By Ijeh Uchechukwu Faith
- As the inflation rate rises and falls, Nigerians in all spheres of life are feeling the heat, as the prices of foodstuff maintain a fluctuating trend
- A survey conducted at Jakande market, Mile 12 market, Lagos and Agric market, Ikorodu, Lagos, by NAIJ.com correspondent showed a reduction in the prices of fresh pepper, tomatoes, fish, yam and an increment in the prices of other items
- At the market, the traders expressed worries that this period has been the worst for them because there’s usually rush in the market but since the demolition of some markets in the state commenced, business activities has been dull
- The regular markets are experiencing a constant decline in patronage occasioned by the constantly high prices placed on goods by traders
As the inflation rate rises and falls, Nigerians in all spheres of life are feeling the heat, as the prices of foodstuff maintain a fluctuating trend.
Traders and consumers in Lagos bemoaned the fluctuation in the prices of goods, fruits, sugar, vegetables, yam, rice and other food items as the economy continues to experience a recess in the economy.
A survey conducted by NAIJ.com at Jakande market, Mile 12 market, Lagos and Agric market, Ikorodu, Lagos, showed a reduction in the prices of fresh pepper, tomatoes, fish, yam and an increase in the price of foodstuff items
Business activity returns to normalcy at Agric market, Ikorodu, Lagos. Photo credit: Esther Odili
The traders are worried that this period has been the worst for them because there’s usually a rush in the market but since the demolition of some markets in the state, market has been dull.
This rise and fall in prices of goods have occasioned the influx of some buyers into major markets in order to get better deals and options away from the retail markets in the state, where the cost of food items have scared many off the markets.
With this trend, major markets in the state have become the best places to get reasonable prices of foodstuff and other household items.
Business activities at popular market, Mile 12 market, Lagos. Photo credit: Esther Odili
Further findings revealed the demolition exercise in some markets has affected sales negatively while the prices of goods in other markets have dropped by five percent. Also, there was a slight reduction in some basic food items and an increment in others.
Meanwhile, the regular markets are experiencing a constant decline in patronage caused by the constant high prices placed on goods by traders.
Jakande market is popular as a go-to place for agricultural produce, foodstuffs, and fruits, but this reputation has not prevented the traders from experiencing low patronage.
A customer identified simply as Lizzy, toldNAIJ.com that the Jakande market is her favourite place to shop for basic needs, especially fruits and foodstuff items because “the prices here are affordable.”
Barely a month after the demolition of some stalls at Agric market, traders decry low sales. Photo credit: Esther Odili
Mrs. Nnenna, a palm oil dealer in the market, enthused that the market was one where they experience high customer patronage but when the harsh economy resurfaced, things took a different turn.
She asserted: “This market is known for the affordability of goods especially foodstuff items numerous consumers. They come here because they believe they can get their goods at lower prices, compared to other markets in the state. Many people come here from far to buy items like palm-oil, yam, vegetables, sweet potato, groundnut-oil, fruits. But since there was a recess in the economy, prices of goods fluctuate often and this determines to a large extent the level of patronage.”
A trader who made huge sales prior to the new development at the market however disclosed to NAIJ.com how the demolition exercise in some markets in Lagos state has affected sales generally.
“The recent demolition exercise in some popular markets across the state from last year till date has affected our business. As traders, we work hand in hand. When things go wrong, we are affected one way or the other.
“Right now, the profit margin is reduced compared to previous months. Although we are happy the government is working but we never expected this now. Since the demolition exercise began, we have been counting our losses. We have losses our most valuable customers, profit dropped, sales dropped and so on.
The presence of few buyers fraustrated business activities in Lagos market. Photo credit: Esther Odili
“Thriving at major markets in Lagos now is tough, the traders do their business in constant fear of demolition of their stalls and shops and destruction of their goods,”Mr. Iyke a provision dealer at Agric market explained to NAIJ.com.
At Mile 12 market, a trader identified as Mrs. Chiamaka, who was spotted stocking her shop with new goods, told NAIJ.comthat the goods are sold at affordable prices but sales are on the decline.
“A bag of beans was N28, 000 but now it is N35,000 for big bag, small bag of oloyin was N17,000 in previous months and now it is N24,000. And the bag of Olotu beans that cost N44,000 before, now cost N46,000. And a bag of Garri (White) that cost N15,000 before now goes for N13,000. A bag of Garri (Yellow) that cost N14,000 before, now goes for N12,000 for small bag. While the price of rice Agric and Aroso remains stable with only a slight difference of N1000. A bag of Agric rice goes for N14,000 while that of Aroso rice goes for N13,500.”
