Legit.ng weekly price check: Top 10 goods in Lagos market whose cost price fluctuated between 2015 and 2021
- The state of insecurity in the country is one that affects food prices daily, in the second year into the second term of the Buhari-Osinbajo led administration
- The worsening situation has led to crippling economy and hike in food prices leading to poor market condition and poverty in the land
- This week, Legit.ng carried out an analysis of ten items in the market into the first term and second term of the APC-led administration
Source: Original
While the citizens call on the government to live up to its responsibility, the government on the other hand, is seeking ways at home and abroad to tackle this issue that bothers on the lives and property of the people.
With the recurring attacks in the south-east, the security situation of the country is far from over as more lives are lost daily. The incessant attacks in recent times, continues to threaten the educational system, economy and source of livelihood of Nigerians.
At the market in recent times, the level of increment in the cost price of goods is so high that buyers lament more than the sellers. Some traders in other not to be left in the dark at this critical time, spend more money to get their shops fully supplied with goods so as to keep up with the tide.
During the 2015 general election, President Muhammadu Buhari promised to fight corruption, fight insurgency, defeat terrorism and fix the economy; upon assuming office, that same year, the reverse is the case as Boko Haram attacks was on the rise, kidnapping became the order of the day and Fulani herdsmen wreak havoc on farmers and farmlands, threatening food supply and availability to mention but a few, resulting to a grappling economy.
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The first term of the president was characterized with a lot of criticism as the cost of living rises coupled with rise in unemployment rate in the country and inflating price of goods in markets across the country.
This second term of the Buhari-Osinbajo led administration, the fight against corruption was far from being won, same with the fight against terrorism and other factors posing a threat to the next level agenda but the major challenge was the fight against coronavirus pandemic that halt most government activities this second year into the second term of the administration and the fight against insecurity.
Following recent happenings now, the cost price of most goods soared in the market from the year 2015 through 2021. The hike in food prices were occasioned by the border closure, coronavirus pandemic, insurgency and economy. The goods that witnessed sharp increase were basic food items with provisional items while the cost price of other goods fluctuate further.
This week, Legit.ng picked some items, visited the market to carry out a survey on their prices; comparing their cost price, from the first term and the second term of the APC-led administration.
ELECTRICAL APPLIANCES & ACCESSORIES WITH MOBILE PHONES
Source: Original
Fans (standing & ceiling), bulbs, headset, phones, extensions and sockets, chargers and more witnessed increment in their cost of purchase so far. In the year 2015, you can get a good android device from N35,000 and N40,000 upwards. And in 2020, due to the economy, occasioned by the coronavirus pandemic, electrical appliances, gadgets, accessories increased by over ten percent.
At the market now, their quality and the brand or manufacturer determines the cost price of electrical items. Mobile phones of top brands are very expensive while accessories of good quality like headset, ear pod and Bluetooth are sold from N5,000 and N6,000 upwards and the ones of less quality are sold from N3,000 and N2,500 below.
For power bank and chargers, they increased by ten to fifteen percent as their battery capacity determine their cost price while for charger, the quality and brand determines the cost of purchase.
Due to power supply level in the country, items like torchlight and solar bulbs became very expensive and supply very high in the country. As dealers informed that buyers opt for solar bulb compared to the normal bulb now. There is no stable price for these items as the markets visited and the location of the market too determines their cost price.
BAGS
Source: Original
For bags, we have the second hand or fairly used also known as 'tokunbo' and we have the original, the ones of high quality, and their prices vary on this category.
Luggage bags, suitcases, trolley bags, school bags, laptop bags and handbags were items in the market whose cost price soared. Comparing the prices, the first term of the administration, the cost price of these bags rises by three to five percent. As you can get quality luggage bags from N15,000 upwards depending on the size of the brand and the brand.
For trolley, some comes with sets; we have two sets, three sets and more, you can get them from N10,000 and N15,000 for single and the ones with set from N40,000 upwards to N80,000 while the school bags or laptop bags are sold from N3,000 and N4,000 upwards.
There is a huge difference in the cost price of bag, this second term as they are all very expensive. A trolley with three set is offered for sale from N50,000 upwards to N100,000, the ones of high quality but the ones of less quality are sold from N50,000 and below.
