Recession: Nigerians continue to groan over prices of goods
- The predictions that the prices of goods in the market would drop before the end of the year may have been wrongly done
- A survey conducted by Legit.ng shows the persistent price increase of some food items like rice, vegetable oil, palm-oil, perishable items and wares in Ojodu Retail market, Berger & Jakande market, Ikosi, Ketu
- Consumers, traders have therefore pleaded for government's intervention
- Legit.ng presents a table showing the prices of the goods before and now
Market men and women have continued to cry out over the unending crisis rocking the citizens following the consistent increase in prices of goods in the market.
The recent drop in the value of the naira and the ban placed on some imported food items have been identified as some of the reasons for the untold hardship Nigerians have been exposed to in recent months as people can no longer afford the goods in the market.
A visit to Ojodu retail market and Jakande market by Legit.ng shows an increase in the price of some goods and food items that are imported and a sharp increase of other local food items that are brought into the market.
According to those who spoke with our correspondent, the present economic crisis the country is experiencing is also a reason for the unprecedented challenges rocking the common man.
Insecurity and foreign exchange rate may have forced the prices of tomatoes, fresh pepper, onion and other food items to rise by about 20 percent.
At Ojodu market, the prices of the various brands of rice, which previously sold at N12, 500 now sells for N16, 000 upwards.
Mrs Chinyere, a trader who sells ingredients like tomato paste, sauce, spices, maggi cubes, said the rise in dollar led to the increase in the price of the items.
"The price of tomato paste has increased lately. A carton of Gino tomato paste before was sold for N2,800 but now sells for N3,200 while a carton of Tastytom that cost N2,650 before now sells for N3,000. A sachet that was sold for N50 has increased to N70.
“Also, the materials used in preserving tomato paste and other ingredients imported into the country, are very expensive now. We are managing; buyers no longer buy as usual. We beg them to buy from us because of the hike in the price of the items they demand sometimes," she groaned.
Another trader identified as Iya Memunat, who sells jewelry, purse, nail polish, and beauty products laments on low patronage.
She said: "Things are very expensive now. The amount we use to purchase these products has gone so high that we no longer make profits as usual. We record low sales now. And this has restricted us to buying few products, thereby making us loose customers who come and do not get what they demand.
"The higher the price of the product, the lower the profit we make. Presently, we are suffering. Government should do something fast."
The increase in the price of livestock, according to Baba Blessing, a butcher in the market, is down to the insecurity in the north-east and cost of transporting cows from other parts of the country to Lagos state.
"The attack by the terrorist group (Boko Haram), the cost of transporting the cow’s not only from the northern part of the country, but from neighbouring countries to Nigeria, led to the increase in the purchase of cow (meat/beef).
"There is no fixed price of cow now. But often times we buy it is expensive which makes us record low profit after sales. Sometimes we end up in debt. The price now ranges from N80,000, N100,000 and N150,000 upwards. We just hope things will not continue like this, because we sell to customers at a price that is not favourable to us, so we will not lose completely,” he told our correspondent.
A basket of fresh pepper now sells from N4000 - N7,000, N8, 000 and above, a basket of tomato is sold from N8,000, while a bag of dry onion costs N35,000 and new onion costs N24,000 as observed in Jakande Market.
A bag of rice, which sold for N15,000 before now sells for N19,000; 25 litres of vegetable oil and palm-oil, which were sold for 12,000, N12,500, N13,500, now sell for 14,000 or even more as observed in the market.
A trader in Ojodu retail market identified as Anselm also lamented over the increased prices of items in the market.
According to him: “People no longer demand as usual. The current economic crisis Nigeria is experiencing, has affected the price of these items. A bag of rice now costs N16,500, N18,500 and N19,000. A small bag of beans (Oloyin) costs N18,000, a small bag of (drum) beans costs 17,500. While a bag of red garri costs N9,000 and a big bag of white garri costs N10,500.”
Agnes Njoku, a book retailer, also attributed the rise in the price of books and writing materials to the devaluation of naira and the rise in dollar.
"The buyers are complaining. We open our stalls in the morning, and by the end of the day, we record low sales because some people cannot afford to buy what they demand for.
“The rise in dollar has affected the price of books lately. Even though they are manufactured in Nigeria, the materials used to make them are sourced abroad. This then makes it more expensive. The production process is carried out here in Nigeria but the materials are bought abroad.”
