices of goods have been influenced by the dollar rate, owing to the fact that most of her goods are imported and this makes costly.
“My goods are mostly UK items, they are imported and their prices are determined by the foreign currency. Although, recently naira was strengthened but we are yet to see the reflection in the market so far, because prices of goods are not decreasing but increasing daily.
“Bicycle that cost N5,000 before, now sells between N10, 000-N22,000. Children shows that we sell from N2,000 before, can be purchased from N4,500 and above. Baby sitters that cost between N4,000-N6,000, now cost N12,000 upwards. Adult shoes, sandals and high heels that is of high quality, has become so far expensive and this has affected sales resulting to low patronage. It is from the profit made, we pay our rents and bills, but with the situation of things, we borrow to finance our business.
“There is no market. The farmlands and the farmers are no longer working. There is no money in the country. The farmlands that are meant for farming, has been sold. The government should show us mercy and then reduce things a bit. It is getting harder by the day,” she said.
A meat seller identified as Alfa, lament on the effect of the rise in dollar and the recent economic crisis the nation is experiencing.
“The present administration has brought us to this present state.There is no money now in circulation. We are really suffering. As you can see, there is no market. We just manage to sell. People are not buying the way they use to. we don’t buy it cheap. The amount we use to buy the meat is more expensive than before. The cow we buy at N120, 000 before, now cost about N280,000 and above.
“In previous administration, it was not as expensive like this. When we vote for Buhari, we thought things will get better, but now things have change from bad to worse.”
Iya Tunji, a trader in the market who sells fish lament on the cost of food items in the market.
In her assertion, she sees the continuous rise in the cost of food items to the economic situation of the country and exchange rate.
“Goods are expensive. Everyone says the rise in dollars has affected the price of things but we all know that not all goods are purchased with dollars. A carton of kote fish that cost N15,000 few weeks, now cost N18,000. A carton of croaker fish cost N25,000 and a carton of Titus fish cost N28,000 now. People manage to buy. Things are dry. People who buy in bulk before, now buy in small quantity.
“Before we record huge sales, but now it not so, because we do not make sales like we do before. We are just looking unto God because we know the government and other relevant bodies are confused. The way things are, it is beyond their control,” she lamented.
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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