- Just a few days before Easter, the prices of foodstuff items in popular Lagos market have soared
- In a survey conducted by NAIJ.com at Agege market, Lagos revealed that the price of some food items remained stable while others had increased significantly
- At the market, buyers lament of hike in the price of basic food items and low income while sellers hope for a bumper sale ahead of the festivity
The prices of food items are on the rise while some remain stable, just days before Easter celebration.
Prices of local and imported products have gone high lately, and some traders attribute it to the usual routine of marketers adding prices to the market price during the festive season, while others say the price of these items had increased before now.
It was observed in the market that imported products are not affordable due to the ban placed on the importation of some goods. These products are mostly perishable goods and frozen foods like fish, turkey and chicken.
Investigations by NAIJ.com correspondent at Agege market, Lagos, revealed that the prices of some food items were stable while some had increased significantly.
Side view of Darosha market, Agege, Lagos. Photo credit: Esther Odili
It was observed at the market that customers were ready to purchase these items and were willing to pay any amount for some of the goods due to the fast approaching celebration.
Kemi, a buyer at the market informed that the season is an important one which is worth celebrating, hence she does not mind the high cost of goods.
In a chat with our correspondent, she said: “You find out that every festive period, prices of goods increase, so Easter is not an exception. Every year, I prepare for the Easter and Christmas celebrations in a big way. So, my budgets are intact and I don’t mind spending my last cash.
"The price of goods will not affect my celebration mood because I have already made plans before now and I’m ready to give myself a nice treat.”
Another buyer identified simply as Sonia asserted that it has become a norm for traders to increase the price of goods during this period as an opportunity to make a excessive profit.
The mother of two said: “It is expected for us to witness the hike in the price of goods every festive period because it has become a norm for Nigerian traders. They do this to make more money as they believe customers are ready to purchase goods without due consideration of the price. Asides traders making a profit this season, the economy is in bad shape and things are really tight as some families are finding it hard to survive on a daily basis.”
Vegetable on display at Oju Irin market, Agege, Lagos. Photo credit: Esther Odili
Further findings by NAIJ.com at the market showed that the increase in the price of some food items during this period can be traced to the poor economic situation, fluctuation of the exchange rate and fuel scarcity which have led to the increase in the transportation system.
Traders in this market stated that the high cost of foods items is not due to the season or celebration, but that there had been an increase in the price of some of the items even before Easter.
A trader who sells frozen foods explained to NAIJ.com the difference between the cost of the items on a 'good day' and Easter sales.
She said: “Prior to this period, there had been an increase in the price of fish, chicken, and turkey but it was not pronounced. People are aware of the increment in the price due to the rush of festive season but it has been expensive since late last year.
“A carton of Titus fish goes for N19,000 while a carton of Kote fish cost N14,000 as against their old price of N16,000 and N12,000. A carton of turkey cost N11,500 and a carton of normal chicken cost N10,500 and Chicken wings cost N9,600 as against their old price of N9,500 N8,500 and N7,500.
“The usual rush of festive period is not witnessed due to the state of the economy. we only manage to sell now. Sales have been very low.”
Buyers at Oju Irin market, Agege, Lagos. Photo credit: Esther Odili
Chidubem, a trader who sells ogbono, egusi, dry pepper and crayfish at the market opined that the prices of some food items are stable while it has increased for some others due to certain factors.
He said: “For now, ogbono and dry pepper have witnessed a slight reduction in price. But for egusi, it increases on a daily basis due to the crisis in the northern part of the country where it is being sold and transported to various market in Nigeria.
“Before, a bag of crayfish costs N70,000 but now it can be purchased from N60,000 and below. A bag of egusi (machine) goes for N95,000 and egusi (handpeel) goes for N65,000. For ogbono, the size is determined by the type and how well it draws. But, it has really become affordable and available. A bag of ogbono can be purchased from N55,000. Dry pepper has become affordable. A bag of dry pepper (small and long) cost N40,000 while a bag of pepper (Cameroun pepper) cost N30,000 as against its old price of N25,000.
“The difference between these foodstuff items is the size of the bag and the content inside the bag. The bigger the bag, the bigger the content and the higher the price. The prices are determined by the size of the bag, the market location and the amount the trader is willing to pay for the goods on next purchase.”
Foodstuff items soar in popular Lagos market, Lagos. Photo credit: Esther Odili
In a similar development, the price food items like rice, garri, yam and some fruits have become affordable despite the festive season.
Traders who spoke with our correspondence informed that the price of these items was on the rise before now but has been reduced. Adding that the festive season has not affected the price, rather it has reduced a bit.
A trader described as Emeka told NAIJ.com the difference between the cost of purchase and the market price of the food items.
Emekus as he is fondly called, said: “The market price is different from the cost price. The market price has a difference of about 10 percent to the cost price. When the cost of purchase is low, the market price will be low, when the cost of purchase is high, the market price will be high.
“The wholesale price of a bag of rice now is was sold at N13,300 but the market price of rice (aroso and agric) is N14, 500 and N14,000. A small bag of beans (oloyin) cost NN22,500, a bag of beans (olotu) cost N24,000 and a small bag of beans (oloone) cost N22,000. The only beans I sell that is expensive is the white beans and the bag cost N45,000, due to its size.
