Traders lament low patronage as prices of goods fluctuate in Lagos market

- The prices of some local food items continue to fluctuate in various market across the country

- Findings by NAIJ.com at Onigbongbo market, Maryland, Lagos, showed a slight increment in the price of some basic food items and a fluctuation in the price of others

- Traders at the market lament poor sales and an increment in the cost of purchase

The prices of some food items continue to fluctuate in various markets across Lagos state.

Findings by NAIJ.com at Onigbongbo market, Maryland, Lagos, revealed an increase in the prices of some food items that are produced locally and a stable price of others.

Business activities at Onigbongbo market, Maryland, Lagos. Photo credit: Esther Odili

Traders who spoke with our correspondent informed that the rise in the cost price of goods lately is due to the insurgency in the northern part of the country, as some traders cannot travel to purchase goods as usual.

Ebuka, a trader who sells food items like beans, rice and garri, described increase in price of foodstuffs.

He said: “A bag of rice (Aroso) cost N14,500 while that of rice (Agric) cost N14,000. For beans, we have oloyin, olotu and oloone. We have oloyin Niger and oloyin maidughuri beans. The maidughuri is sweeter than that of Niger. And it attracts sales as well. A small bag beans (oloyin) cost N22,000. A bag of beans (olotu) cost N53,000 while a big bag of beans (oloone) cost N42,000.

“I sell Cotonou garri, and it is not expensive like other of garri. The big bag cost N11,500 while the small bag cost N8,000. The price is not fixed. It fluctuates but the market and cost of purchase determines the price of the goods.

The price of beans keep rising in various market across the state. Photo credit: Esther Odili

“The price of beans soared this week than in previous months. I cannot really point out to one factor that led to it but when those supplying us goods, purchased at an increased price, then we will resell at a higher price.”

At the market, a business man who sells phone pads, headset, phone chargers and card, has a different view of the current market situation. He hints that his business has been a smooth one as the economy does not affect the level of sales.

The man who identified himself as Anselm explained to NAIJ.com correspondent that: “Sales have improve so far. The economy does not affect my business in any way rather it only reduces the profit after daily sales. Before now, people complain that there is no money and today, they still complain that there is no money.

“I use to travel out to buy my goods, but since the exchange rate has gone up, I buy from people who travel and the price is very high. Because I sell quality and as well quantity. A quality charger can be purchased from N2,500 upward and a less quality one can be purchased from N500. Same goes for the phone pad and headset and microchips (memory card).

The presence of few buyers were seen at Onigbongbo market, Maryland, Lagos. Photo credit: Esther Odili

“The patronage is encouraging. Prior to this period, I record a huge turnover of profit but now it is not so, because things are very expensive. Most of the goods that are imported have gone up, so the prices tend to be doubled.”

Similarly, a trader at the market identified simply as Mrs. Nene, explained the price of foodstuff items in the market.

“Just few weeks back, a bag of egusi cost N55,000 but recently, the price increased by over 20 percent. A bag of Egusi (Handpeel) cost N90,000 while the machine cost NN85,000 as against its old price of N55,000 and N42,000. For ogbono, the price keeps fluctuating. A bag of ogbono before ranges from N75,000 to N80,000 but now a bag cost between N90,000 to N120,000. While crayfish, a big nylon goes for N28,000 as against its old price of N26,000.

The increment in the price of foodstuff items has affected the purchasing power of buyers. Photo credit: Esther Odili.

“The economy has affected the price of goods to a large extent. As the increment in the cost of purchasing these items keep rising daily. The exchange rate, the increase in fuel price, cost of carriage and the market location determines the cost price of the items,” she said.

While most Nigerians have lamented the impact of the economy on prices of goods as well as worsening value of the exchange rate, traders informed that sales have been affected negatively by the economic crisis of the country.

At the market, perishable items like tomatoes and pepper witnessed a slight increase in price and a stability in the price of onion. Traders attributed this to the worsening state of the economy.

The traders linked the increment in the price of some goods to the increase in pump price, hike in transportation fare, reduction in the value of naira and the insurgency in the northern part of the country.

NAIJ.com Weekly Price Check: Traders decry low purchasing power of buyers as prices of goods soar

Findings by our correspondent revealed unstable prices of some imported goods while locally produced consumer goods have maintained fluctuating prices.

At the market, there was a reduction in the price of palm-oil, groundnut-oil, tomato paste and food condiments; traders ascribed this to the availability of the goods and increased supply of the products by different manufacturers.

According to her: “We used to buy a 25-litre of palm-oil at N14,500 but now it costs N11,000. Same goes for the price of groundnut oil that cost N15,000 before, but now goes for N12,500 to N13,000. Before, the price of tomato paste had over a 20 per cent increment. A carton of Gino tomato paste (sachet) cost N3,500 but now it cost N2,200 while others cost N1,800 and a carton of spaghetti that cost N3,600 is now sold for N3,400.

