– Due to the cash crunch occasioned by the fall in the price of fuel and dollar rate, many families are not able to feed well as prices of commodities have shot up
– In a recent survey conducted by ZENITHBLOG.com at the Oja Amukoko market, situated at Cemetery road, Lagos, showed that the prices of commodities were indeed observed to have increased’
– The price of staple foods like garri, beans, sweet potato, provisional items, and printing materials continues to rise, while the price of fish, yam, tomatoes and rice are relatively low
– Traders informed that there has been a reduction in the prices of goods yet the purchasing power of the consumers is very low
In the wake the economic downturn the country has found itself; prices of commodities have continued to skyrocket in various markets across the country, leaving Nigerians in harrowing pains as they struggle to make ends meet on a daily basis.
This hardship has not exempted the traders as well, with the volume of buyers greatly reduced due to high cost of goods; even the prices of imported goods have soared geometrically, as importation business witnessed about 50 per cent slump across the nation’s borders and seaports.
Investigations conducted by ZENITHBLOG.com at Amukoko market Lagos, to know the prices of commodities and the extent to which the situation is biting showed how unbearable life has become for Nigerians, especially the traders.
Amukoko market, according to findings by our correspondent, is one of the markets known for cheap and affordable items but as the country continues to witness a recess in the economy, there has been a change in the prices of goods.
Traders at the market informed that the prices of goods only increased a bit but the purchasing power of people buying reduced totally.
ZENITHBLOG.com Weekly Price Check: Traders in Amukoko market, Lagos, decry low patronage. Source: Esther Odili
A foodstuff dealer identified as Mr. Iyke told ZENITHBLOG.com correspondent more about the business activities in Amukoko market.
According to him, the price of foodstuff like beans and garri increased while that of rice is relatively low.
He said: “Generally in the market, there is no stable price of goods, because the amount you purchase today either increase or decrease on your next purchase. Here in Amukoko market, we sell based on the purchasing power of the consumers.
As prices of basic food items continues to fluctuate, traders decry reduction in profit margin. Source: Esther Odili
“We buy our goods from Cotonou, Iddo or Mile 2. A bag of rice, which used to sell for N16,000 before and in other markets like Okota, Festac and Victoria Island now sells for N15,500, while a big bag of garri(White and Yellow)moved from N18,000 to N21,000. For beans, we have Niger beans, maidughri beans, Nigel beans and so on. A bag of beans (Oloone), cost N44,000 while Beans (Olotu) cost N50,000 and beans (Oloyin) cost N28,000.we have the small oloyin beans and the big one. Before, small oloyin is the cheapest but now it is very expensive.
“A buyer now needs a sum of N13,000 to purchase a keg of palm oil, which merely sold for N11,500 about two months ago, whereas a keg of groundnut oil that used to sell for N12,500 now goes for N13,500. Only rice is cheaper now compare to beans and garri. According to many, the reason why beans are expensive is because of the insurgency that takes place at Maiduguri where beans is purchased and transported to Lagos.
“The goods here are cheaper to that of other markets, because the people here are only managing to survive. Things are getting expensive on a daily basis, nothing is coming down. We just sit idle in the shops now and yet we have families to take care of. We have bills to pay. The recession is biting harder on us traders, because yes we sell but at the end of the day, there is nothing to show for it,” he complained.
Food items on display at Amukoko market, Lagos. Source: Esther Odili.
A provision seller, Mama Bukky, while lamenting the negative impact of the economic crunch on Nigerians, explained that the increase in the prices of commodities is as a result of the increase in dollar exchange coupled with the hike in the price of fuel in the country, adding that the prices of goods imported are more expensive than the ones that are produced locally.
She informed that the manufacturing firms in Nigerian inflate the pries of their products and as well restrict the importation of goods from neighbouring countries.
“Goods that are purchased from Cotonou are more affordable than the ones produced by Nigerian firms. The manufacturing firm in Nigeria placed a restriction on the importation of cheaper goods. The likes of Dangote as a manufacturer of so many products in Nigeria, is a no no for traders lately: as he inflates the price of his goods. A bag of salt now goes for N4000 while a bag of Nigerian made sugar cost N17,500. And Cotonou sugar cost N14,500.