For laptop bags and school bags, they are sold from N5,000 upwards and female quality handbags are sold from N6,000, N8,000 and N10,000 upwards. These items, the imported ones of high quality are very expensive while the ones of low quality are offered for sale from N5,000 downwards.
PALM OIL & GROUNDNUT-OIL
Source: Original
Before the assumption of president Muhammadu Buhari into office in 2015, 25-litree of palm-oil cost N8,000 and N9,000 but from 2015 through 2019, it increased to N12,500 and N13,500. And in the year 2019 through 2021, it rises to N14,500, N18,500 upwards.
Presently, the cost of purchase is not stable as it rises and fall but not falling to an affordable price, a seller informed. At some market, especially the major markets, 25-litre of groundnut-oil is sold from N16,000 and N18,000 upwards while at other markets it is higher. For palm-oil, 25-litre is sold from N18,000 below; but in previous months it was sold from N20,000 upwards. The type of oil determine the cost of purchase.
RICE
Source: Original
The increase in the cost price of staple foods in the country especially rice is due to the high cost of production and the need for profit on the part of famers hence consumer pay more to get the best value for their money, local rice to be precise.
Due to the preference for this item, its increment is usually a blow on the part of traders as it determines most times the demand for other items they sell.
Before 2015; a bag of rice was sold from N8,000, N9,000 and N10,000. The increment startled buyers as the locally produced one is much more expensive than the foreign rice but the popular rice, from the year 2015, increased from N12,000 upwards to N16,000.
first year into the second term of the next level agenda, the land borders were shut and this brought about the increment in the cost price of foreign rice even as the local rice in the market were sold from N18,000 upwards.
The high cost of local rice affected sales in the market for a while, as sellers lament drop in patronage of the item leading to fall in demand of other items too.
In the year 2020, the outbreak of the coronavirus pandemic led to the increment in the cost price of rice; local and foreign as a bag was sold from N31,000 for foreign and N25,000 and below for local rice.
In recent times, rice-maintained stability in prices following the opening of four land borders in December 2020. At the market now, a bag of foreign rice is sold from N26,000 and a bag of local rice from N24,000, N23,500 and N22,000 but the local rice with stone is sold from N19,000 and below.
BEANS
Source: Original
Upon assuming office in 2015, the cost price of beans varies from the content of the bag, the type of beans and the size of the bag. The first term, beans was sold from N18,000 upwards, and the highest you can get a bag of beans was from N30,000.
But from the second term; the first year, cost price of a bag of beans was from N20,000, for oloyin beans while for brown beans, the cost price was offered from N35,000 upwards. But with the impact of the coronavirus pandemic on global economy and insecurity in the northern region of the country, the second year into the second term of this administration, the cost price of beans increased drastically as a bag sells from N45,000 and N51,000 upwards, for brown and white beans and N23,000 and N25,000 for oloyin beans.
The prices of essential food items doubled in recent years due to the closure of the land border, insufficient produce by farmers, hike in pump price, hike in electricity tariff and the economy. This therefore led to the low purchasing power of buyers in the market and the poor market condition.
So, the first term, the cost price of goods was still offered for sale at a reasonable rate compared to the second term of the Buhari-Osinbajo led administration. When food prices rise, some regions often feel the heat more than other regions as the prices of goods are always higher at the North-east, North-central and some southern region of the country.
GARRI
Source: Original
In Nigeria, we have two types of garri, the yellow garri and the white garri but the availability of the garri in the market is determined by the availability of cassava used in production. When it comes to food items in the market, their cost price varies by the season and the materials used in their production.
When the farmers lack the resources needed to carry out the production of some produce, the impact is felt largely in the marketplace as the produce would be scarce or the supply would be short. For garri, the cost price in the market vary on the size of the bag, the type of garri and the market location of purchase.
During the first term into office, a bag of garri was offered for sale from N5,000, and N6,000 upwards while the biggest bag is sold from N10,000 upwards. For the second term, the first year, the cost price of garri increased as a bag cost N8,000 and N10,000 (both white and yellow).
The second year into the second term of the next level agenda, there was hike in the cost price of garri, as a bag sells from N12,000, N13,000 and N14,000 upwards. And at the time of filling this report, a big bag of white garri is sold from N20,000 upwards and a big bag of yellow garri is sold from N18,000; the content in the bag of white garri is more to that of yellow garri.
