– Traders at Lagos market are now groaning over what they described as low patronage, resulting in unusual poor sales
– With pay increases lagging behind and the inflation soaring, the wallet of most Nigerians continues to take a queue behind as the cost of living increases in just about every aspect of their daily life
– A survey conducted by ZENITHBLOG.com at Sandgrouse market, Lagos showed an increase in the prices of fresh pepper, tomatoes, fish, yam and other foodstuff items have soared in markets by more than 30 per cent
– As the traders lament low patronage, consumers complain of poor cash flow
Despite government’s intervention in rescuing the economy from the hands of recession, traders at Lagos market are now groaning over what they described as low patronage, resulting in unusual poor sales.
It is no secret that the Nigerian economy is in crisis and there has been an increasing change in the price of goods and services. With pay increases lagging behind and the inflation soaring, the wallet of most Nigerians continues to take a queue behind as the cost of living increases in just about every aspect of their daily life.
This has been harder for financial institutions, including banks to give out loans in recent times to prospective entrepreneurs and traders and as such, most are finding it hard to keep their businesses afloat or grow them any further than it already is.
The economic crisis has ensured the life of the average Nigerian is becoming more difficult by the day. In a bid to make ends meet, many stay on the hustle and are forced to manage all kinds of stress. The recent times have witnessed significant increase in food, fuel and utility costs. This means that less money remains once these necessities are paid for, leaving little for savings or discretionary spending.
The ever busy Sandgrouse market is now deserted. Source: Esther Odili.
While the effect of this hike in cost of living has affected almost all citizens in their daily life, the rising prices of goods have hit the lower and middle classes very hard. It is quite difficult to keep up with the rising cost of living when your paycheck is not growing at a similar rate.
Traders and consumers in Lagos are lamenting the hike in the prices of grains, fruits, sugar, vegetables and other food items as the economy continue to experience a recess.
A survey conducted by ZENITHBLOG.com at Sandgrouse market, Lagos showed an increase in the prices of fresh pepper, tomatoes, fish, yam and other foodstuff items have soared in markets by more than 30 per cent.
At the market, the traders are worried that this period has been the worst one for them because customers there’s usually rush but since the demolition of the market, two years ago nothing has been happening.
Further findings revealed that there was a slight reduction in some basic food items and an increase in others.
As prices of perishable goods continue to soar, traders reveal reasons for low patronage. Source: Esther Odili
Traders’ who spoke to our correspondent, informed that there was only twenty percent reduction in the prices of goods like spaghetti, canned tomatoes, fish, sweet potato etc. Meanwhile, beans, yam, fresh tomatoes, chili pepper and beef continue to soar.
According to traders, the cost of transporting the goods from the northern part of the country to the market location, foreign exchange and the weather influences the price of the goods.
The prices of fruits, millet, guinea corn, cowpea, beans and sugar have increased, as observed in the market and the prices of vegetable oil and rice, however, remained stable.
Chinonso, a grain seller, told ZENITHBLOG.com that the prices of groundnuts, cowpea, beans as well as maize have increased.
He said: “A bag of groundnuts which used to cost N16,000, now sell for N23,000 while millet, formerly N19,000, now cost N21,000. A bag of guinea corn, which formerly sold for N10,000, now goes for N20,000. The price of maize had increased from N8,000 to N13,500 while cowpea formerly sold at N22,000 now cost N24,000. Species of beans and cowpeas were brought from Borno and Gombe. Due to the security challenges in the Northeast, it had been difficult to get enough of the commodities at cheaper rates. A small bag of millet was sold at N11,000 but it now goes for N13,000. The weather condition and the planting season are also partly responsible for the price increase.
According to Ike, a beans seller at the market explained that the price of foodstuffs like beans, rice, garri, egusi, ogbono and crayfish keeps fluctuating; complaining bitterly that only few of his customers are still coming to his shop.
“In the past months, a bag of beans was N28, 000 but now it is N35,000 for big bag, small bag of oloyin was N17,000 in previous months and now it is N27,000. And the bag of Olotu beans that cost N44,000 before, now cost N49,000. And a bag of Garri (White) that cost N16,000 before now goes for N15,000. A bag of Garri (Yellow) o that cost N 14,000 before, now goes for N17,000 for small bag. While the price of rice Agric and Aroso remains stable with only a slight difference of N1000. A bag of Agric rice goes for N16,500 while that of Aroso rice goes for N17,500.
Prices of rice, beans, garri keep fluctuating at various markets in the state. Source: Esther Odili.
“For ogbono and egusi, the price is not stable and it differs depending on the market location and the cost of purchasing the items. Both are quite expensive for now. And only the local ogbono that does not draw well are cheaper. But the good ogbono is very experience. Egusi only experience a slight increase of fifteen percent. A bag of ogbono goes for N110,000 now as against its old price of N120,000 here at the market. A bag of egusi (Machine) cost N65,000 and that of egusi (Handpeel) cost N55,000. And the big nylon of crayfish (Patala) remains the same as N26,000.
“We do make sales but not as usual due to the situation we find ourselves. The quantity of purchase by the customers, have reduced compared to previous months. The thing is, sales keep dropping as the day goes by.
He appealed to the relevant bodies to reduce the price of goods in the market, noting that their market changes day by day. He said, before now N200,000 could buy enough goods but now it cannot buy ten bags of beans.
Iya Bimbo, a trader at the market informed that tomatoes were seasonal, adding that the commodity was transported from Kano, Zaria and from other tomato producing states.
