EXCLUSIVE: Prices Of Goods Soar As Yuletide Approaches (See Market Survey)

As the yuletide celebrations approach, prices of goods and services have soared across the country.

About 10 days to Christmas, consumers are apprehensive over the increase while traders in major markets in Lagos and across the country now complain of low patronage.

A market survey done by Naij.com correspondent showed that the hike is caused by high cost of transportation occasioned by the ongoing fuel scarcity across the country.

Consequently, traders are compelled to hike prices of goods as the burden of paying higher prices is transferred to the consumers.

The huge demands for goods and service at festive periods often outweigh supplies, hence, this also account for the hike.

Apart from the high cost of production, market forces, poor business operating environment, fluctuation in the exchange rate of dollars, non-payment of salaries and other economic factors, this medium also found out that some traders or entrepreneurs also see the festive periods as opportunities to make more gains, thus deliberately increase prices of their goods and services.

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A trader at Oyingbo market, Bisi Ayanwo, expressed dissatisfaction with the level of sales this season. She attributed the low patronage to the economy which has taken a negative turn on consumers.

”The increase in the prices of foodstuffs is a tradition in every yuletide but people still buy what they need if money is available. Right now, things are hard. Traders spend a lot of money on transport  and after sales, we make little profit,” she lamented.

A yam seller at the market, Kemi Lawal, claimed prices of goods and services has increased drastically since the new regime came into power.

”We hope the change would come quickly. What is happening now is change in disguise. A tuber of yam now goes for N300 unlike before now when you would get it at a cheaper rate coupled with the transportation fare which has drastically influenced the selling price.” She said.

A tomato seller, Funmi Akinola, said the cost of transporting the perishable goods is so high and this has affected her business and patronage negatively.

”A basket of big tomatoes for over a month now cost over N12,000 and the small basket goes for N8,000 while the price of pepper is high as well. When I add the cost of transport to Oyingbo, sometimes I end up selling a big basket at the rate of  N15, 000. Recently, I recorded loss because these are perishable goods, if you don’t sell it on time, it will get spoilt. Right now, tomatoes are so scarce due to the ongoing crisis in the north.” she explained.

A vegetable seller at thesame market, Ruth Njoku said the reason for the hike in price of vegetable is infertile ground, high cost of transportation.

”Vegetable that sold at N50 now sells for N100 and some market women don’t sell vegetable at N50, because of the cost of transportation is high compared to the previous once we bought. This is dry season, the ground is not as fertile as it ought to be. Also, this is Christmas period and everything increases as well as dry season, no rain fall.  And no trader wants to sell at a loss” she laments.

A trader at Agege market, Charles Ekeoma, lamented on the increment on the manufacturers’ side and as well low patronage. He attributed this to the usual trend of manufactures increasing goods during yuletide season and thereby make it unbearable for the people who come to buy at wholesale and retail prices. He also added that the government is not fulfilling their promise as expected of them.

”We know it’s the usual trend for things to go high during this period but notwithstanding, the government is not helping matters at all. The federal government promise has yielded no fruit as every thing has gone high over 20%. The manufacturers want to make profit on every goods they sell, and when the quantity demanded is greater than the quantity supplied, this will result to hoarding and an increment in the price of goods,” he said.

In Agege market, a bag of Indian rice is sold at N9, 200, a bag of Thailand rice at N12,000 and above while a bag of beans now goes for N14, 000 and above here, depending on the brand and source.

At Mile-12 market, a bag of rice is sold at N10,000 and above, but a bag of beans (Niger Beans) is sold at N15,000 before and now. While ‘Oloyin beans’ is sold at N17,000 and above. A 30kg of groundnut oil is at N6,400 and above.

Chichi, a beans distributor at mile 12 market explained why bags of rice and beans are on the rise.

”The price of beans cannot be determined as at now, the price fluctuates presently and the people who sell at a fixed price, only sell the old stock and bags of rice in their shop so as to buy the new stock and sell at a higher price, from N16,000 and above. While presently, beans will be sold at a fixed price depending on the trader, the type and the brand. But right not, market is so unstable and we plead with the government to release money so that our customers can come and patronize us.” he said.

Another trader at Mile-12 market, who preferred to be anonymous, says the change system had not yielded any positive effect in the lives of its citizen.

”This is not the change we voted for. Our economy has gone from bad to worse. No steady power supply to carry out our business activities. Fuel scarcity lingered and current the goods in the market are on the rise. We are begging the government to come to the aid of the masses,” she said.

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A gari seller at mile-12 market, Egeneghe, says the price of gari is stable during Christmas period but the patronage is not encouraging as customers buy on credit.

”The price of garri is stable now and we are okay with it. A bag of white garri is sold at N5,200 which is the normal price but the red one is sold at N3,700 while some sell if at N3,500 removing one paint bucket from the bag. Before the red garri is sold at N4,200 but now is N3,700 while the white garri is sold at N5,500 and now is N5,200. Customers are coming but this period, they come and buy and return in two weeks time with complaints of salaries not been paid. We are thereby indebted to them, and now the country is experiencing change in all sectors. So I want the government to please help the people in terms of finance,” 

The Iyaloja of Mile-12 market, Alhaja Musili Tijani attributed the high cost of goods in the market as a result of economic downturn and insurgencies in the northern part of the country.

 ”I have tried all I could but not working. Sometimes I go to the bank to borrow money but in turn, I record loss because sales is on the decline and customers buy goods from in credit. The increase in the price of pepper and tomatoes is as a result of insurgency in the north as farmers are been killed and the lingering fuel scarcity affects the cost of bringing the goods,” she said.

”Most importantly, they should please pay salaries to workers. Because the economic situation in the country seems to be biting harder and this has affected the supply of goods and services,” she added.

”Another issue is the border, when it was closed, the price of goods went up drastically, and now the issues have been resolved, the price of rice has reduced a little. A bag of Indian rice is sold at N9,500, but bags of Thailand rice is higher, ” Another rice dealer added.

Hannah Ola, a buyer at the market said, the scarcity of tomatoes has been on over a month now and this has affected her cooking at home and her husband’s business.

”My husband is a trader in this market, but whenever he comes home, he complains of low patronage and no profit and this has affected our standard of living, things are getting worse by the day. People are dying of hunger and starvation. The poor ones are finding it difficult to feed because the cost of living is high now in the country. The poor economic situation in the country is a thing that calls for urgent attention by relevant bodies,’‘ she said.

The traders who are displeased with the state of the economy appealed to the Buhari-led administration to make change reflect in all sectors of the economy as promised during his electioneering campaign.

Additional reports by Esther Odili

The post EXCLUSIVE: Prices Of Goods Soar As Yuletide Approaches (See Market Survey) appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM.

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