“For exercise books, a dozen of 40leaves costs N 350 but now costs N700 while 60leaves costs N950. A pack of Pen (Biro) before costs N 700 but now it costs N850 upwards. This depends on the manufacturer, the location of the markets and the brand itself,” she explained.
Meanwhile the price of dairy milk, beverages, detergents, cereals, corn-flakes, morning oats, toothpaste and soft drinks have also increased significantly.
According to Innocent, one of those who sell these products, the price of these provisional items have gone high because some are imported into the country, adding that some of the price rose a bit and are affordable.
"A roll of Dano milk costs N160 before but now it costs N200. A 400g Dano milk powder now costs N700. A roll of powder peak milk before was sold for N350 but now costs N450. For liquid milk, a dozen of three crown milk now costs N 1,500 while that of liquid peak milk now costs N1,800 upwards.
“2kg of Sunlight costs N750 while 1kg costs N 450. A roll of good mama costs N100 before, but now it costs N140. This is applicable to other brands as well. Close-up toothpaste that was sold for N 180 before now costs N220 upwards. 500g of Golden Morn that sells for at N450 before is now sold at N700.
“For soft drinks, the price has increased by 20%. And it fluctuates as well. The amount you buy today might not be the same you get tomorrow. A pack of Amstel Malta now costs N2, 700 while a pack of orijin drink costs N2,200. The price fluctuates. The amount you buy today might not be the same you get tomorrow,” he added.
Sunny, who sells wares at the market, says the recent economic situation is not affecting the purchasing power of buyers, adding that people must wear clothes.
He said: “People must look good even in the recession period. So sales have been on the rise lately. The price of the wares is affected by the rise in dollar majorly, because some of the wares are bought outside Nigeria.”
“The wares are not too expensive but the quality of the materials and the brand influence the price. For casual ware, before it costs N2,500 but now it ranges from N2,500- N3,000. Office wares that costs N 3,500 now costs N5,000 upward."
Meanwhile face caps and jeans are expensive because people demand for quality rather than quantity. So face cap without design costs N1,500 now, while caps with design costs N2,000 and above. For jeans and leggings the price ranges from N1,500 upwards. Depending on the style, materials and the size,” he concluded.
Table: Before Now
Exercise books:
A dozen of 40leaves N350 N700
A dozen of 60leaves N 450 N950
80leaves (5pieces) N450 N950
Pen (50pieces):
A pack of Leo Smart N700 N850
A pack of Lucky power N700 N800
A pack of Schneider N900 N2000
Envelopes:
Original envelope A4 N300 N450
Local envelope A4 N100 N250
Quotor envelope N70 N150
Detergent/powder milk
2kg of sunlight N600 N750
1kg of sunlight N350 N450
A row of Good mama N100 N140
Morning oats N 350 N500
Good morning flakes N450 N750
500g of golden morn N450 N700
A row of peak milk N350 N450
A row of Dano milk N180 N200
Close- up toothpaste N180 N220
Soft Drinks/ Table water:
A pack of Amstel malta(can) N2500 N2700
A pack of Fanta Orange N1,100 N1,200
A pack of Five alive(40cl) N1,450 N1,500
A pack of Coca-cola (50cl) N1,100 N1,200
A pack of Chapman N1,100 N1,300
A pack of Koowo (water) N350 N500
A pack of Malta Guiness N2,500 N2,650
A pack of Orijin drink N2,100 N2,200
Food Items
Rice:
Special rice N18,000 N19,000
Aroso rice N17,500 N18,500
Agric rice N15,500 N16,500
Beans (Small bag):
Oloyin beans N17,000 N18,000
Drum beans N16,500 N17,500
Garri:
Red garri N7,500 N9,000
White garri N9,000 N10,500
Oil:
25-litre of Groundnut-oil N13,500 N14,000
25-litre of red-oil N12,500 N14,000
A plastic (paint) of Egusi N900 N1,100
A plastic (paint) of Ogbono N4,500 N7,500
Onion:
A bag of dry onion 40,000 N35,000
A bag of new onion 25,000 N24,000
Tomato paste (sachet):
A carton of Gino N2,800 N3,200
A carton of Tasty tom N2,650 N3,000
A carton of power oil N3,400 N3,600
Devon veg-oil(3litres) N13,000 N13,300
Clothes:
Casual wear N2,500 N3,000
Office wear N3,500 N5,000
Jeans (Trouser) N1,500` N2,500
Leggings N1,000 N1,500
Face cap N1,500 N2,000
Source: Legit.ng