Traders at Sandgrouse market, Lagos, sitting idly in their shops. Source: Esther Odili.
“At the moment, the tomatoes in the market are the ones from local farmers while the main tomatoes are very expensive and scarce because virtually all the goods come from the North. A basket of Ghana and Hausa tomatoes formerly selling at N6,000 now sold at N26,000 and N30,000, while the small basket of tomatoes that used to cost N3,000 is being sold at N8,000. Only the perishable ones are cheaper now and the ones that are watery when used to prepare meals.
“A bag of chili pepper cost from N18,500 and for the past one week, I have been buying the pepper I sell to my customers in buckets because the price of a basket of it is outrageous. A basket of tatase now sells for N13,000 now as against N8,500 before. A bag of new onion formerly sold at N15,000 now cost between N18,000 and N20,000 while the old onion bag remained stable at N33,000.
By August, tomatoes will be available while that of other states will be out of the market because of the planting season,’’ she added.
Mrs Ukamaka, a fruit seller, said the price of water melon, carrot, apple and banana had also increased as result of the economic condition of the country.
Some of the dealers who spoke with our correspondent on attributed the increase to rainfall and the ongoing economic crisis.
Traders at Sandgrouse market, Lagos, lament low purchasing power of consumers. Source: Esther Odili.
An okro seller at Mrs Ngozi, told ZENITHBLOG.com that the product had been available, making it easier for the sellers to purchase large quantities.
“I can now buy and sell Okro due its availability and reduction in price. A basket of okro now sold at N3,500 as against N6,000 before this period.”
Some consumers told ZENITHBLOG.com that it was difficult to buy a small quantity of foodstuff like fresh pepper, tomatoes or yam at a high price.
A house wife, Mrs Chukwuma, complained of lack of money to buy foodstuffs due to the economic situation in the country.
Chukwuma noted that the prices of both goods and services had increased and people were finding it difficult to survive.
Adding that the current economic recession as the main factor responsible for the low sales recorded so far.
“We cannot buy foodstuffs in retail due to its high price. The good news is that the ingredients for soup and stew are now sold at a reasonable price. People are resorting to alternatives to meet up,” she said.
Mr Gabriel, a civil servant wondered how the people would cope with economic hardship as their salary is a meager.
The traders, who expressed their disappointment over the development, told ZENITHBLOG.com for some months now, most of them have either been sleeping or sitting idle in their respective shops, and as a result, return home daily with empty pocket.
It was observed that the market which was usually busy with high volume of trading activities is not the same as things have turned from bad to worse; reflecting in the hitches in flow of vehicular and human around the vicinity of the market, now experience free-movement, even as some traders were seen battling for the few customers entering the market.
According to Mrs Nneka, a trader who sells kitchen utensils at the market says since the entry of the new government, people no longer buy things the way they used to, because they complain that they have not been paid their salaries, and this is affecting us seriously.
“By now I should have gone to the market and get more goods for my customers because parents usually start buying cloth for their children from this month but this are not the case. My old stock is still not sold and the few customers that show up always under price the goods.”
Interestingly, when asked about the probable reason for the poor sales being experienced in the market, all the traders, who spoke in separate interviews with our correspondent, blamed it on the economic situation and low income of worker’s who form the greater percentage of persons, who patronize them.
As the impacts of Nigeria’s economic woes continue to take their toll on Nigerians, cross sections of traders in Lagos have complained of low patronage from customers.
The traders who spoke exclusively told ZENITHBLOG.com but pleaded anonymity attributed the lack of sales to the current economic downturn.
Condiments witnessed about 20% reduction in prices at Sandgrouse market, Lagos. Source: Esther Odili.
They therefore called on the Federal Government to do something urgently to address the nation’s economic challenges.
Similarly, the prices of yam have increased as observed in the market. Traders informed that this development in the price index of yam was as a result of the ushering of the new yam beginning from August, thus makes the old yam expensive.
“Old yam has become very expensive recently. The reason is due to the cost of transportation and the ushering in of the new yam into the market, every August. The yam we buy for N40,000 before, now goes for N100,000. For small tubers of yam , you can get it from N600 while the big tubers of yam can be purchased from N900 upwards. We are not making profit as usual and the quantities of goods we usually purchase have reduced, ” A trader identified simply as Iya bose who sells yam at the market informed.
Meanwhile, there was a slight reduction in the price of fish. ZENITHBLOG.com gathered that about twenty percent was cut off from the usual amount of purchase. Traders’ informed that the reason was as a result of the availability of the item now, compare to previous months.
“Fish have become a little affordable, reason is because they have become more available now compared to previous months that they are scarce. A carton of Titus fish that cost N26,000 before, now goes for N18,000 while a carton of kote fish cost N16,000 and a carton of stock fish (panla) N14,000.
There is a slight reduction in the price of fish at Sandgrouse market, Lagos. Source: Esther Odili
“Right now, the market is dry, with few traders. Since the demolition of the market, some traders’ no longer come to sell their goods here. Hence, making it looks scanty and the traders’ who manage to shades do not make good sales,” Iya Mariam, a trader who sells fish at the market told ZENITHBLOG.com.
However, the traders pleaded with the government as well as private authorities to ensure prompt payment of workers’ salaries so that they too can benefit through their patronage.
Below is a recent market survey conducted by ZENITHBLOG.com TV in one of the markets in Lagos state.
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