Legit.ng Weekly Price Check: “Nigeria Inflation Rate Terribly Affecting Us”, Yam Seller in Lagos Market Groan
- In markets across Lagos market this week, the cost price of yam which is in its season has risen exorbitantly
- At a popular market this week, a yam seller in a chat with Legit.ng, revealed the factors that contribute to the cost price of the produce
- The seller also hinted at the cost price of goods Nigerians should be expecting during the Christmas and New Year celebrations
Yam sellers are not having a filled day in Lagos market as the cost price of the produce rises.
Despite the fact that yam is in its season this period, the cost of its purchase is on the high side and traders are not happy.
The market this week is dull and dry, shops that are operating are not having a swell time as buyers are not trooping in and out as they ought to.
Source: Original
This development however influenced the choice of some traders who declined to speak about the current market realities as they revealed, "Nigeria ti su wa", that is, “they are tired of the country Nigeria’.
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Sadly, with the present rise in the cost price of goods, traders have urged buyers to be prepared for the worst this during the festivity, the Christmas and New Year celebrations.
At the market this week, new yam is very expensive as some buyers are only picking about two, three out of five pieces priced, our correspondent observed.
A buyer in a chat with Legit.ng opined thus:
“I prefer buying yams from the mallams who bring to the streets where I reside as they offer reasonable prics during the evening hours of the day.
“When we come to market this period, we are scared of purchasing yams because the prices are beyond our budget. When we price and can’t afford it, we go back home and wait for the ones that would bring to us in the area and sell small pieces of yam, five for N2,500 now but at the market, it is a different ball game entirely.”
Source: Original
Vegetable seller opt for potatoes since she cannot afford Yam
A vegetable seller in a popular Lagos market disclosed that due to the current hike in the price of yam, she now purchases potatoes instead after sales.
The trader who hailed from the southern region of the country but pleaded anonymity affirmed thus:
“In major markets such as Mile 12 international market or Ketu market, you can get potatoes at reasonable rates instead of spending huge amount of money on five tubers of medium-sized yams. That money if put together can cook a pot of tasty soup with change remaining. Because a small tuber of yam is sold from N1,200, N1500 and N2,000 upwards, the ones that would be bad is sold at a lesser amount.
“The cost of living in Lagos is high, so what some of us do is to manage the resources we have to keep the home running and not suffering or static. We are suffering and smiling in Lagos, this is the present reality.
“So we spend less, save more and purchase the exact goods our money can afford. Yam is very expensive not only in Lagos market and the traders are not finding it easy to get the produce from other neighbouring states to the market here in Lagos.”
Trader reveals the real reason for the hike in the cost price of yam
When yams are harvested and are entering the market newly, they are sold at expensive rates because the supply during this period would be slow and the demand would be high. In a few weeks, or months, once the new yam festivals are over and harvest intensified, more yams will come into the market and prices will fall.
As it stands now, yam and other basic items are very expensive due to the following reasons highlighted by a yam seller at the market.
Taking a dive, looking at the grappling economy, the inflation rate in Nigeria is very high due to the continuous depreciation in the nation's currency and hike in the cost of production.
But as it stands, the new yams are already in the market and available yet the cost of purchase is very high in Lagos market.
A trader in a chat with Legit.ng reveals the real reasons why yams are so expensive during this period.
She noted that:
- Inflation
- A general increase in the cost of production
- Flooding
- Insecurity
- Few farmers and more, are some of the factors that have influenced the cost of purchase of not only yam but other basic items that are grown in the country.
According to the trader, the rising inflation and the rising cost of production in recent months have affected to a large extent the cost price of yam and other goods in the market.
She affirmed thus:
"Nigeria has put more focus on the petroleum sector than farming sector, this makes the production of food to be lesser in the country,
"Cost of production is lower than consumption rate,
"100 tuber of yam that we buy from N70,000 and N80,000 have increased to N120,000 upwards and this is due to the present economy and the depreciation of the naira.
"Cost of transportation of products; the cost to transport the produce from the farm to the final consumer is higher now, and this makes the production expensive and prices of goods high.
"We have lesser farmers in the country than the consumers, this is another major issue. The cost of preserving farm produce have become high due to the hike in the cost of its materials.
"Sadly, attack on farmers, kidnapping and destroying of farmlands, has also affected farmers and some are scare of going to their farmlands, plus the recent flooding ravaging farmlands in major states where these goods are grown, all these and more are some of the issues the country is faced with, traders battling with and buyers, at the receiving end of all.
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"All we desire is a change in the system of governance in Nigeria, going forward. Because government policies, to an extent is affecting our businesses.
"Buyers are lamenting daily over hike in food prices as it is not fixed and some unstable sometimes, this is really not good for our businesses as most times, the goods are available but low patronage and other times, the goods are scarce but high demand.
"In the coming months, we are hopeful of better sales, but the change in the cost price of goods is not guaranteed as food prices would continue to rise, due to recent happenings in the country."
Nigerians react
Nigerians took to the Facebook page of Legit.ng and reacted to the development.
Precious Obi noted that:
"Not only in Lagos State is everywhere.
"But we must survive."
Gbolagade King Marshall Durodola said:
"I beg no bi only lagos, you can pay a visit to bayelsa Emeyal 1 & 2 and otueke you will understand."
Frank Uzoma queried:
"Which way Nigeria which way to go. Vote Obi or Tinubu and who will deliver us?
Lilly Wordu opined:
"Every basic food stuff in Nigeria is beyond the reach of the common man. The "next level" of change is no joke."
Musa Sikiru urged:
"Leave Lagos & go to your village where a tuber of yam is #100, must you be in Lagos?
Afam Bụ Osinachi said:
"Got 3 tubers for 20 Cedis in Accra... I asked the young boy over and over again to be sure he knew what he was doing. I even engaged a woman who spoke Twi to the little boy to confirm."
Comr King Austine wrote:
"Is all over not Lagos alone."
Abdul Jeleel said:
"Yam is costly in all parts of Nigeria but not in Lagos alone."
Francis Challenger Anasioke noted:
"Yam dey oooo. Lagosian and I can waybill it anytime as many as you want."
Chinenye Jacklin said:
"Foodstuff hike is everywhere oo."
Legit.ng weekly price check: Rice sellers groan as a bag sells for N32,000 in popular Lagos market
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.
This week's food prices have increased by over five percent at the market as some are not even available.
Source: Legit.ng
