- Recent findings by NAIJ.com have revealed that prices of goods have stabilized in the market
- Traders, however, expect the prices of the goods to drop as the country is gradually crawling our of recession
- Buyers blame the deteriorating state of the economy as the main cause of the issues with the prices
The stability being expresses in the Nigerian economy is beginning to reflect on the prices of goods in the market, NAIJ.com checks have revealed.
For quite some time now, traders have been lamenting the rise in prices of goods in the market, especially because of the fluctuation of the dollar against the Nigerian currency on the black market.
But during a recent visit to the popular Mile 12 market in Lagos, traders revealed that prices of their goods have been stable.
Prices of such commodities like imported rice, maize , beans, palm oil, sorghum and others have remained stable at the market known for sales of various food items.
Although the market is practically known for the affordability and availability foodstuffs, the recent change in the economy that has reflected in the change of food prices in the market had become an issue of concern to the traders and the consumers at large.
However, Mrs Enang, a groundnut oil seller explained that the prices would not reduce even after the recess in the economy is resolved.
"The hike in price does not have anything to do with traders because there was no money in Nigeria before now so until the government, push the money out and allow it flow round, that is when the price will come down.”
"25- litre of groundnut oil that was sold at N16,000 before have reduced to 14,500 While palm oil that cost N16,000 before can be purchased now at N13,500. The availability of the product determines the market price of such product," she added.
For the tomato sellers, they still stand that recession is the main reason for the increase in price but explained that the bad economy still played a part on the increase of the perishable items.
A pepper seller identified as Iya Yetunde, during rainy season, there would be a drastic reduction in the price and that the price of tomato for this year's tomato will be lower than that of previous years.
"When it starts to rain, the price of perishable item will reduce but right now the prices of these item have increased due to the high cost of transporting the goods from the northern part of the country to major markets across the country.
"Recently, onion is affordable and available but for tomato and pepper, the price have been on the rise as a result of various factors that affects the prices of goods in the market. For a basket of fresh and healthy tomatoes, you can purchase at the rate of N10,000 upwards as against the old price of N7,000. while that of pepper (Rodo and Tatase) cost N12,000 upwards for the big bag.
"This depends on the size of the bag and basket. while a basket of onion now ranges from N15,000 upwards. Despite the reduction in the price of these items, consumers still lament bitterly and their purchasing power so far has been reduced. we do not make sales and some traders who make sales still complain of a decline in profit," she said.
The price of a bag of beans at the popular Mile 12 Market in Lagos, has slightly increased from N35,000 to N40,000. The slight increase was as a result of a change in weather condition, few numbers of farmers planting beans and high demand for beans.
Checks by NAIJ.com correspondent also revealed the prices of commodities like rice, onion, yam among others remained stable at the market, which traders attributed to the epileptic rainfall and the low purchasing power of consumers.
The price of a 50kg bag of imported rice was stable at N16, 000 and the bago of Aroso rice cost N17,000 while the prices of 100kg bags of groundnut oil cost N14,500 and Palm oil cost N13,500, sorghum, soya beans and maize can be purchased at N26,000, N10,000, N7,000 and N11,000 respectively. The price of a bag of garri (white and yellow) was also stable at N14,000 and N15,000.
A trader identified as Ikenna who sells foodstuffs like rice, garri and beans told our correspondent that although the prices remained stable but there has been a decline in sales so far.
According to him: "The price of rice, garri and beans which increased previous weeks from now, have remained stable. this was due to the availability of the food items. unlike before that there was a huge demand and the supply was very low. a bag of Olotu beans that was sold from N35,000 before remains the same while the bag of Oloone that cost N40,000 remains the same.
"Also, Oloyin beans that increased from N17,000- N21,000 remains the same. Same goes for garri.
"Despite this stability in the price of the food items, customers purchasing power has been reduced. Because when they come to purchase the food items, they buy at a reduced quantity. And this affects our profit because when you buy a bag of garri that contains 16 paint buckets, you end up selling just 15 buckets, as they always request for more (jara)."
A trader simply known as Nkechi, who sells Egusi, Ogbono and crayfish, said the economic situation of the country is a huge factor reflecting in the prices of goods.
"Currently, a bag of Egusi (Machine processed) that cost N40,000 before now, increased a bit to N45,000 upwards while that of Egusi (Handpeel) cost N50,000 upwards. this depends on the size of the bag and the quantity as well. But the price of crayfish fluctuates and in previous weeks remains the same.
"A big nylon of crayfish that was sold before for N26,000 rose up to N30,000 and above. While the price of Ogbono increased from N95,000 to N110,000 upwards. This is our price here, at other markets, it will be high because the traders will add the cost of transportation and carriage," she explained.
Chidubem, a buyer at the market said goods at Mile 12 market is affordable and cheaper compared to the ones at other major markets in the state.
In his words: "At Mile 12 market, things are cheap and available compare other markets in the state. as some traders prefer to purchase their goods here.here you will get varieties because the goods are supplied in large quantities.
"Although the prices are higher compared to before, but the goods are still sold at reasonable amount. But it also depends on your purchasing power. You can only buy according to your purse, but will be sure of getting your money's value here in Mile 12 market. The economy is bad- everyone knows that but Mile 12 still remains the only market you can buy food items cheap."
However, a bag of maize and sorghum, were on the increase at the market. Maize attracted N13,000 as against N12,000 it was sold for last week recording a difference of N1,000. Sorghum now sellinfg for N12,500 as against its old price of N11,500 in previous week, thus attracting an increase of N1,000 as well.
Meanwhile, sweet potato has become very expensive in the market. A bag that goes for N8,000 before, has increased to a minimum of N11,000, depending on the size of the potato, while five tubers of yam increased from N2,500 to N3,000 upwards depending on the size and the quantity purchased.
Below is our weekly table of changes in price of goods before and now:
NAIJ.com TV crew recently paid a visit to Kuto Market in Abeokuta, the Ogun state capital, to find out prices of goods. Check out the people's responses in this video below: