- Just two months after president Muhammadu Buhari assumed his second term in office, traders lament bitterly over increment in the cost price of major goods
- A survey conducted by Legit.ng at Jakande Market, Ketu, Lagos, revealed the increment in the price of some goods and reduction in the price of others
- According to traders at the market, the reduction in the price of some goods is due to seasonal change while the increment in the price of others is as a result of insecurity issues in the northern part of the country and bad economy
Just two months after president Muhammadu Buhari assumed his second term in office, traders in popular Lagos market lament bitterly over increment in the price of some goods.
In a survey conducted by Legit.ng at Jakande market, Ketu, Lagos, it was revealed that the prices of some goods have soared while others reduced.
According to traders who spoke with our correspondent, the insecurity issues in the country coupled with the grappling economy has affected the prices of major goods to a large extent while others rises and fall due to the seasonal factors.
A trader who sells food condiment, spaghetti, maggi, groundnut oil and semolina informed Legit.ng of the increment in the cost of purchase resulting to increment in the cost price of the goods.
“The prices of goods keep rising and this affects our business on the long run. Groundnut oil, semolina, maggi, spaghetti and other food condiment have become expensive in the market now. 5 litre of groundnut oil that cost N2,500 before has risen to N3,000 and 10 litres now cost N5,200. Spaghetti has risen by five percent while a carton of maggi that goes for N6,000 before, now cost N8,000. And for semolina, it is very expensive the ones that we buy from N2,000, N2,100 and N2,200 now goes for N2,900 and even N3,000,” The trader lamented.
In the same vein, another trader who sells yam at the market complains of poor sales despite availability of the new produce. In a chat with Legit.ng correspondent, she revealed that the low income experienced by most buyers resulted to their low purchasing power.
She said: “Right now, we are not making enough money now as traders because we sell our goods below the cost price. It has gotten to the level where buyers who are salary earners lament low income and most are unemployed now.
“With this current situation of things in the market coupled with the economic condition we are faced with, it is really difficult for us to sell our goods and make good profit at the end of the day.”
At the market, it was observed that some fruits are out of season and others are in season but some sellers express satisfaction in the cost of purchase and others reveal the difference in the cost of goods before and now.
For fruits like apple, watermelon, oranges, pineapple, carrot, banana and walnut they are sold at affordable prices but for coconut it is quite expensive according to sellers.
“We have different sizes of water melon; the big-sized- watermelon cost N7,000 per dozen, the medium-sized water melon goes for N5,000 or N6,000 and the small-sized watermelon cost about N2,500 respectively.
“Before and after the inauguration, their prices did not increase because if it does increase, the big sized water melon will be sold from N10,000 upwards but now, the prices are sold at affordable rates.
“Also, most of these goods are purchased from the northern region of the country and the cost of transportation and carriage from there to the marketplace where they would be sold is very high and this influences their prices to a large extent,” A fruit seller who sells watermelon informed our correspondent.
A coconut seller at the market informed our correspondent of the fluctuation in the price of the fruit. According to her, the cost of purchase has increased now compared to previous years.
The trader at the market explained that: “Coconut and coconut water serves different purposes and the sizes of coconut inform their prices. We have different types of coconut; we have the native coconut that cost N18,000, we have the small ones that cost N16,000, we have the Ghana coconut that is purchased from Ghana and used here for making oil. We have the ‘Digbon coconut’, this one is mostly used by churches and reason is because it has water inside.
“We have coconut that cost, N1,200, N1,500, N800, N600, N2,000 and N3,000 per dozen. We do sell hand also and one hand of coconut is 40 pieces and it cost N4,000 while one bag of coconut cost N20,000.
“Before, we sell a bag of coconut from N14,000, N15,000 upwards but now, it is too expensive as it is sold from N20,000 upwards. And prior to this period, we sell at a reduced price for those who want to purchase a higher quantity so as to attract them and make them our loyal customers. Sales have been quite encouraging and we are grateful to God for that.”
At the market, perishable goods have become very affordable and available. Sellers informed that, seasonal changes are one major factor that influences the prices of perishable goods. Adding that, the fresh ones are now supplied in large quantity in the market while the dry one is out of season.
A trader who sells tomato in the market reveal to Legit.ng the recent fall in the price of the goods.
She said: “These perishable goods are farm produce and their prices are influenced by seasonal factors. Right now, the dry tomato is out of season and has given way for the fresh tomatoes. The fresh tomatoes are supplied in large quantity which makes it affordable compared to previous months but Tatase is now expensive while pepper is cheap.
“We have different types of tomato same with the basket. We have the Ghana tomatoes, the Hausa tomatoes and we have the smashed tomatoes. A basket of Hausa tomatoes goes for N10,000 and N15,000 and the basket of smashed tomatoes goes from N8,000, N10,000, N11,000 and N12,5000 respectively. The quantity inside the basket of the tomato, the size of the basket and how fresh the produce is determines the price of the basket of tomato and makes it either affordable or expensive.”
For most buyers, this recent development has affected their consumption pattern as well as their purchasing power leaving them with no other choice than to go for quantity rather than quality.
As buyers hope for the ‘next level’ promised by the Buhari-Osinbajo led administration, traders anticipate for better sales ahead of the Eid-el-Kabir celebrations.
Market survey: Two months into Buhari's second term, traders lament bitterly via Legit TV