Legit.ng weekly price check: Top 8 Goods Whose Cost Prices Have Dropped in Lagos Market This January

• There is a noticeable reduction in the cost price of goods in major markets across Lagos state
• At the market this week, the cost price of food items like rice, beans, garri have dropped by over five percent as others maintain stability
• Interestingly, this is not evident in the profit margin of buyers as they decry poor sales despite the reduction in the cost price of goods

A lot is happening in the polity and the market is no exception.

The market situation in the country determines to a large extent the cost price of goods and their availability. This is often influenced by the economy, the season and the weather condition.

In previous weeks, saw a hike in the cost price of goods in markets across the country. The situation, however, saw a majority of the traders interviewed attributing the hike to scarcity arising from the off-season effect, high demand, low supply and inflation to mention but a few.

Read also

Coronavirus: Traders reveal hike in cost of food items as Easter beckons

But there is a twist as previous months showed the hike is occasioned by rising insecurity in some parts of the country where food items are grown and sent to the market; this was a difficult standing for some traders as their businesses were threatened daily following the short supply of items and available items became very expensive and buyers opt for items of high importance.

In Lagos, there are markets that offered goods at wholesale prices and there are others that offered goods at retail prices. These markets when visited by buyers determine the cost of purchase and cost price of most goods.

For some traders, the major and popular markets are their go-to any day and anytime and it is the plug for affordable goods but the retail markets offer goods twice the initial prices.

Read also

What do you know about the main top types of inflation?

In recent weeks, the price of commodities witnessed an upward trend from what was sold in early January; some goods were very costly and others fluctuate. For example, a bag of foreign rice is sold from N29,000 and N30,000 upwards while beans are sold from N80,000 upwards.

The dollar rate affected the cost of price most goods that are imported into the country while the goods that are manufactured locally, their materials were sold doubled their initial prices, inflating their cost of purchase. This brought about a decline in the level of sales according to sellers and for buyers a drop in their purchasing power.

This period, there has been a drop in the cost price of major goods in the market; for some, it is very noticeable and for others, it is just a slight change in prices.

Legit.ng visited a popular market in Lagos, Mile-12 international market, and the traders highlighted goods whose cost prices have dropped in recent days and why;

Read also

What is prime cost and how do you calculate it?

RICE

In previous weeks, the cost price of rice increased exorbitantly especially in retail markets. In fact, one could not really spell out the difference in the cost price of local rice and foreign rice.

It became worrisome for traders in popular Lagos market as they find it difficult to sell off old stock because the purchasing power of buyers dropped and this, in turn, affected their level of sales.

There is good news this period, as traders in the market disclosed the recent drop in the cost price of rice.

A bag of foreign rice now sells from N26,000 and N27,000 as against its old price of N30,000 and N29,000.

For local rice, a bag sells from N23,000 and below for the ones without stones and are of good quality but the local rice of low quality which contained stones are sold from N20, 000 and N19,000.

BEANS

Read also

Top rated procurement officer in Nigeria: role, duties, courses, jobs and salaries!

Beans are one major good in the market whose cost of purchase increased drastically for a long while in the market.

It was so serious that bags of beans were offered for sale even at major markets from N80,000 upwards and this affected to a large extent the demand as most buyers lament bitterly and their quantity of purchase dropped; this was evident even in wake of the new year.

But this week at the market, the cost price of beans has dropped in Lagos market as informed by the traders. A bag of beans (oloone and olotu) is sold from N60,000 upwards as against its previous price of N75,000, N80,000 and N100,000.

For oloyin beans, a bag is sold from N35,000 and below, the small bag to be precise. Some traders sell at a higher price depending on the market visited.

GARRI

Another item in the market whose demand is on the high side is garri. Some enjoy it raw and others prefer it with a rich tasty soup.

Read also

What is the average cost of living in Nigeria? Compare the stats now

Garri was sold at an expensive price in previous weeks as bags are sold from N17,000, N18,000 and N20,000 upwards. It is evident in the cost price of the paint bucket of garri as it is sold from N1,200 upwards and some traders who want to make more profit offer their from N1,500 upwards.

