- Rice has become the new gold in Lagos market as the cost price rises on a daily basis
- Interestingly, while a bag of foreign rice sells for N32,000, a bag of local rice sells for N28,000 and N29, 000
- In a chat with Legit.ng, some traders are unhappy with the development as it has affected their profit margin
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.
They are not scarce from findings by Legit.ng. Still, their availability is significantly influenced by the level of supply which in recent times has been threatened by the grappling economy and the happenings in the country.
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According to traders in a popular Lagos market, the high level of insecurity and the border closure has influenced to a large extent the cost price of rice in recent times.
Traders groan over the rising cost of rice
In a chat with Legit.ng, a trader at the market identified simply as Mr. Augustine, shared with our correspondent the current cost price of rice.
According to the trader who hails from the southern region of the country, the cost price of goods is not fixed anymore because the economy is also influencing food prices, especially imported goods.
He affirmed thus:
“Food prices rise daily and the one that amazes us is the cost price of local produce, they are also very expensive and their availability is threatened by the high level of insecurity in the country.
“Just last week, a bag of foreign rice is sold for N31,000. This week, it is a different story as a bag sells for N32,000, and some are ready to sell for N33,000. This is really frustrating as it is affecting our business negatively.
“Beans is no different as the cost price too has increased. A bag of olotu beans is sold from N70,000 while a small bag of oloyin beans is sold from N40,000 as against its old price of N35,000.
“For garri, its cost price is still fair. A bag of white garri is sold from N12,500 and a bag of yellow beans is sold from N13,000 and N14,000 upwards. The size of the bag influence the cost price of beans and garri in the market.”
Another trader complain bitterly
Oga Markus, a Benue state trader in the market said his business is not booming as usual. According to the trader, the buyers are not to blame for low sales rather the present economy situation.
He expressed worry over the reluctance of buyers to buy local produce due to its current price.
The trader opined:
“Traders are not happy with the current market development. We are worried because even local produce are beyond the reach of some Nigerians. It is sad.
“We get our goods from others states that are presently being attacked by gunmen; the insecurity is affecting the availability of the goods in Lagos market, this also affect the cost prices of local procuidce.
“A bag of local rice that sells for N23,000 and N24,000 before, now sells for N28,000 upwards, this depends on the type of local rice you are buying as some are sold from N29,000.
“Now, with the present economy, how many Nigerians can afford a bag of rice for N29,000? This is very hard for us even as traders because we have to keep our customers by selling at a reasonable rate but if we don’t purchase at a reasonable amount, how then can we survive in the market too? the government should please listen to us, they should come to our aid, it is getting touihgher by the day for us.”
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Buyers prefer foreign rice to local rice
At the market, another trader disclosed some buyers prefer to buy forering rice to Nigerian rice.
The trader who pleaded anonymity said:
“Consumers prefer to pay more money for foreign rice than the local rice. This is very worrisome because the local rice are not as neat as the foreign rice but they are very healthy, and there are some that are like the foreign rice.
“Only few customers request for local rice as they always preferred the foreign rice.
“It is very hard for you to find 4 out of 10 customers to request for local rice in the market, as they always demand for foreign rice. They complain about the poor quality of the local rice.
“Many complain of stone particles. I don’t make good sales from a bag of local rice due to the quality. This is why the demand for the foreign rice rises and the demand for the local rice drops, it is very worrisome.We need to do more as a country to protect our own goods.”
Vegetable-oil have become very expensive
At the market this week, the cost price of vegetable oil/grundnut-oil have increased as 25-litre sells from N28,000 and branded ones from N32,000.
Bag of egusi now sells from N120,000 in Lagos market
In the same vein, some traders are not finding it funny with the rising cost price of the foodstuff items like egusi and ogbono.
A trader in the market, in a chat with Legit.ng revealed the current price of egusi in the market.
“Sales of local produce have been very low compared to foreign produce. Nigerians fix foreign produce first in the budget while the local produce comes second.
“This week, the cost price of egusi risies by N20,000. A bag of egusi in previous week, sells from N120,000 upwards but this week, it increased and is sold from N140,000. We donb’t know what will become of the price in months to come.
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“For ogbono, it maintained the previous price as the bag of the ogbono that draws well sells from N180,000 and the other one from Nigetia sells from N160,000 and below.
“We are not making sales at all, we are just managing to do our business as we cannot be idle because we also have family to cater for.
“The government should do something about this price increment, traders are suffering, we are begging because if the economy is okay, it will reflect in the cost price of goods in the market.”
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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.”