“We can no longer pretend about Nigeria’s economy. Recession has brought in more financial discipline in the country. In the past, many people lived above their incomes, giving rise to high corruption in the nation.
Despite the drop in the prices of some basic food items, traders bewail poor market condition. Photo credit: Esther Odili
“The reality of today calls for financial discipline and that has encouraged lots of homes, families and even firms, especially, to cut their spending,” the mother of three who sells food items at the market said.
Mummy Risikat, a retailer who sells perishable items, came all the way from Ajah to get goods at cheaper rates and could not hide her joy at how cheap some of the items were.
Iya Risi as she is fondly called, said she was amazed at the drop in the prices of some goods in the market and stability in others. According to her, it is better to look else where for the purchase of goods so as to meet up with her financial obligation as a mother of five.
The energetic trader said: “Coming all the way from Ajah has been difficult, but it worth it. The price of goods has become affordable, Perishable items usually increase when the demand is higher. But now, it has become affordable. What we are experiencing now is the rise in supply. Although, the price and the availability of thse perishable items are often influenced by the season, the weather condition and availability.
Prices of perishable goods have become affordable as observed at Mile 12 market, Lagos. Photo credit: Esther Odili
“Tomatoes and pepper before, were very expensive, not same with onions, but now it has become affordable and available. A basket of tomato that was sold for N14,000, N12,000, N10,000 before , now goes for N8,000 and some basket N6,000. A big bag of chilli pepper cost N12,000 before, now it can be purchased from N9,000, N7,000 and N5,000 downwards.”
Another foodstuff dealer in the market who spoke with NAIJ.com said the price of items like ogbono, egusi and crayfish continues to fluctuate as a result of the economic condition of the country and the crisis in some parts of the country.
The man identified as Mr. Eze informed that: “Ogbono and egusi, the price is not stable and it differs depending on the market location and the cost of purchasing the items. Both are quite expensive for now. And only the local ogbono that does not draw well are cheaper. But the good ogbono is the one that draws well and it is very expensive. Egusi only experience a slight increase of fifteen percent. A bag of ogbono goes for N85,000 now as against its old price of N90,000 here at the market. A bag of egusi (Machine) cost N75,000 and that of egusi (Handpeel) cost N95,000. And the big nylon of crayfish (Patala) remains the same as N32,000.
Findings by NAIJ.com at the markets, revealed the fluctuating price of foodstuff items. Photo credit: Esther Odili
“We don’t make sales as usual. The quantity of purchase by the customers, have reduced compared to previous months. The prices of these goods continue to fluctuate as a result of the economic condition of the country and the crisis in some parts of the country. The thing is, sales keep dropping on a daily basis.”
Traders in the fruit segment of the market appealed to the government to empower farmers in cultivating fruits to meet the growing demand of the produce.
One of the traders, Mama Kunbi, said there is need to increase capacity in fruit cultivation in other to meet the local market demand.
According to her, the Jakande market at Ketu, Lagos, is usually flooded on a daily basis with the pineapples, oranges, pawpaw and banana from other states in the country. Adding that the imported fruits are too sweet compared to the locally produced fruits, suggesting that the sugar content is higher.
Mama Kunbi said: “A bunch of banana can be purchased from N600 and a basket of mango also from N1,500. For Irish potatoes, a big bag cost N32,000 while the small bag was sold from N18,000 upwards. Pawpaw can be purchased from N200, depending on the size. Local orange big basket cost N2,500 while the small basket can be purchased from N800 and above. A bag of carrot cost N7,000 while a carton of Apple cost N10,000. The freshness of the frits, the size and the cost of purchase determines the selling price of these fruits.
Side view of Agric market after demolition few weeks ago. Photo credit: Esther Odili
“Those of us that trade in locally-produced fruits are concerned about this, hence we want the government to checkmate the importation of the fruits into the country.”
Another fruit seller, Mr. Kolade, also noted that some Nigerians usually go to different farms outside the shores of country to source for some of the fruits just to meet local demands, adding that the imported fruits are usually cheaper than the ones cultivated in Nigeria.
“The imported fruits are usually sold at an affordable rate while the locally produced ones are sold at an expensive rate, this is due to the high cost of the cost of cultivating them.
“Government should empower the Nigerian farmers to be able to cultivate at reduced costs and sell at cheaper rates,” the fair-skinned man explained.
The influx of buyers into the markets has just begun. One can only hope the prices this season can remain stable and not go the way of the popular markets if the situation bites harder and when the traffic to these markets increases.