There is a change in the cost price of garri this week as a bag is now offered for sale from N12,000 and N13,000 upwards for both yellow garri and white garri; the only difference is the size of the bag. The cost price of a bag with more paint buckets is higher.

PERISHABLES

There is never a fixed price of perishables, especially in Lagos market. Often, the cost price fluctuates and at other times, it increases exorbitantly.

Perishables like tomato and pepper are sold twice their usual amount in the market in previous weeks but in recent days at the market, perishables are very affordable and the quantity of display, attractive.

Read also

Top 20 FMCG companies in Nigeria

It is so enticing that you can now getter for as low as N50 and Tomato for as low as N100. Unlike previous weeks where pepper is sold from N200 and Tomato from N500 upwards.

A basket of tomatoes is sold from N9,000 upwards and a bag of pepper depends on the size from N7,000 upwards.

GAS

The cost price of gas cylinders stirred mixed reactions in the polity as even prominent personalities in the country urged the government to see to the affordability as traders and buyers lament bitterly over the rising cost of the item.

Moreso is the hike in the cost of its cylinder; refilling the cylinder was a huge pain for most Nigerians; some could not fathom how it got to this level; as it is refilled from N850 upwards.

At the market now, there’s a drop in the cost price and it depreciated by N500. 6kg of gas is now refilled from N650. This is a relief for many especially those with 10kg and 12kg.

COOKING OIL

The cost price of oil, which went up in December 2021 has dropped in the market.

This week, traders disclosed the festive period did not affect the cost price rather the economy and the dollar rate inflate its cost price. This is so as 25-litre of oil is sold from N27,000 upwards and palm oil is sold from N26,000 upwards. For branded oil, it was sold at higher rates.

The new change in the cost price of cooking oil was N500 and N1,000 differences. 25-litre of oil sells from N26,000 for refill and 25-litre of palm-oil sells from N24,000 and N23,000 upwards.

PLANTAIN

Prices of plantain which dropped further in last year soared again in the New Year. However, the increase in prices became more evident during visits to some markets across the states within the first and second week of January.

The prices went up by over ten to fifteen percent in the market. Traders blame seasonal problems associated with staple food. For example, a bunch of plantains that were previously sold for between N1,000 and N1,200 increased to between N4,000, N5,000 and N6,000 upwards depending on the size.

This week at the market, the cost of purchase dropped reflected the cost price. A bunch of plantain sells from N1,500 at Mile 12 international market, Lagos.

YAM

In the same vein, the cost price of yam skyrocketed in previous weeks. This was noticeable even in the cost of purchase as some traders couldn’t purchase the item leaving them to sell other goods that are available and very affordable. A tuber of yam was sold from N1,000 and N1,500 upwards and small tubers are offered for sale from N600, N700 upwards.

Traders at the market attributed the hike to security challenges the country is faced with resulting in the high cost of transportation coupled with the grappling economy.

Presently at the market, the cost price of yam dropped as a tuber of yam sells from N1,000 and N800 below for the big size and the small size is sold from N700 and below.

Interestingly, this price change in the cost of goods highlighted above is evident in goods offered for sale at major markets at wholesale prices and not retail markets where they are sold at retail prices.

Also, at the market, traders disclosed that the reduction in the items is due to their affordability (supply level) and seasonal factors even as most decry poor sales and low-profit.

This is not the usual Christmas: Traders in Lagos market cries out, lament poor sales amid celebration

Meanwhile, Legit.ng had previously reported that traders in markets across the country look forward to the festive season as they tend to stock up their shops so as to meet the demands of buyers and make a good profit.

This year's Christmas celebration has come but some trades shared with Legit.ng the market situation, sales level and present cost price of some goods.

Interestingly, some traders in the popular Lagos market made cool cash this season, cashing out with sales due to the items they are offering, items for the season.

Source: Legit.ng