The price of beans continue to rise in various market across Lagos State. Photo credit: Esther Odili
“The increase in the price of goods like rice is caused by the ban placed on the importation of rice while the locally made ones have been on the rise due to the cost of production. As for beans, the price has been unstable, and with the insurgency, the prices increased to some extent. Also, the cost of carriage and the huge demand is an added factor.”
Also in the market, the price of perishable goods like tomatoes and pepper has increased and the quantity reduced but for onion, it is reasonably priced.
In the course of our findings, it was observed that the price of tomatoes and pepper is doubled due to the festive period but a relatively low price of onion.
Iya Rokibat a tomato seller at the market, complained of the high cost of purchase and the drop in sales.
She expressed her dissatisfaction over the current market situation and the low patronage as against the usual rush of buyers during the festive period.
Onion has become affordable in various market across Lagos State. Photo credit: Esther Odili
“The price of onion is stable and the quantity increased. A bag of onion now cost N12,000 as against its old price of N18,000. Then a medium sized basket of tomatoes that cost N4,000 has risen to N8,000 while the big basket of tomatoes that is fresh now goes for N10,000 upwards.
“But for onions, it is very cheap because it is available and the supply is more on a daily basis. And tomatoes that were sold for N50 before now sells for N100 while the one that is sold at N100 now sells for N200, same goes for pepper.
“One cannot predict the price of these items because it fluctuates at any given time. It is the usual style in the Nigerian market, that during festivity, the cost of perishable items increases but this period, it not only the cost of purchase that has affected us, rather the economy has influenced the consumer decision of purchasing items in the market.
Tomato trader decry low patronage ahead of Easter celebration at Agege market, Lagos. Photo credit: Esther Odili
“Most buyers opt for smashed tomatoes and only a few purchases fresh tomatoes because they complain about lack of money. In return, we make sales but on a low level,” The middle-aged woman stated.
At the market, it was interesting to see the turn up of customers who are buying fruits due to the affordability of price. Although the price of some fruits that was high has been reduced. Traders are of the opinion that only price of imported fruits was on the high side before, now the price has reduced.
Fruits have become affordable at markets across the Lagos state. Photo credit: Esther Odili
Fruits like Orange, cabbage, cucumber, Pawpaw, Mango, Banana, carrot, Pineapple, and cherry (agbalumo) are cheap and affordable while fruits like apple, English grape, pears, are expensive. The price is high because they are imported.
Mohammed, a fruit seller at the market says he is impressed with the turnout of buyers, adding that sales have increased due to the reduction in the price of some fruits.
Fruit sellers expressed satisfaction with the level of sales at Agege market, Lagos. Photo credit: Esther Odili
Mrs. Haruna, 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, the rise in the dollar and market location but lately, the price has reduced a bit.
Mrs. Haruna told our correspondent that: “25-litre of groundnut oil was sold before at N16,000 but now it goes for N11,500 while branded ones cost N13,000. For palm oil, we have purchased at a higher rate of N20,000 but now, it has dropped significantly to N10,500 and N11,000 respectively. The quality, the cost of purchase and location of the market determines the price of the items.
Price of palm oil dropped significantly at Agege market, Lagos. Photo credit: Esther Odili
“Now, we can only say this is the actual price but cannot tell if it will increase tomorrow or not because the amount used in the purchase of the product will influence the price that traders will sell.”
A meat seller at the market popularly called Sir Kenny said the price of beef has gone up before now adding that the prices of the cow differ and is based on the sizes as well.
He said: “Here at Oju Irin market, because we are closer to the abattoir, the meat is affordable but the markets that are far from the abattoir, do not really sell at affordable prices due to the cost of purchase and carriage as well.
“The price is also determined by the size of the cow. If the cow is bigger, the price will be higher and if it is small, the price will be lower. The difficulty we face now is the introduction of the meat van by the Lagos State Government. The carriage is delayed and our customers who patronize us in the early hours of the day tend to leave on the late arrival of our goods.
Meat sellers at Agege market, Lagos lament low patronage despite the reduction in price. Photo credit: Esther Odili
“The insurgency, the goods that come from the north have been on the rise before now and has thus affected the carriage of the items from the north to Lagos state. Also, the exchange rate has led to the increase in the price of virtually all goods in the market before Easter but we hope for bumper sales come Easter.
“If not for the loan by some micro-finance banks, I won’t be selling here now because of low patronage that has resulted in the low-profit-margin. Most of the meat sellers borrow money to buy their goods daily. The market is very dull and we now sell goods by being indebted to a lot of people. Things are really tough for us we have no other means of survival.”
Moreso, the price of livestock feed like chicken, live turkey and guinea fowl increased a bit. Traders informed that it will be more expensive when the demand is higher than the supply just a few days from now.
In preparation for the season, sales outlets like shopping malls, supermarkets, small stalls display gift items, baskets, provision, wears, bags, shoes and more with over 40% discount on prices. They do this to attract customers, increase patronage and sell off their old goods in the shop so as to get new ones when the celebration is over.
Traders reveal the drop in price of food condiment, spaghetti, butter, mayonnaise and tomato paste at Agege market, Lagos. Photo credit: Esther Odili
Moreover, buyers are of the opinion that being alive is worth celebrating irrespective of the economic situation of the country while sellers hope for bumper sales ahead of the Easter celebration.
Market survey: As against the usual practice of asking traders for the prices of goods in the market, we decided to make someone happy via NAIJ.com TV
Source: Naija.ng
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