- As coronavirus continues to alter our lives and affect the economy to a large extent, traders in markets across the state are expectant of better sales this new year- 2021
- This week, Legit.ng visited a popular market this year to inquire from traders’ goods/products that are in high demand this new year
- At the market, businesses are gradually picking up for the year even as some goods are still very expensive
Most goods in the market now are very expensive due to the negative impact of the coronavirus pandemic on the economy which has has resulted to hike in prices of major goods in market across the state.
The new year is often characterized with hopes and belief of better things to come as against the odds of the previous year, but traders have their expectations, so does the buyers in markets across the state.
Meanwhile, the happenings in the previous year, impacted greatly on the availability and affordability of goods/products in Nigerian market and beyond, whilst it was a negative one, the cost price of goods increased drastically leading to drop in supply of some goods and scarcity of other goods.
The cost price of goods in the country is mostly determined by various factors like security, transportation network, government’s policy, seasons (planting and harvest period), weather condition, to mention but a few. But with the presence of COVID-19 in the country, the availability of product within and outside the country has been impacted negatively due to policies of neighbouring countries.
The lockdown brought to a standstill of business activities in the state and beyond but now, everything is gradually returning back to normal. Generally, goods became very expensive and this affected to a large extent the profit margin of traders in the market. This new year, the traders are expectant of affordability of goods and buyers’ expectant of enough cash to purchase their desired quantity of goods.
For humans, food is essential for growth and survival, hence it is a necessity. In Nigerian market, there are goods that are of high demand during the new year and they tend to be scarce when the supply is very low and there are some that are of low demand but the supply level is very high.
This week, Legit.ng visited a popular market in Lagos to confirm from traders’ goods/ products that are in high demand this new year;
RICE, BEANS AND GARRI
Food items like rice, beans, garri and more are one of the top picks of buyers this new year in the market. Sellers opined that the demand for these items rise yet patronage is still very low due to the impact of the pandemic on the economy and cash flow of the buyers.
The cost price of these items is not fixed due to their seasons, government policies, border activities, the pandemic and the security issues within the country. Nonetheless, the preference for the items is determined by its affordability and availability on the part of buyers while for traders, it is determined by the supply level.
This new year, the cost price of rice, foreign is sold from N26,000 and below as against its old price of N28,000 upwards. This led to increased patronage during the new year celebrations while the local one sells from N24,000 and below and some still sell the local rice from N25,000 and below too.
Meanwhile, beans also recorded reasonable patronage. selelrs informed that the cost price of beans dropped and garri maintained its initial cost price. A bag of oloyin beans is sold from N18,000 upwards and a bag of oloone is sold from N28,000 upwards. Often, the content of the bag and the type of beans as well as the market visited determine its cost price as most traders sell higher than the initial price.
For garri, a bag is sold from N11,500 upwards and N12,500 upwards for the small bag and the big bag from N20,000 upwards.
The demand for foodstuff item is always very high during festivity and after. According to foodstuff dealers, items like egusi, ogbono, crayfish and dry pepper sells well this new year but the patronage for egusi was more due to its affordability.
EGUSI AND OGBONO
Ogbono and egusi aids the consumption of staple foods like semolina, wheat, garri and more. The affordability of egusi in the market, made its demand rises further compared to ogbono. The cost price of a bag of egusi is offered from N38,000 and N40,000 as against its old price of N55,000 and N60,000 upwards. Traders who sell ogbono opined that due to the high cost of the item, the demand is low as most buyers purchase the item at a reduced quantity.
CRAYFISH, DRY PEPPER AND STOCK FISH
Any Nigerian soup without crayfish or stock fish is incomplete, this makes it inclusive on the list of products or items of high demand this new year, according to sellers.
For crayfish, dry pepper and stock fish, their cost price was at a reasonable rate before and now. A big nylon of crayfish sells for N16,000 downwards as against its old price of N18,000 upwards. Stock fish, is always very expensive and the cost price is determined by its type and availability from one market to the other. The content of a bag of stock fish differs, same with the prices. A bag of stock fish is sold from N70, 000 upwards and some from N50,000 downwards; depending on the content of the bag while a bag of dry pepper, depending on the type is sold from N25,000 and N28,000 upwards.
