Prices of goods soar, traders lament low sales

macfranc007 February 23, 2018 Nigeria News today & Breaking news ▷ Read Nigerian newspapers 24/7 Esther Odili

- The prices of local foodstuff have soared in various market across Lagos state

- Findings by NAIJ.com at Laketu market, Ikorodu, Lagos, shows an increase in the price of some basic foodstuff items and stability in the price of others that are imported into the country

- Some traders in the market attribute the rise in the price of goods to the insurgency in the north while others insist that farmers are finding it difficult to carry on with their daily activities due to recent attacks

Recent findings have revealed a sharp increment in the prices of local foodstuff in various markets across the state.

NAIJ.com correspondent, during a survey carried out in Laketu market, Ikorodu, Lagos, discovered that the price of locally-produced goods are on the high side while that of imported goods are quite stable.

Side view of Laketu market, Ikorodu, Lagos. Source: Esther Odili.

Traders at the market informed that the rise in the cost price of goods lately is due to the insurgency (which has affected many farmers) in the northern part of the country.

Mr. Camilus who sells food items like rice, beans and garri explains the current price of each of the items.

“The price of beans, rice and garri is a little higher now. Rice became cheap when the border was opened, but since it was closed now, it became expensive. A bag of rice (aroso) cost N13,500 before, but now cost N14,500. Depending on the market. A bag of beans (oloyin) cost N24,000. A bag of beans (olotu) cost N46,000 while a bag of beans (oloone) cost N36,000.

“I sell Bendel garri, and it is more expensive than Ijebu garri. A big bag of bendel garri (yellow & white) can be purchased from N12,000 and the small bag from N7,000. A measure of bendel garri now cost N500 while that of Ijebu garri cost N450.

Traders lament soaring price of basic food items in Lagos market. Source: Esther Odili

“The reason why we make sales is just because people cannot do without food on a daily basis, because the cost of purchase keeps rising,” the trader explained to NAIJ.com correspondent.

At the market, goods like yam, fish, beef, groundnut oil and palm oil have witnessed a slight reduction in prices. Still, the traders lament low sales.

A trader who sells beef, identified simply as Alhaji Kola, said the poor economy is the reason for the low sales despite reduction in the prices of the goods in the market.

According to him: "The economy is hard and many families are finding it difficult to survive. What the consumers do is that, they come to the market, price the goods, after parading the market, most of them go home without buying anything due to cost price.

“It is not our fault that prices of goods rises, the amount we purchase our goods will determine its affordability. I think it is just normal for food items to be expensive during this period when the economy is not stable.”

Despite the affordability of goods, traders decry low patronage at Laketu market, Ikorodu, Lagos. Source: Esther Odili.

But Ismaila, a yam seller in the same market, has a different view from Alhaji Kola's line of thought. He said: “We have different types of yam. Big yams are expensive while small yams are not. Lately, you can get five tubers of yam (small) from N1,250 and five tubers of yam (big) from N3,000.

“It has become common for Nigerians, be it manufacturers or the traders, to always increase prices of foodstuff at any little opportunity they get. Whenever there is any crisis in the country, they see it as an opportunity to make extra profit, and that is unfair."

“The supply of yam in the market is higher now, hence its affordability in price. Sometimes, the reason why the price rises, is due to high cost of transportation."

Meanwhile, prices of fresh tomatoes and pepper have become cheaper but onion seems to remain quite expensive as observed in the market.

Traders attribute the reduction in the price of the perishable goods to availability, season and excess supply of the items to the market.

Traders and buyers at Laketu market, Ikorodu, Lagos. Source: Esther Odili

A trader identified as Mama Kehinde informed that sales have been very encouraging but not like before.

During a chat with our correspondent in the market, the trader explained: “Tomatoes and pepper are affordable but the smashed tomatoes are very cheap compared to the freshly produced ones. A basket of chilli pepper (rodo) cost N8,000 as against the previous price of N12,000.

"A basket of tomatoes can be purchased from N7,000 while the basket that is mixed can be sold from N6,000. Onions is expensive now. A big bag of onions cost N40,000 while the small bag cost N24,000.

Despite the affordability of these items, traders at Laketu market lament low patronage. Source: Esther Odili

“People cannot but cook on a daily basis. And here, in our market we sell goods at an affordable rate. But when the cost of purchasing the item is high, we sell at a higher rare but when it is low, we sell at a lower rate.

“But the cost price of goods is higher now compared to previous months. We spend double purchasing the goods we sell and selling it at an affordable rate is challenging for us."

A trader who sells foodstuff items like ogbono, egusi, crayfish and dry pepper, lament on the effect of the insurgency in the northern state of the country and how it has affected the prices of foodstuff items as well as the farmers.

In her words: “The reason why we make sales is just because people cannot do without food on a daily basis. Right now, the cost price of egusi is higher than that of ogbono. The rise in the price of egusi was due to the insurgency in the north. Farmers are finding it difficult to carry out their daily activities cause of recent attacks.

Prices of foodstuff items like egusi, crayfish and ogbono soars in major markets across the country. Source: Esther Odili

“A bag of egusi (machine) cost N75,000 and a bag of egusi (handpeel) cost N90,000. Ogbono was not affected but still expensive a bit. A bag of ogbono cost N80,000. A bag of dried pepper (small) cost N50,000.

“The people are managing and the times are really hard. The fluctuating price of goods affects sales. If we don’t make good sales, how are we going to survive as traders.”

Similarly, a 25-litre gallon of vegetable oil, which previously sold for N13, 500, now costs N11, 500, while the price of palm oil fell from N11, 000 to N10, 500.

Iya Segun, who sells groundnut oil and palm oil, says the price of groundnut oil before the festive season was on the high side due to the economic situation of the country, rise in dollar and market force. But lately the price has reduced a bit.

Groundnut oil and palm oil have become available and affordable in the market. Source: Esther Odili

She said: “25-litre of groundnut oil was sold at N13,500 and above before but now it is sold at N11,500. And a 25-litre gallon of palm oil that cost N12,500 before, now costs N10,500; this also depends on the brand and quality of the oil as well as the market location.

“There is no fixed price, we can only say this is the actual price now, we can’t tell if it will increase or decrease tomorrow. Because the cost of purchase determines the amount the goods will be sold.”

Prices of foodstuffs such as plantain, yam, cocoyam and cassava are relatively low while fruits like garden eggs, carrot, orange, banana and African star apple (agbalumo), are the cheapest items in the market.

Apart from the hike in prices of food items, the increase in the demand of second hand clothes popularly known as okrika is amazing. Many Nigerians now prefer okrika to new clothes due to its affordability, especially in this tough period.

Consumers opt for second-hand wares due to its affordability at Laketu market, Ikorodu, Lagos. Source: Esther Odili

However, buyers are of the opinion that they have to survive irrespective of the situation in the country, economic challenges and market price, as they have no choice than to eat healthy either in harsh economy or not.

Market Survey: Umuahia traders open up on state of things in the Abia state capital via NAIJ.com TV