“A carton of Indomie 70g cost N1,700 as against the old price of N1,000. A carton of Lipton tea bag cost N4,000 as against its old price of N3,500. A 20g of Milo is N400. Cowbell Café cost N400. While that of Dano powder milk N250.
“The government is the Boko Haram; Nigerian goods are very expensive yet the Cotonou goods that are affordable are banned. The governments are making life unbearable for the ordinary man,” she lamented.
ZENITHBLOG.com Weekly Price Check: Traders in shock over poor market condition. Source: Esther Odili
At the market, the price of yam remained relatively cheap. Traders informed that the influx of the new yam into the market and the scarcity of the old yam.
100 tubers of new yam (small) go for N37,000 while the big ones cost N45,000. Five tubers of yam (small) cost N2,500 and five tubers of yam (big) cost N4,500.
A trader identified simply as Musa, told our correspondent that the price of potato had increased due to the high cost of transportation of the product.
She informed that most of the traders now pay double, and if not triple what they used to pay to transport the goods here.
“A bag of potato that cost between N9,000 and N10,000 before, now goes for N13,000. The cost of transporting the goods here is high now. So, we make sales but not enough compare to previous months. Things are really difficult for us as traders, because the amount we purchase goods today, will be different from the amount we will purchase at another market day. So, we look up to God these days for sales. People cannot do without food, but they purchase food items according to their purse.”
Similarly, the price of perishable goods is now cheap and affordable. Information by traders’ revealed that the popular tomatoes are no longer in the market hence prompt the reduction of the available ones.
Affordable prices of perishable items on display at Amukoko market, Lagos. Source: Esther Odili
“We have three types of tomatoes: Hausa tomatoes, the Yoruba tomatoes and the Ajase tomatoes. Here in Amukoko market, we sell the Ajase tomato, because it is cheaper and available. The basket cost N8,000 while a big bag of pepper cost N16,000, small bag cost N6,500. People buy more than before as they need to eat healthy in other to survive.
“Onion too is very cheap. We have the dry onion which is the old onion and the wet onion which is the new onion. A bag of new onion cost N18,000 and a bag of new onion cost N13,000 as against their old price of N28,000 and N23,000,” Iya Abike, a trader who sells tomato in the market, informed ZENITHBLOG.com.
Emeka, a printer at the market, said the cost of printing materials has also risen by over 50 per cent. According to him, prices of printing papers cost of impression and lithographic plates have risen as well.
“The cost of purchasing paper is high. The paper we purchase at N5,000 before, now goes for N7,000 upwards. This has affected our business greatly. Because when you purchase materials at an expensive rate, then you need to increase the price list of our service. With this, we make sales but sometimes we spend the profit accrued to get materials needed. Therefore, we end up not making any profit at all.”
Fish sellers lament on the low purchasing power of the buyers at Amukoko Market, Lagos. Source: Esther Odili
Another trader who sells fish in the market has something different to talk about. In her words, the market is dull and this has led to the empty stalls and locked up shops observed by our correspondent.
Mrs. Adebanjo said: “Market is very dull at the moment. When things are expensive, people buy less but when things are cheap consumers tend to buy more. A carton of frozen chicken cost N10,500 while a carton of Turkey cost N13,500. A 20kg of Titus fish cost N16,500 as against its old price of N18,000. 30kg of Titus fish cost N21,000. While a carton of Fresh stock fish (Panla) goes for N14,500 and a carton of Croaker fish goes for N23,000.
“With the way things are going in the country, consumers who buy three pieces of fish end up buying only one. Some traders’ have abandoned their shops and stalls to seek for greener pasture elsewhere while others engage in other businesses so as to provide for the family needs.
A trader looking helpless at Amukoko market, Lagos. Source: Esther Odili.
“We know that buyer’s purchasing power is influenced by the income earned: if the income is low, their purchasing power will be low, if the income is high, they will end up buying more. We plead with the Federal Government to open the borders that were closed and carry out checks and balance on inflating prices of goods in the market,” she concluded.
ZENITHBLOG.com TV recently conducted a market survey to ask traders if the prices of goods have really dropped since the announcement that the country had survived the recession.
While some traders were relieved about the drop in prices of goods, some others remained adamant that things were not getting any better.
Watch the video below to listen to the traders:
Source: Zenithblog.com
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