– The general rise in prices of goods and services in Nigeria continues to bother on the survival of both the rich and the average citizen of the country
– ZENITHBLOG.com paid a visit to Yaba market, Lagos and conducts a survey on the prices of goods, commodities and fashion wares
– The general rise in prices according to traders’ is attributable to exchange-rate pressures that have persisted on its impact on the prices of goods and services
Nigeria has experienced the worst inflationary effects that have resulted to poverty, food crisis and price hike.
The day to day increase in prices of commodities and non-food items has snatch money from savings of consumers and creates uncertainty, generate enthusiasm among people toward earn more and spend more.
The general rise in prices of goods and services in Nigeria continues to bother on the survival of both the rich and the average citizen of the country.
As the prices of food items and other consumables increases, it has become more difficult for the average person to eat three square meals a day.
The general rise in prices according to many is attributable to exchange-rate pressures that have persisted on its impact on the prices of goods and services, complicating the central bank’s task of supporting an economy in recession.
The problem created by the rising prices of goods and services leading to higher cost of living has become too difficult for the government of Nigeria to solve.
During inflationary period, fixed amounts of money buy less quantity of goods and services. The real value of money is drastically reduced thus the purchasing power of consumers are reduced.
ZENITHBLOG.com paid a visit to Yaba market, Lagos and conducts a survey on the prices of goods and commodities.
The ever busy Yaba market in Lagos. Source: Esther Odili.
At the market, prices of various food items such as yams, garri, palm oil, fruits, vegetables, clothes, sportswear’s and perishable goods have increased.
In fact, a medium-sized basket of fresh tomatoes now sells for N26,000 from N12, 000. While a basket of chili pepper goes for N16, 000, as against the old price of N8, 500 it sold for in previous months. A jute bag of onions goes for N23,000 from N18, 000.
There was a twist this week, as the price of groundnut oil and palm oil became affordable. Traders who spoke to our correspondent revealed that the reduction is not stable and it is influenced by the level of patronage thereby leading to an amendment of the prices by the manufacturing firms.
“Generally, the prices of goods in the market are fluctuating. Sometimes it reduces and at other times it increases; and when the companies manufacturing these goods records low profit, they tend to reduce the price so as to attract consumers.
“Lately, the prices of vegetable and palm oil have reduced by 30 percent. Reasons are not far-fetched. The vegetable oil that was sold before at N18,000, now cost N14,000, while the refill gallon goes for N12,700 now. We have different types of groundnut oil, some by the easterners and some are produced by the westerners. The ones produced in places like Enugu, Ebonyi and so on, are of good quality and are expensive but others are not. A 20-litre keg of palm oil goes for N11,500 as against N13, 000 previously,” Mrs Onyebuchi a dealer told our correspondent.
In another development, the price of fashion wears, bags and shoes have increased as observed in the market.
Trousers, ladies jacket on display at popular second hand market in Yaba, Lagos. Source: Esther Odili.
Traders informed that the increase is as a result of the economic situation of the country.
Amaechi, a shop owner explained the prices of office wears, ladies jacket and polo top to our correspondent.
“These clothes are not purchased in Nigeria rather from abroad. And the increase in the foreign exchange resulted to the increase in the price of the wears.
“For ladies, a polo top and leggings cost N4,500 as against the old price of N2,500. An office and pant trousers goes for N3,500 as against its previous price of N1,500. A dinner gown cost N6,000 upwards from N4,500. While a jacket p on the size, design and opening, cost from N2,500 upwards. For men, a quality polo or round neck goes for N4,000 and a T-shirt goes for N5,000; same with the trousers and skirts.
Fashion wares on display at Yaba Market, Lagos. Source: Esther Odili
“We do not make profit again, it has reduced and the sales keep going down. Because not all customers who come to patronize us pick up the wares they priced. We are really suffering as traders, because you buy to sell and go to purchase. But this is not so again. We are calling on relevant authorities to help traders’ far and near. We are not making sales anymore,” he appealed.
Similarly, Azubuike a trader who sells men’s football boots, trainers and shoes explained the different prices of his goods and how his business collapsed.
