Legit.ng Weekly Price Check: Lagos Trader Reacts as Bag of Rice Sells for N43,000 in Popular Market
- Following the recent events in the Nigerian atmosphere, the cost price of goods has continued to fluctuate
- Ahead of the festivity, the cost price of rice, a commodity that has witnessed an upswing in its prices has dropped recently
- This is to the amazement of buyers at a popular market in Lagos state as the bag of the long grain of foreign rice was offered for sale from N43,000 as against its old price of N46,000
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Traders are not happy with the present market condition which is occasioned by the grappling economy in recent weeks.
It's barely two months to the Christmas and New Year celebrations, rice, a commodity that receives major patronage in Lagos market has witnessed a rise and fall in its prices.
The depreciation of the naira is one of the major factors contributing to the hike in the cost price of goods in Nigeria and Lagos market is paying hugely for that as the supply of goods from neighbouring states and countries are threatened on a daily basis by this development.
In previous months, the cost price of rice in major states in Nigeria has been unstable considering the flooding and exchange rate which has affected some business owners in the country and their patronage witnessed a sharp drop.
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A bag of rice, foreign rice long grain was sold from N45,000 upwards as against its old price of N35,000 and a bag of local rice without stones sells from N35,000 as against its old price of N27,000 and N28,000 in Major markets across Lagos state.
Lagos trader opens up on why there's a drop in the cost price of rice this week
Presently, some traders who are hoarding the commodity are selling from N46,000 upwards and others selling at wholesale prices are offering the commodity from N45,000 downwards.
This week, our correspondent took a stroll to a popular Lagos market and a trader who was receiving major patronage in the environment revealed there's a drop in the cost price of rice.
The aged trader who hailed from the southwestern region of the country disclosed that a bag of foreign rice she sells costs N43,000 as against the cost price of N45,000 upwards.
She noted that some factors contribute to the hike in the price of the commodity and traders are not to be blamed for the recent market price trend.
The trader opined thus:
"When we received teh goods from our suppliers or distributors at a reasonable price, we sell to buyers without hassle but when we purchase at an expensive rate, we sell to buyers at a higher rate; this is the reality in Lagos market.
This week, I purchased the bags of rice at a reduced rate, so I decided to sell for a reduced cost price, N43,000 but otehrs are still selling for N45,000, N46,000 and are hoping to sell from N50,000 in weeks ahead. But this may not be the case as the cost price might drop further if the supply increases in tyhe market.
"But the exchange rate and the grappling economy has always affected the cost price of goods impoetred into the counrty and rice is not an exception following strict border monitoring.
She affirmed thus:
"One major issue we have when bringing rice into the market is Customs. It is not an easy ride at all. Customs are frustrating our business and efforts as traders in Lagos market.
"Sometimes, the goods get to the market complete and other times, the goods don't make it to the market due to customs activities as they can be seized.
"This week, the rice was supplied in large quantities and the cost price reasonable but in other for me to make good sales and record small profit I decided to sell for N43,000 per bag and derica for N300.
"Basically, when the customs don't disturb us, we bring in the goods into the market from neighboruing states and border, the cost price of rice will drop but with the prsent activities of the customs it won't drop low but might reduced before Xmas break."
How buyers reacted to the drop in the price of rice
The trader noted that:
"Buyers know what they want before they get to the market but due to the present realities, some go for quality and others go for satisfaction.
"Buyers rushed me and I made good sales from the development. I'm looking forward to offer the goods in days to come at a lower price but it is not possible considering our plight as traders too.
"To float a succeesbul business in Lagos is not a small task, market demands, government policies, task force; all these and the home front, makes it difficult for us, hence we groan daily but we are hopegful of a better Nigeria in the coming year.
"Meanwhile, the response I got from buyers was very encouraging as I made good sales compared to previous weeks, due to the drop in the cost price of rice but it is not certain that the price would drop or rise in weeks ahead."
The rice is not really neat, a buyer disclosed
Reacting, a buyer who pleaded anonymity disclosed that although the rice is cheap but it is not neat.
She affirmed thus:
"I saw people gathered the woman and I got here only for me to see that the rice is not really neat but very cheap; It is very dirty. I had no choice but to buy it because it might not be the same price when next I come to the market again."
Legit.ng weekly price check: “Nigeria inflation rate terribly affecting us”, Yam seller in popular Lagos market groan
Yam sellers are not having a filled day in Lagos market as the cost price of the produce rises.
Despite the fact that yam is in its season this period, the cost of its purchase is on the high side and traders are not happy.
The market this week is dull and dry, shops that are operating are not having a swell time as buyers are not trooping in and out as they ought to.
Legit.ng weekly price check: Traders, buyers complain bitterly as bag of rice sells for N50,000 in Bayelsa
Flood has taken over major states in Nigeria, rendering some residents homeless and farmers, helpless.
As Nigerians continue to lament the severe impact of flooding across the country, traders and buyers in Bayelsa state have decried the hike in the cost price of major goods in the state.
This is as a bag of rice now sells for N50,000 in Bayelsa state and a cup now sells for N200.
While residents of the state are struggling daily to get over the impact of the flood, traders in the state lament bitterly over the hike in the cost price of goods which has led to the reduction in the purchasing power of buyers.