- Ramadan is the ninth month of the Islamic calendar, observed by Muslims worldwide as a month of fasting, prayer and reflection
- But the commencement of Ramadan in the country often influences the cost price of goods in the market, especially in markets where they are offered at wholesale prices
- This week, in a chat with Legit.ng, the traders in a popular Lagos market disclosed the present cost price of goods triggered by the holy month, two days after the commencement of the fast
The commencement of Ramadan for some traders in the market is a period to stock their shop, so as to meet the demand of the consumers, but for others, it is a period to make extra profit.
Ramadan is one of the most important months for Muslims all over the world. it is the ninth month of the Islamic calendar which people observe as a month of fasting, prayer and reflection while engaging in humanitarian activities.
People observe a fast of Roza for which they wake up early in the morning to have their first meal or Sehri, and in the evening, they break their fast with the evening meal called Iftaar.
During this holy month, Muslims abstain from eating, drinking water and smoking from sunrise to sunset.
The observance of the holy month of Ramadan is regarded as one of the five pillars of Islam. And it lasts twenty-nine to thirty days, from one sighting of the crescent moon to the next, countries vary actually.
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It is the norm for goods to experience a change during this period, but when it becomes a drastic change, it turns out to be a worrisome issue on the part of the traders and even the buyers.
Before the commencement of Ramadan, the cost price of some goods is high and others fluctuate but seasonal goods maintain stability in prices.
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This week, a few days after Ramadan began, the cost price of some goods had increased especially basic items, provisional items and even fruits.
Legit.ng had a chat with some of the traders and they highlighted the present cost of some goods in the market and fruits as well.
A trader at the market who sells food items like rice, garri, beans, spaghetti and others disclosed the cost price of goods increased beyond imagination.
According to him, all the goods in the market have become very expensive and this is due to the fast and present economic situation.
He listed the goods whose cost price had increased and the ones that are stable.
Oga Ifeanyi as he is called said;
The cost price of rice has increased drastically. A bag of foreign rice sells from N30,000 upwards as against its old price of N26,000 and N27,000 upwards while a bag of local rice, the one that is stone free sells from 27,000 upwards and the ones with stone from, N24,000.
The cost price of garri increased by only N500, he said. The cost price of white garri is sold from N13,000 uowards as against its old price of N12,500 and the cost price of Yellow garri is sold from NN12,500 upwards as against its old price of N12,000.
According to the trader, vegetable oil is the new gold in the market now but the cost price of palm-oil is still at reasonable amount.
At the market this week, 25-litre of palm oil is given at N21,000 as against its old price of N18,000 and below while 25-litre of vegetable oil is given at the sum of N27,000 upwards; this is for Cotonou oil and Nigerian oil is sold from N24,000.
This is another item whose cost price increased this holy month. According to the trader, a pack of spaghetti, which was sold in previous weeks for N6,000 and N6,500, now sells from N7,000 upwards. This price he said, would still rise in weeks to come.
Meanwhile, he noted that there is stability in the cost price of beans at the market as the season influences the cost price of beans not the economy or the Ramadan fast.
For a fruit seller, the cost price of fruits varies. Weeks before Ramadan, some fruits are sold in exorbitant prices and their supply is very low.
The seller at the market revealed that the season also influences their availability as well as their market price.
She added that fruits like oranges, apple, pineapple, and watermelon to mention a few are very expensive but seasonal fruits are a bit affordable.
She highlighted the fruits whose cost price increased this holy month;
One fruit in high demand during Ramadan is oranges and its cost of purchase is usually at a reasonable level but this season, it is a different case entirely.
For oranges, the trader disclosed that at the market during this period, the oranges would not be very fresh as consumers would really want them to be due to the fact that it is out of season hence some do not have juice.
She added that from October to November, oranges from Benue state would be available and they would be juicy but might not be sweet.
The fruit seller claimed the fast added to the increment in the cost price of oranges now. She said fifty pieces of oranges that goes for N1,000 before now sell from N1,500 upwards.
This is one fruit whose cost price is very low but this month, it is gradually becoming very expensive and this is due to its importance during Ramadan.
Before the commencement of the holy month, Banana is like a hotcake in the market as the sellers lament low supply levels hence the cost of purchase rises.
But at the market this week, the fruit seller noted that banana is still very expensive as the banana she purchase for N5,000 in previous weeks now sells from N7,500 upwards. This according to her has affected her sales level but it is the holy month, buyers have no choice but to purchase the item, she said.
Apple is another item whose cost price has increased in the market. A fresh apple depending on the size is sold from N100, 200 and N300 upwards.
The carton of apple which cost N7,000, N8,000 before, is now sold from N10,000 upwards for fresh and healthy apple, the seller disclosed but the ones that are not fresh are sold from N9,000 downwards.
Garden egg is another fruit that is very expensive before and during the holy month but the seller disclosed the fruit is gradually going out of season, hence the increment in its price.
The freshness of the fruit determines to a large extent its affordability and availability.
This fruit is expensive but the cost of purchase is at a reasonable level, the seller revealed.
The local one which is healthier than the one purchased from neighbouring countries is more expensive now.
Other fruits whose cost price increased are pear, and avocado, strawberry while fruits like carrot and pawpaw are sold at reasonable prices.
In another development, a foodstuff dealer disclosed there has been no increment in the cost price of ogbono, egusi but that of crayfish increased this week.
The trader said:
“There is no increment in the cost price of ogbono and egusi at the market this week, but we are certain they might be in the coming weeks. A bag of ogbono cost N115,000 and A bag of egusi still cost N120,000.
“Presently, crayfish increased by over a thousand naira this week. A nylon is sold from N18,000 and Two nylon from N35,000 upwards. At the moment, market is picking up gradually but the profit level is still very low."
Further checks by Legit.ng revealed the increment in the cost price of plantain but perishables such as tomato, pepper and onion are sold at reasonable prices but traders are optimistic about better sales this holy month of Ramadan as food prices would skyrocket in weeks to come.
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Whilst Nigerians at home and abroad are looking forward to electing a new leader in 2023, traders in the market are seeking a figure that would change the leadership style of the country.
In a chat with Legit.ng, a trader who sells foodstuff items at the market told our correspondent that the leadership system of Nigeria is like a cycle, it’s static and nothing has changed so far.
According to him, the political parties in Nigeria keep bringing the same people over and over again, with the same mandates and at the end of the day, they assume office and effect nothing positively.