Yam are linked to various health benefits and are a great source of fiber, manganese, copper and antioxidants.
A number of different yam species are grown for food and the tubers range in colour as they are mostly cultivated in tropical parts of the world.
There was an increment in the cost price of yam, during the first week of the year 2021 and the sellers’ revealed to Legit.ng that despite the increment in the cost of purchase, the demand for yam in the market is also very high and sometimes supply low due to security issues in neighbouring states.
A tuber of small yam now sells from N400 and N500 upwards as against its old price of N300 and N200 while a big size yam is sold from N700 and N800 upwards yet there is increased patronage as observed by our correspondent at the market.
GROUNDNUT-OIL AND PALM-OIL
According to reports, palm-oil is the most widely consumed vegetable oil on the planet and considered one of the healthiest oils for cooking and this new year, the cost price of palm-oil is still very high and demand high as well.
A 25-litre of palm-oil that cost N11,500 increased to N18,000 upwards during festive period and now, for a well-processed one while a 25-litre of groundnut-oil that was sold from N12,500 and N13,500 upwards is now sold from N16,000 upwards.
Palm-oil used to be cheaper but now, both are very expensive in the market and the demand increases daily.
Earlier this year, there was drop in the cost price of perishables hence, it brought about improved sales due to a high demand for the items. The supply of perishables in the market is determined by its seasons. During the planting season, they are very expensive and in harvest times, they are very affordable and their supply level high.
The demand for perishable is always high, according to sellers but the patronage level this year dropped as some buyers purchased the items in low quantity and often mix it up with the processed one (the tomato paste) but this is not same with onion as the demand is high and the cost of purchase higher before and now.
This new year, perishables like tomato and pepper maintained a reasonable price as a basket was sold from N5,000 upwards as against its old price of N15,000 upwards and pepper is sold from N7,000 upwards as against its old price of N10,000 and N12,000 upwards per bag but onion is still very expensive as a bag still sells from N40,000 and N50,000 upwards; depending on the size of the bag and the type of onion.
Provisional dealers in the market are not happy with the level of sales so far but when it comes to demand for provisional items, they informed of a high demand for the items.
Items like face/nose mask, hand sanitizer and antiseptic or antibacterial bath soap top the list of buyers in the previous year and this year 2021 as they maintained drastic increment in their cost of purchase and cost price.
Other provisional items whose demand increase this new year were beverages, noodles, tomato paste, laundry items and toiletries.
HAIR EXTENSIONS/BEAUTY PRODUCTS
Irrespective of your age or social status, there is always an extension for you. Hair extensions are one of the top picks of most buyers this new year and they sell faster.
They actually vary, from natural hair products to artificial hair products, from wigs to weaves, shampoos, hair lotions and creams, relaxers and more, the list is endless; their cost price increased this new year due to the increment in the demand for the items and the impact of the coronavirus pandemic on the business environment in Nigeria and beyond. Some are made here in Nigeria, and others are imported.
Also, beauty products sells fast during the new year due to new designs and styles by top fashion brands and advertisement by brand influencers online and offline.
Nail polish, according to sellers top the list of most buyers especially make-up artistes this new year and the cost price increase by five percent in various market across the state.
Looking good is good business and Nigerians don't joke with their outfit every new year, and they won’t mind spending more to achieve such feat. And this is based on individual preference; some prefer ready-made wears, others love to accessorize and opt for fabrics like lace, Ankara, guinea brocade to mention but a few.
Fashion accessories and jewelry items are purchased to complement any outfit worn during the new year celebrations and after the new year celebrations.
This makes such items of high demand that are used to design and accessorize wears are also high in demand this new year. According to sellers, they are high in demand following the festive season. In addition, slippers, shoes and heels are also included on the list of items that are in high demand this new year.
More importantly, one clothing item that was in high demand this year 2021 and the previous year was the workout outfit as most gym outfit was closed, sellers informed.
Interestingly, the cost price of the goods listed above varies, depending on the market visited, the period of visitation, the availability and supply level of the items and the cost of purchase.
From December 2020 till January 2021, Nigeria recorded consistent rise in the number of coronavirus cases in the country. following this development, health experts urged everyone to adhere strictly to the social measures put in place by the government.
INTERVIEW: We are hungry - Traders lament on hiked prices of goods via Legit TV