- The new normal in Lagos market is the continuous rise in the cost price of goods especially foodstuff items
- Interestingly, when the food prices rise further in the market it remains so and never drop to a reasonable amount
- This week, Legit.ng had a chat with a foodstuff dealer and he revealed the current price of ogbono, egusi and crayfish
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Food prices have continued to rise and never fall in Lagos market. This is the new normal for some businesses in the state as traders and buyers are one way or another other affected by the change thereof.
In Lagos state this period, traders and buyers are not happy with the present market realities as it influenced to a large extent the general profit level.
Business is no longer “business as usual” so they say and for some traders, nothing is worth celebrating even at 62; interestingly, some revealed businesses in the previous years are way better than the businesses now.
More of the groaning is on the part of foodstuff dealers, who are not satisfied with the current state of the economy and Nigeria as a whole. For them, all seems dead and not working, yet they are hopeful, better days are indeed ahead.
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This week at the market, the cost price of rice remains stable and beans witnessed an increment but for garri, the cost price was at a reasonable amount.
A trader who pleaded anonymity told our correspondent that:
“A bag of beans (olotu) is N65,000 and we have different types of beans but the problem is that bringing beans from the neighbouring state at the moment to Lagos market is very difficult. This is because of the present realities in Nigeria.
“The economy, insecurity and high cost of transportation are major determinant of food prices in the market at the moment. Farmers are complaining and cannot farm due to attack and difficulty in growing produce in the Nigeria soil.
“The economy at the moment has affected food price hence they are not dropping rather they are increasing on a daily basis, not only food items but basically all goods in the market are expensive.
“The cost of bringing bags of beans from Maiduguri to Lagos has increased as to transport a bag cost N3000, this therefore inform the quantity of the bags we order from other states.
“The painful part in previous years, we order 100 bags of beans and other items but now, it has reduced to 50 bags and below because of inflation. We are just waiting for a miracle because the recent happenings in the market is frustrating.”
Foodstuff dealer groan as cost price egusi, ogbono soars further in Lagos market
Meanwhile, the cost price of egusi and ogbono increases further at the market this period.
Some traders are unwilling to speak on the development noting, it is evident in the present cost price of the items.
Mr Chidubem who spoke with our reporter, explain in detail how the present cost price of foodstuff items has affected their business growth in general.
“Life is really hard now for us as business owners. Imagine going to the market with a N1,000,000 and yet, nothing is in the shop when you return due to the hike in the cost price of goods.
“Interestingly, egusi is grown here is Nigeria but for ogbono it is found already in Nigerian soil, bushes but Cameroon grow theirs which makes it more expensive bringing it to Nigeria as they add the cost of some factors to the cost price of the items.
“Egusi, ogbono and even crayfish is very expensive at the market this season. This is because the cost of transportation, hike in fuel, insecurity and the economy influences the cost price not leaving out foreign exchange rate.”
Current price of egusi, ogbono and crayfish revealed
“A bag of egusi (handpeel) sells for N180,000 as against its old price of N100,000 and below while a bag of egusi (Machine peel) sells for N120,000 as against itws old price of N80,000 and below. For crayfish, a derica sells for N700 and some sell N750 as against its old price of N500 while a bag of crayfish sells for N150,000.
“Ogbono has it season same with egusi but their cost price is not in any way influenced by that because they are given to us by God in Nigeria but the challenges we face generally to keep our business afloat influence as businessmen in Nigeria, inform their cost of purchase.
“Nigerian Ogbono at the moment is very expensive as it sells from N200,000 upwards. Infact some traders sell from N210,000 and N220,000 upwards because it draws well now than the Cameroonian ogbono which sells for N200,000 and N180,000 per bag. This changes over time, when one draws better, it inform the cost price at the market same with their availability.”
Impact of soaring prices of goods on business so far
“To make profit from these items is not easy now, because it is very difficult for buyers to flow with the changes in food prices at the market.
“The purchasing power of buyers have dropped and tis is reflecting in the growth of our business as it is just there, not encouraging at all. We struggle to make N50,000 daily compared to previous years when we record profit from N100,000, N20,000 upwards daily. This is sad and we are confused,” Mr Chidubem hinted further.
The trader speaks on Nigeria’s 62nd indepenece anniversary
Mr Chidubem noted that:
“Everything is expensive at the market, when I started business is better than what it is now. Market is dry, business very dull but we keep pushing as we have some of loyal customers’ remembering us.
“We are still here today so that our efforts in past years won’t go down the drain. We are 62 but nothing is here worth celebrating. There is nothing to celebrate, because we have nothing to show the country has progressed. We keep going round the clock yearly and it is very pathetic.
“We struggled before we gained independence and we are still struggling after independence. The freedom fought by our past heroes is hunting us in the present day life.”
All I want is better sales, pepper seller opined
A trader at the same market who sells pepper, an aged man from the northern region of Nigeria, disclosed that business generally has become increasingly unprofitable due to the grappling economy and recent market trends.
He affirmed thus:
“The prices of the goods I sell is becoming something else. There is no stability in the cost price of tomatoes, pepper and even onion as it rises and drops a bit, which is not favourable to our business.
“It is not easy for us as traders in recent days but we have no option but to keep pushing. Business is very slow this period because buyers are not really buying as they ought to.
“Some buyers prefer the smashed items than the fresh ones because the fresh ones are very expensive and buying more quantity equals to spending more money.
“It’s not our fault that bgoods are expensive, we are also affected by everything happening in the country now, in a troubling way.
“As a trader, we go to the market too and it is the price that we buy that will determine how much we sell too.
“All we are praying for is for better sales in the coming months as the cost of food prices is not droping anytime soon.”
Nigerians took to the official Facebook page of Legit.ng and reacted to the development.
Nzeribe Victory wrote:
“Prices of Food in Lagos is not for the weak.. somebody will have to leave this Lagos.”
Judith Chinonyelum said:
“The high inflation in the market is so alarming . A tuber of yam 1k and above.
“Is now that Nigeria is going through economic meltdown.”
Alabi Adesina prayed:
“Very soon now things we change better for dis county.I think an hungry man is an angry man”
Abbey Kehinde urged:
“Those who are wise will obey the voice of God…I come in peace for a better Naija
Akatu Oga noted:
“Alternative to egwusi is beneseed and ogbono is dry okra.. We no go kill ourselves abeg All na soups.”
Patrick Mekus urged:
“Vote wisely come 2023…forget religion, ethnicity, tribe, region and language, a new NIGERIA is possible.”
Legit.ng weekly price check: Lagos trader gives 1 major reason he won’t vote Atiku, Tinubu
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.