Fuel Price Hike: 4 Most Expensive Food Items Under Tinubu’s Economy
Lagos state, Nigeria - The fuel price hike occasioned by the fuel subsidy removal has led to the increment in the cost price of major goods in the market.
The cost of basic food items is also not left out in the development as their cost price has increased drastically leading to a drop in the purchasing power of buyers and a reduction in the profit margin of traders.
Source: Facebook
The current market situation in Lagos state
At the market this week, Legit.ng had a chat with some of the traders and they explained the current market situation.
For some foodstuff dealers, the times are hard they told our correspondent as some goods are not available due to the seasonal factors and the current situation in the country while for other traders who sell items such as rice, beans, garri, yam and more, the present administration's policy, the grappling economy and the subsidy removal has affected their businesses negatively.
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What Tinubu's govt promises Nigerians and the result so far
Whilst the focus is basically on food items at the market, Legit.ng understands that the present market environment is not friendly to the buyers and as well the sellers but activities are underway on a daily basis.
Although, President Bola Ahmed Tinubu vowed at his swearing-in on Monday, May 29, to expand the economy by at least 6% a year, lift barriers to investment, create jobs and unify the exchange rate, while also tackling rampant insecurity, sadly, the reverse has been the case as Nigerians groaning following the present harsh economic realities.
3 most expensive food items in Lagos market this July
In view of the above assertion, this article by Legit.ng presents a list of the top three food items whose cost prices have increased in the popular Lagos market this July, the end of the second quarter of 2023.
As we moved into the third quarter of the year 2023, a trader at Mile 12 international market, Lagos state highlighted the three most expensive food items at the market and told Legit.ng their present cost price;
1. Rice
Source: Original
At the market this month, the cost price of rice increased from N35,000 to N41, upwards. This is both the Nigerian local rice and the foreign rice.
The local rice that contains stone and is not really neat sells from N35,000 and below.
2. Ogbono
Source: Original
A trader selling foodstuff items at the market and has been in the business for over ten years informed Legit.ng on Saturday, July 29, that a bag of "new ogbono" sells for N120,000 while the "old ogbono" is scarce and a bag sells from N200,000 and N210,000 upwards depending on the market visited and the seller's choice.
3. Egusi
Source: Original
The cost price of egusi has become very expensive in major markets across Lagos state. A bag of egusi according to sellers at Mile 12 market, cost N180,000 and some sell from N190,000 upwards. This is the cost price offered by suppliers in major markets at wholesale price.
4. Tomatoes
Source: Original
At the moment, tomatoes is the new gold in Lagos market. The produce is very expensive and it's giving buyers as well as sellers a run for their money.
A full basket of tomatoes (Bawa) is sold from N40,000 and N50,000 while the other tomatoes that is watery, a basket is sold from N25,000 and below.
The reason why tomatoes is expensive at this period is due to the season (rain); from the dry season, a basket will be sold from N10,000 and below.
Conclusion:
It is important to note that other goods are expensive in the market during this period but the goods listed above have become way expensive beyond the imagination of the traders and buyers.
One can only hope for better days ahead under President Tinubu's economy because food prices have become very expensive.
Legit.ng price check: Tinubu gets urgent message as bag of local rice sells for N41,000 in Lagos market
Traders have expressed deep worry as the cost price of local rice manufactured and produced in Nigeria has increased drastically.
At a popular market in Lagos state, the price of Nigerian rice now competes with that of foreign rice.
Checks by Legit.ng revealed a bag of foreign rice sells for N41,000 and N42,, 000 upwards while a bag of local rice that is stone-free sells for N41,000 as well.
Legit.ng weekly price check: “Nigeria inflation rate terribly affecting us,” Yam seller in popular Lagos market groan
Legit.ng reported earlier that 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.
Source: Legit.ng
