Legit.ng Weekly Price Check: Trader Complains Bitterly As Price of Bags Soar in Lagos Market

Legit.ng Weekly Price Check: Trader Complains Bitterly As Price of Bags Soar in Lagos Market

  • The cost price of basic food items and goods has continued to rise further in major markets across Lagos state
  • This time around, the traders are complaining bitterly as it not only affects the purchasing power of buyers but the profit margin because
  • A Lagos trader in a chat with Legit.ng revealed the current price of bags and how it has affected her business in the long run

Basic items in Lagos market are often gotten either imported or locally.

The Nigerian economy influences the cost price of the goods and if imported it is either offered at a higher rate or offered at reasonable rates.

The case is a different one in this period as most goods in the market have increased drastically and traders are buyers are affected one way or the other.

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Ketu market
Sellers lament as the cost price of bags rises in Lagos market. Photo credit: Esther Odili
Source: Original

A bag seller at Ketu market in Lagos state has expressed disappointment over the current administration headed by President Muhammadu Buhari.

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In a chat with Legit.ng, she decried the rise and fall of goods in the market lately and how her business is suffering instead of growing.

The trader shares details

The bag seller attributed the increment in the cost price of goods to the present economy and the exchange rate.

For Mrs Patricia, the basic price of bags like travel bags, lunch bags and laptop bags have risen beyond traders' imagination.

She opined thus:

"The cost price of bags generally, has increased. This period, it is troubling as we do not get to see the quality bags at reasonable prices rather they are sold at increased rates.

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"Random Laptop bags that we purchase from N4,000, N3,000 and below now sell from N7,000, N8,000, N10,000 and N15,000 upwards, depending on the brand and the type of bag as well as the size of the bag.
"For lunch bags are also very expensive and this is depending on the type of the bag and the size of the bag not leaving out random handbags that are sold at wholesale price for N10,000 and below and now sells from N15,000 upwards, quality ones.
"As it stands, travel bags are also very expensive as random traveling bags sells for N15,000, N20,000 and N30,000 upwards, as against its old price of N15,000 and N10,000 below.
Ketu market
Even the cost price of shoes has risen in the market. Photo credit: Esther Odili
Source: Original

The trader speaks on the impact of Buhari's government so far on the economy so far

"The rise in the cost of goods is real and traders are feeling the heat daily because the economy is a major factor.

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"We are worried because it has affected our businesses negatively and this is not the change and next level the All Progressives Congress (APC)'s government led by President Muhammadu Buhari promised us from 2015 through this day.
"We purchase the bags from the popular market, the Balogun market in Lagos, as they some are brought into the country from countries like United Kingdom, the United States and neigbouring African countries like Togo and more.
"The sad developemnt is that we now have fake bags in the market being paraded as good ones making the business difficult for traders as buyers who are not finacially buoyant would opt for the low quality bags due to the price.
"It takes only the smart ones to purchase quality ones that are now very expensive. this ios the current market trend we are experiencing. and it is not funny at all as we have gone from bad to worse.

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"Businesses are crumbling and cost of living rising is rising further. We are begging and apealing to the government to make lufe easy for us as the harding is really becoming unbearebale in the land," she affirmed.

At the market this week, food prices have increased by over five percent as some are not even available.

The rise and fall of food prices have become the new normal in Lagos market.

Whilst the politicians are busy with the forthcoming general election in 2023, traders and buyers are worried over the current market condition.

At the market this week, food prices have increased by over five percent as some are not even available.

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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."

Source: Legit.ng

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