He said: “The prices of the football shoes are increases on a daily basis; they are not fixed. If we purchase at an affordable price, we will sell at an affordable rate. Some boots that usually cost N2,500, have increased to N4,000 and this is the amount you can purchase a small sized sports boot. The prices vary on the brand, the quality, the size and design of the shoes.
“For Nike sports boot, it can be purchased from N30,000 upwards; because they are known as producers of good and quality sportswear and records the highest patronage, thereby making their items expensive. Same goes with Adidas sport foot wears. You can get it from N9,000 upwards. Also other football shoes can be purchased from N5,000 upwards.
Azubuike, a trader looking helpless at Yaba market, Lagos. Source: Esther Odili
“Right now, we purchase our goods abroad and the dollar rate has affected our business. Some of us who use to travel before,do not attempt it again because the flight charges is high and when we order and it is shipped to us, offloading it and then bringing it to the market here, is another issue entirely.
“So we tend to spend more and gain less. My business has been affected to a large extent, we record low sales and when you do not sell off the goods, where will one get money to purchase new goods?,” he lamented.
At the market, prices of foodstuffs are not left out of the price hike. Traders complained bitterly of the reduction in the profit margin and low purchasing power of the consumers.
A foodstuff dealer at the market, Joseph explained to ZENITHBLOG.com the prices of rice, beans, garri, ogbono, egusi and crayfish.
Traders display their goods at Railway, Yaba Market, Lagos. Source: Esther Odili.
“We make sales as usual, but not like before. Traders do not purchase a full bag rather the purchase these items bit by bit. In some weeks, the prices skyrockets, and in other weeks, the prices of the items are reasonable.
“Two weeks ago in this market, a bag of rice (Aroso) cost N15,000 but right now it has increased to N17,500. While rice (Agric) cost N16,500. This is not so with the price of beans, as it continues to rise every day. We cannot really figure out what led to the continuous rise in the price of beans.
“A bag of Oloyin beans cost N27,000. A big bag of beans ( Oloone) cost N40,000 and a big bag of beans (Olotu) cost N47,000. For garri, it is expensive especially the yellow garri, because they use palm oil to prepare it. A big bag of yellow garri cost N27,000 while a big bag of white garri cost N25,000.
The prices of basic food items continue to rise in various markets across the state. Source: Esther Odili
“Also, the prices of foodstuff items are not the same for the past two months. For egusi, we have different types. The bag of each type varies depending on the quantity and the market location. Some people only sell egusi (Handpeel) while others sell egusi (Machine). A bag of egusi hand peel cost N55,000 while egusi machine cost N60,000 upwards.
“And for ogbono, we have different types too. But the ones that are purchased by consumers are the Badagry ogbono and that of Enugu ogbono. And a bag of ogbono cost N100,000 as against its old price if N110,000. But some traders still purchase a bag of Ogbono from N120,000. A big nylon of crayfish still cost N26,000 as against its old price of N30,000.
“The market location and the traders’ decision, determines the affordability of the items,” he explained.
Nigerian economy is on a downturn and under the current administration, the country’s citizens can barely survive following a drastic increase in price of commodities in the local market and ironical, decrease in income.
Fewer people were seen patronising traders in the market. Source: Esther Odili.
From the survey above, prices of commodities against the minute and perhaps seemingly declining income of the average Nigerian have continually skyrocketed in an alarming rate as compared to increase over the years, leaving Nigerians groaning in unbearable suffering.
Current prices of commodities in 2017 have shown that on an average scale, prices of goods and services have either doubled or in some other cases even tripled, take a paint (bucket) of garri for example which was formerly sold at N250, it now goes for a shocking amount of N1,000.
“With the continuous rise in prices of goods, one cannot help but wonder what the country is turning into. There are lots of declining businesses and loss of jobs and therefore suicidal rate increase following untold hardship and depression, what would be the faith of Nigerians come 2018?
“Yet we have a government in power that comes with sweet promises but there’s nothing to show. How long would we continue to hear the stories? Please government should act fast,” a consumer identified as Christopher told our correspondent.
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