Legit.ng Weekly Price Check: Traders Reveals Top 3 Goods Whose Cost Price Have Increased in Lagos Market
- The cost price of goods in Lagos market has been unstable owing to rising security challenges, exchange rate and more
- The fuel scarcity has in no way inflated the cost price of goods in the market rather traders disclosed the grappling economy is a big factor
- This week, Legit.ng visited a popular market in Lagos to confirm from traders the goods whose cost prices have increased and others that are relatively cheap
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Lagos state - The happenings around the world have continued to inform food prices in the country, traders in Lagos market disclosed.
According to checks by Legit.ng at a popular market, food prices are not stable and their availability is sketchy.
For beans, rice and garri, their cost price dropped by over five percent as others that are in season are experiencing an increment too.
Source: Original
A trader identified simply as Mr. Ugwuanyi, disclosed that the cost price of goods in the market this week is influenced by the current happenings in the country.
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He said:
“If the country is having a particular challenge in one sector, others suffer. This is what is happening with the fuel scarcity now. Food prices should not be informed by the availability of fuel in the nation but it is sad because, it is now.
“Transporters that would bring in the goods needs fuel to do so and the scarcity has affected their pace of business too. I can boldly say, fuel shortages did not affect food prices rather it affected mobility of the goods.”
In a twist, a foodstuff dealer does not agree with the above submission, he is of the view that seasonal items are offered for sale at reasonable prices this period.
He opined that some traders give goods at exorbitant prices as an opportunity to make more profit during this difficult time.
The trader affirmed thus:
“Food prices that are in season are affordable but some business owners make it difficult for buyers. In other to make more money, they add to the market price of the goods and then disclosed goods are expensive in the market.
“Yes goods are expensive in the market but not all goods. Goods like rice, beans and garri, their cost price dropped in recent weeks but for foodstuff items, their cost of purchase is very high now and their supply competitive."
He highlighted goods that are expensive in the market this period
Source: UGC
According to the trader in the same market, ogbono, egusi and crayfish are very expensive this period.
Interestingly, the goods are grown in the country yet they are very expensiv3 and some business owners are lamenting the hike in the cost price of goods.
He said:
“The cost price of ogbono, egusi and crayfish increased this month and some of us are not finding it easy to get the goods and offer to buyers at reasonable prices. If you come to the market today, and get the goods at a particular price, the next time you visit, the cost price would be doubled. This particular issue affects us to a large extent as buyers who do not understand thinks we are cheating them.”
The present cost price of ogbono, egusi and crayfish
Source: Original
The trader added that:
“A paint bucket of egusi that is sold for NN1,500 and N2,000, now sells from N4,000 and above while a piant bucket of ogbono is sold from N9,000 upwards.
“A bag of egusi sells from N120,000 upwards now as against its old price of N75,000 and below. But a bag of ogbono sells from N115,000 now as against its old price of N100,000 upwards. Egusi is in season but its cost of purchase is higher than before, we are unaware of what is happening but one major thing that differentiates the bags of both goods is the quantity of paint buckets in the bags.
“The bag of egusi has more paint bucket than the bag of ogbono. I have more of ogbono in store now; a bag of ogbono contains about 16 paint buckets while egusi contains over 30 paint buckets. For crayfish, it cost price varies depending the season and the market location. A bag of crayfish contains 30 custard of paint buckets and the half bag contains 15 paint buckets. The cost price of crayfish is offered for sale from N50,000 and N60,000 upwards as against its old price of N45,000 below.”
Interestingly, some items are offered for sale at affordable prices in the market. A good example is rice, beans, garri, and some seasonal fruits but others are still very expensive.
A bag of garri is sold from N12,000 and below while a bag of rice (foreign) is sold from N26,000 and a bag of beans is sold from N50,000 upwards and below as against its old price of N75,000 and above but local rice is sold from N20,000 and below.
Source: Original
Price hike of other goods
For fruits, they are very expensive and some of them are not available and supply very low. A trader at the market disclosed the present market situation has influenced to a large extent the cost price of seasonal items.
A trader who sells banana and hailed from the eastern part of the country told Legit.ng that,
“The cost price of fruits generally in the market are very expensive. The cost of transportation and the carriage influence the supply of fruits in Lagos market. Presently, fruits like oranges, banana, grapes, apple, and garden egg are still very expensive but fruits like pawpaw, watermelon, pineapple, cucumber, carrot are sold in reasonable prices for now.
“But I can tell you categorically, market situation has changed for the worse, it is no longer the usual sales. Everything has taken a different turn in the market and we are not happy as business is affected to a large extent now, the cost of keeping business running now is higher so also cost of living in the country.”
In a similar development, frozen foods and beef in the market are still very expensive, same with perishable goods like onion but pepper and tomato are sold at good prices depending on the availability and supply level of both items at the market when visited.
Ahead of the Easter celebration which is a few weeks from now, the traders are hopeful of better sales and improved market condition.
Legit.ng weekly price check: Lagos trader gives 1 major reason he won't vote Atiku, Tinubu
Whilst Nigerians at home and abroad are looking forward to electing a new leader in 2023, traders in the market are seeking a figure that would change the leadership style of the country.
In a chat with Legit.ng, a trader who sells foodstuff items at the market told our correspondent that the leadership system of Nigeria is like a cycle, it’s static and nothing has changed so far.
According to him, the political parties in Nigeria keep bringing the same people over and over again, with the same mandates and at the end of the day, they assume office and effect nothing positively.
Source: Legit.ng
