NAIJ Weekly Price Check: Has President Buhari truly taken us out of recession? Market women speak

- Just few days after Easter celebration, prices of basic commodities soars in various markets across the state

- According to a survey conducted by NAIJ.com at Oyingbo market, Lagos, prices of foodstuffs, perishable items and imported items have increased drastically

- The rise in prices of goods and other locally produced items seem to be a puzzle to many

- The recent inflation of prices and goods and commodities have also led to low patronage

Although the Nigerian president, Muhammadu Buhari, has been said to have successfully taken the country out of recession, prices of basic commodities and goods continue to rise in various markets across the state.

The recent inflation of prices and goods and commodities has also led to low patronage. The exchange rate occasioned rate by the slump in crude oil prices primarily responsible for the soaring prices of imported items, the increase in the prices of other locally produced goods seems to be a puzzle to many.

NAIJ.com paid a visit Oyingbo market, and it showed the increasing rise in prices of basic food items.

Prices of pepper and tomatoes had risen by 50 per cent; prices of carrots, apple, cabbage and fresh vegetables had also risen.

A basket of tomatoes that used to sell for N8,000 prior to the previous years was now sold for N10,000 while a bag of long pepper popularly called tatase had gone up from N8,000 to N10,000. A bag of round pepper popularly called rodo had also risen from N10,000 to N15,000.

Traders who spoke with NAIJ.com at the markets acknowledged that the increase in the prices of the perishable food stuffs was due to the recess in the economy, which had resulted in the ‘scarcity’ of some foodstuff items.

They added that the fluctuating price in the cost of goods can be traced down to the change in the economy which has affected certain products purchased outside the shores of the country.

“There is absolutely high demand for the items by housewives, against the low supply, and therefore the subsequent increase in the prices of the products,” said Vivian Onyesom, a consumer who was interrogated at the Oyingbo market where she came to purchase tomatoes and pepper.

“Relevant authorities should look into this matter in the economy, because we need food for survival and take necessary actions to make provision for certain, to lessen the plights of those of us who regularly visit the market to buy food stuffs for our families.”

Abdullahi, a tomato seller at the market, told our correspondent that the prices of the product at the moment could only be but high, because "movement of tomatoes from the north has been slowed down due to the cost of transportation and other market forces.”

He noted that though, some goods are reducing in terms of price like Onion but most of the traders were still afraid to flood their stalls with new goods as the downturn in the economy is biting harder on the consumers which in turn have reduced their purchasing power.

Also, Mrs Chinyere, a vegetable seller at the market, said that unlike before the recession, goods are sold at an affordable rate but now the prices of some goods in the market have gone up by 70 percent.

“It is only few people who can afford to travel are the ones determining the current prices. Majority do not travel again, because virtually all the food items are purchased from abroad. And right now, traders will only sell at the rate they purchase their goods because some products in the market were bought at exorbitant prices.”

Further checks by NAIJ.com reveals the situation had resulted in the increase in the prices of vegetables in Lagos, as the product now attracted extra cost spent on transportation to bring it to the main market.

One of the traders in the market simply identified as Alfa, who sells beef informed NAIJ.com that the cost of purchasing beef has increased and therefore the sellers are out for new business.

“Normally, we were twenty in number that usually sell in this particular place, but now we are just nine in number. Because some ended up in debt and others are looking for opportunities elsewhere. Because sales have drop and consumers are complaining bitterly.”

Musa, another trader in the market who sells perishable goods lament of the cost of purchase and the effect it has resulted on the profit margin.

“Now we do not make sales as usual because when we purchase the goods at an expensive rate, we sell at a higher price and the traders sometimes when they are not pleased with the price, they walk away; this affects sales and reduces the profit expected on daily basis.”

Chisom a foodstuff dealer told NAIJ.com that the fluctuating price of the foreign exchange and the naira appreciation is not changing the cost of goods in the market; rather price of goods continues to rise.

“In a country where the rich are getting richer and the poor getting poorer, there is serious instability in the cost of goods. It is affecting the traders and the consumers are not happy with this flow. The lower class are the most affected. Because the higher class in the society have enough while the latter’s income is nothing to write home about. The situation is pathetic, and calls for serious government attention.

“The price of foodstuff items is not fixed because if it is expensive today, tomorrow it might be cheaper. And you know items like ogbono, crayfish, pepper and others are purchased outside the country. Whether naira appreciates or not, the price will not be reduced compare to other goods in the market that are purchased within the country.

“A bag of ogbono that cost N100,000 in previous weeks has increased to N120,000 upwards depending on the size of bag. A bag of Egusi (machine) that cost N42,000 has increased to N60,000. While Egusi (Handpeel) is not really expensive but sold at a reasonable price. A bag before cost N38,000 but now, N45,000 upward. Also, a big nylon of crayfish that cost N28,000 before, now cost N30,000 and above.

“This has to do with the type and the content of the bag, not leaving out the location of the market. As often times when the content of the bag is reduced, the price will be reduced as well; therefore customers who are ignorant of this fact believe the price has been reduced. One cannot really tell what led to the rise,” he added.

At the aforementioned market, a 20 litre keg of palm oil that was sold for 15,500 before, now goes between N14,000 and N15,000. Specifically, prices of commodities like rice, garri, beans, yam, wheat and semolina, among other basic items, have soared just a week after Easter celebration.

A bag of lower grade of rice which sold for N13,000 in previous weeks, now sells for N15,000, while the high quality grades now sell between N16,000 and 18,000. A bag of beans in the market now goes from N28,000 upwards.

Also a big basin of garri which was sold for N900 now sells for N1800 while one paint bucket of it which was selling for N650 now sells from N900 depending on the type of Garri, the colour and the seller’s cost of purchase.

A 5kg and 10kg pack of semolina which was selling for N1,200 and N2, 300 before, now sells for N1,500 and N2,700, respectively, even a 5kg pack of wheat which previously sold for N850 now goes for N1,100.

Although, yam is not expected to be expensive at this time given, but the item is experiencing a glut in various markets, five tubers which previously sold between N1,500 and N2,000 depending on the size are now being sold between N3,000 and N4,000.

Checks by NAIJ.com show that the prices of virtually all commodities have skyrocketed, leading to financial crisis on most families. This is coming at a time when the salaries of workers are no longer paid as at when due, makes the experience more painful to the extent that virtually everyone in the country is lamenting.

This is one development that has made both the rich and the poor speak with one voice even though the latter is worst affected. Sadly, the situation is affecting the income of N18,000 minimum wage of an average Nigerian worker.

Below is our weekly table of changes in price of goods before and now:

This recent market survey conducted by our correspondent in Ogun state, also confirms the differences in the prices of goods in the market.