OGBONO
Source: Original
Ogbono is one foodstuff item that the price is not fixed and not stable too. Due to its health benefit, the demand and preference for the item varies and ogbono business is a highly profitable business, especially when it is out of season.
From 2015 through 2019, traders sell a bag of ogbono from 65,000 and 85,000 and a paint bucket was sold from N4,000 and N5,000 upwards but some sell it lower than this cost price. But when the border was shut by the government it maintained a stable price and the supply was very high in the market as it was very affordable.
The first term, we saw the fluctuating price of ogbono in the market. The second term in office, there was an increment in the cost price of most goods in the market and ogbono was not an exception due to the coronavirus pandemic. During this period, a bag of ogbono was sold from N80,000 upwards but the second year into the second term in office, the big bag of ogbono increased by over N30,000 as a bag cost N130,000 and N140,000 upwards; now, it is sold at the market at an exorbitant rate as a paint bucket is sold from N7,000 upwards.
EGUSI
Source: Original
We have two types of egusi; the handpeel and the machine. The handpeel egusi is very expensive while the machine is affordable. Egusi is one foodstuff item whose cost price is always offered at a reasonable rate even if it is going out of season but giving way for the new one to come into the market.
Before president Muhammadu Buhari assumed office in 2015, a bag of egusi was sold from N28,000 and N30,000 upwards but from the year 2015 through 2019, the first term into office, the cost price of egusi fluctuate following the weakening of the naira, economy or scarcity of some goods in the market, not leaving out the change in weather pattern; it increased to N35,000 upwards per bag and the big bag is sold from N50,000 and N60,000 upwards.
But the second term into office, the border was shut, the first year and the cost price of egusi was very affordable but sold from N38,000 upwards. But the cost price of all goods in the market took a different turn as they increased drastically due to the coronavirus pandemic and now, a bag of egusi, is sold from N44,000 and N45,000 upwards while the bag of handpeel is sold from N50,000 and N55,000 upwards.
HAIR EXTENSIONS
Source: UGC
Hair extensions, creams, shampoo and treatment became expensive items from the second year into the first term of the administration and it became more expensive from the second year into the second term of Buhari’s administration.
Due to the rise in their cost price, most beauticians and buyers resolved to local hair products, creams and treatments.
At the moment now, hair extensions are very expensive same with weaves and wigs. The small-sized hair extension cost N1,300 as against its old price of N750 and N800 while the big-sized cost N1,600 upwards as against its old size of N900, N1,100 and N1,200.
For weaves, the quality determines the cost price. We have the human hair and the synthetic hair. The human hair, the cost price varies depending on the brand or manufacturer as well as the style. Some human hair weaves are sold from N20,000, N30,000 and N50,000 upwards while some are sold from N100,000, 150,000 and N200,000 upwards but for the synthetic they are very affordable as they are sold from N15,000 and below.
TABLE WATER & CARBONATED DRINKS
Source: Original
During the first term of President Muhammadu Buhari’s administration, drinks were very affordable, as some increased a bit but from the second year into the second term of the administration, the cost price soared due to the coronavirus pandemic and the poor economy.
From year 2015 through the year 2020, a bag of water was sold from N100 and N120 while a pack of table water was at a given price of N300, N350, N400 and N500; depending on the brand, the type of water and the location of purchase as a pack of carbonated drinks are sold from N1,000, N900 and N850.
From the year 2021 till this present day, a bag of pure water now sells from N200, a pack of table water from N550 and N600 upwards and a pack of drinks from N1,400 and N3,600 upwards depending on the type of drinks and the brand same with juice.
Surprisingly, some carbonated drinks of very popular brand are scarce, sellers informed; adding that some people had gone ahead producing fake carbonated drinks, and even selling at the same cost price of good quality ones. So, sellers urged buyers to purchase items at popular stores, supermarket and malls, so they can get the value for their money.
At the moment, insecurity is one major factor and issue that is influencing the cost price of goods, not leaving out the continuous impact of the coronavirus pandemic on global economy. Experts revealed small businesses suffer huge setback daily resulting to rising unemployment rate even as the environment poses a threat on existing business survival.
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