“The current economic situation has left many with unanswered questions. Consumers no longer buy as they use to, leaving us in debts, we end up buying goods and not selling them off the stalls in weeks. The prices of the items continue to rise daily. When you go to the market to buy these goods today, on your next purchase, you get a higher price. The people are suffering.

Traders decry low patronage as prices of goods fluctuate in various market across the state. Photo credit: Esther Odili

NAIJ.com Weekly Price Check: Traders decry low purchasing power of buyers as prices of goods soar

“Now we have different manufacturers in the country producing these goods, in competitive order. This has led to the reduction in the price of the goods. The goods do not really have a fixed price. It depends on the market situation on the day of purchase. You can get to market this week and get goods at affordable rate and the next week, you can get them at an expensive rate.

“Here at Onigbongbo market, during the first two weeks of every month, sales boom but towards the end of the month, you record low sales because by then, buyers have spent all they had and are managing the ones,” a trader identified simply as Mrs. Nkiru told our correspondent.

Mustapha, a meat seller at the market said the new sale prices have adversely affected business for traders.

“The prices of cow and goat that we sell have gone high and buyers just keep complaining whenever they come to patronize us. and some of us sit in shop without making sales after the day’s activity. The market is dull and this has affected our business in turn negatively. Now, the price of a full goat leg ranges from N15,000- 20,000 depending on the location of purchase; The bigger the goat, the higher the price. It is just a difference of N5,000 placed on it.

There has been an increment in the price of beef at Onigbongbo market, Maryland, Lagos. Photo credit: Esther Odili

“People are managing to buying because they have to cook. They are complaining because it is more expensive than before. A full cow before cost about N150,000 but now it cost N200,000. The continuous rise in the price of beef is influenced by the economic condition of the country,” he said.

Meanwhile, fresh tomatoes and pepper witnessed a slight increment but onion is relatively cheap as observed in the market.

Iya Ofure, a trader who sells perishable items in the market, said the prices of tomatoes have increased a bit due to an unprecedented hike witnessed in transportation and cost of purchase.

Perishable items witnessed a slight increment in price at Onigbongbo market, Maryland, Lagos. Photo credit: Esther Odili

She said: “The recent hike in transportation and insurgency in the northern part of the country has led to an increase in the price of tomatoes. A basket of Hausa tomatoes that cost N10,000 now goes for N8,500 this week. Only the ones that are not fresh can be bought at an affordable rate. Same goes for pepper (rodo and tatashe) but a bag of onion new cost N22,000 and the old one cost N28,000.”

Sadiq, who sells at the market also spoke about the prices of fruits in the market, explaining that the hike in their prices is also alarming.

“A carton of apple before cost N5,000 but now it cost N8,000. But oranges, mango and cucumber are still sold at an affordable rate but fresh carrots are expensive. A bag of carrot cost N6,000 as against its old price of N4,000. Also, for small oranges, it is not sold in baskets but by counting. 50 pieces cost N500 as against its old price of N750. While a bag of small oranges cost N2,000.

Despite the affordability of some goods in the market, traders decry low sales at Onigbongbo market, Maryland, Lagos. Photo credit: Esther Odili

“The prices of these products fluctuate, depending on the quantity of produce available in the market,” the fruit seller informed.

Meanwhile, some traders in the market are experiencing the change promised by the present administration. This was magnified by a hair extension dealer who expressed a different view of the market situation.

She said: “The present administration is trying its best to make life comfortable for the citizen and especially the traders. The market well-structured and as well conducive for our business to strive.

“Prices of virtually all things have suddenly gone up. The rise in the pump price of fuel, cost of transportation and more has led to this hike.

Hair extensions and wigs on display at Onigbongbo market, Maryland, Lagos. Photo credit: Esther Odili

“My business has not been affected negatively by the current economic condition of the country. I make good sales but not on a daily basis, due to the nature of our work. A braided wig (short) cost N10,000 while the long one cost N15,000. A weavon wig (Human hair) short, cost N6,000 while the long one cost N12,000, depending on the inches. These prices are affordable compared to previous years when they range from N35,000 upward.”

At the market, the price of yam remained relatively low compared to previous months. Before, five tubers of big yams cost N5,000 but now it goes from N3,000-N4,500. There are cheaper ones, but the size, the type and location of market determine the price.

Despite the general increase in non-farm produce, however, the effect of the economy keeps increasing daily. The non-improvement of salaries has also weakened the purchasing power of most buyers in the country.

Market survey: Focus on vegetables and how expensive they have become in the market via NAIJ.com TV

Source: Naija.ng

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