- Food prices have continued to rise in the major markets across the state, a few days after Sallah celebrations
- This week, the cost price of rice has increased as a bag now sells for N31,000 as against its old price of N28,000 and N29,000
- A trader at a popular market in Lagos state, in a chat with Legit.ng shared his view on the latest prices of goods
The holiday is over for most residents in Lagos state. Although, it's a brief one for the Sallah celebrations but it was worth it.
At Mile 12 international market, Lagos, traders and buyers are back to the usual daily routine of buying and selling.
But the market situation is nothing different than it was a few weeks before the Eid-el-Kabir.
This week, the cost price of some goods in the market has increased and some maintained their previous rate.
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For basic food items, they increase by five percent while for others they increased by ten percent.
A trader in a chat with Legit.ng while explaining the present cost price of food items revealed the real reason for the hike in the price of rice.
"At the market this period, the cost price of rice increase and for beans, it is always the same. For garri, there seems to be a drop compared to previous weeks.
"It is no longer an easy ride for us as traders. The Sallah celebrations did not inflate the cost price of goods rather the border closure. Since the closure of the border now, the cost price of rice (foreign) increased from N28,000 and N29,000 to N30,000 and N31,000 while a bag of local rice is sold from N26,000 and below, depending on the market visited. Here we offer goods at wholesale prices. Some traders even sell a bag of foreign rice from N32,000 upwards.
"For beans, a bag of oloyin beans cost N35,000 and N38,000 while a bag of olotu is sold from N60,000 upwards and a bag of garri, white cost N12,000 and Yellow, 13,000. For the goods, the bigger the bags, the higher the price."
The trader speaks on Sallah sales
While noting that the Sallah sales were not encouraging, he affirmed that:
"The government needs to really work on the economy as things are getting more difficult by the day. Because the marketers bringing the goods from other parts of the country, they are not finding it easy due to the security challenges and this, in turn, inflates the cost of goods as they would add the charges for the security personnel attached to the vehicle that conveyed the goods from the state to the market here in Lagos.
"It is sad because the goods are grown in the country, yet they are also very expensive. we are appealing to the government to look into food prices, it is getting harder for us, because sales are dropping on a daily basis."
The price of Egusi soars
In another development, a trader who sells foodstuff items speaks on the cost price of egusi, ogbono and other items.
Ikechukwu opined thus:
"Egusi is very expensive at the market now. But the cost price of ogbono dropped a bit and now sells from N180, 000. A bag of egusi sells from N120,000 as against its old price of N60,000 and N70,000.
"I don't have ogbono at the moment because those bringing it for me are yet to do so but I can tell you that it is beyond the reach of some traders; we only buy what we can afford to sell and make a profit now. This is the present situation we find ourselves in now.
"Crayfish is not really expensive same with dry pepper but the issue now is the purchasing power of buyers in recent times. For some days now, we don't record good sales even during Sallah, it was not different from the usual day in the market, buyers are not helping matters because they come and even price down the goods and make us sell below cost price. This is not good for our business."
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Provisional items and others increased a bit
In the same market, provisional items have increased by five percent and others by three percent. The increment is evident in the cost price of Bath soap, laundry soap, detergents, toothpaste, dairy milk and more.
Meanwhile, the cost price of tomato is stable same as onion and pepper but for frozen foods kike fish, chicken and turkey, the cost price increased by three percent.
Interestingly, vegetable oil seems to be experiencing a noticeable change in its prices. The oil differs because of various brands in the country which influences its cost price.
Vegetable oil rises in Lagos market
A trader at the market explains in detail how buyers opt for the items in recent days.
Mr Tochi said:
"We have different brands of oil in Nigeria but I must tell you their cost price varies and the foreign ones are cheaper compared to the local ones. The measurement used for foreign ones are bigger compared to the local ones.
"It is higher now because the cost price of all goods in the market has also increased drastically. A 25-litre of vegetable oil now sells for N28,000, the branded ones made in Nigeria. The foreign ones that are branded also, are sold from N30,000 upwards and sometimes, it is not available because most traders who have special customers, order before it arrives and ones it is available, they sell fast.
"But for a refill, the 25-litre sell for N26,000 and below depending on the market visited, some sell at a higher rate, others at a lower rate. Palm oils sell from N25,000 upwards depending on the quality and the market visited. If they are well refined and taste good, we don't make good sales from it, but the ones that are well refined and taste better, sell faster.
Trader proffer solution
"One of the main issues affecting food prices is the economy. The grappling economy is a major issue and the only solution is to change the system of governance and we can do so by voting the right man into power come 2023.
"As it stands now, market situation is getting worse by the day, nothing has changed so far. Traders are crying buyers are also crying, we are all pained. The right person that would fix the economy should be voted for in the forthcoming genral elections. We have to get it right in 2023."
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With the present market condition, nothing seems to have changed in the country as food prices continue to soar.
Saddened by this development, the traders in the market are seeking the true one who would turn around the nation’s economy from the further collapse in the forthcoming general elections.
At the market this week, some seasonal goods are expensive and others fluctuating, according to checks by Legit.ng, the price variation is informed by the exchange rate, the security situation of the country and the grappling economy.