Legit.ng Weekly Price Check: Scarcity of Rice? Trader Speaks as Bag of Rice Sells for N45k in Lagos Market
- The continuous rise in the cost price of rice has become a major issue for traders to deal with in recent weeks
- This is as the cost price of rice has risen from N35,000 to N45,000 in recent days, and the buyers are very disturbed by the development
- It's just a few weeks to the festive period but traders disclosed to Legit.ng that the cost price of rice will not drop during the Christmas and New Year celebrations
There has been a sharp increment in the cost price of rice in recent days.
At a popular market in Lagos, Legit.ng discovered the cost price of rice increased by ten thousand naira as against its previous price of N35,000 and N36,000 respectively.
Source: Original
This was not well received by the traders as some expressed shock and others expressed worry over the recent market trend which has affected their businesses to an extent.
Rice seller speaks about hike in cost price as a bag sells for N45,000
At the market, a bag of rice now sells for N45,000 and a dealer at Ojota market, speaks on the real reason for the hike in the price of rice.
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In a chat with Legit.ng, a trader revealed the present wholesale price and what led to the rise in its cost of purchase this week.
The trader identified simply as Alfa is a rice dealer and also offers groundnut oil and frozen foods at wholesale prices.
According to him, seasonal factors and rising demand led to the present hike in the cost price of rice in Lagos market.
The rice dealer affirmed thus:
"The rising cost price of rice is not a surprise to us traders as we have predicted it and would not be surprised if it rises further by December.
"The reason for the hike this period is because of the huge demand for rice and this is normal for all goods; when the demand is high, the suppliers tend to add to the cost of purchase and the trader adds other costs, to the cost price of the goods, making it very expensive.
"Another major reason they trade on now is the festive season. The suppliers and distributors has seen the festive season as a period to make more money, increase teh cost price of goods and even cut down the supply so as to make it look the goods are scarece. This is what we are going to be experiencing in recent weeks.
"The wholesale price of foriegn rice is that is sell cost N40,000 but some traders sell theirs; bag of foreign rice long grain for N45,000, bag of rice small grain for N37,000, local rice with sand for N29,000, local rice without sand cost 35,000.
"For groundnut-oil, 25-litre cost N20,000, palm oil , 25-litre cost N29,000. For bag of beans, bag of beans white cost N57,000, bag of beans brown cost N57,000 and bag of beans oloyin cost N38,000.
"The buyers should be prepared, as long as rice is going out of its season, the year is coming to an end and the demand is getting higher everyday, the cost price will not drop anytime soon."
Legit.ng weekly price check: “Nigeria inflation rate terribly affecting us”, Yam seller in popular Lagos market groan
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.
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
