Legit.ng Weekly Price Check: Lagos Trader Reveals Real Reason Why Bag of Rice Now Sells for N39,000
- The holidays are here and the market environment is having different vibes, a few weeks to the Christmas and New Year celebrations
- Checks by Legit.ng at a popular Lagos market showed surprisingly the sharp drop in the cost price of major food items
- A trader in a chat with our correspondent revealed the real reason why there's been a reduction in the cost price of rice and beans in recent days, a development he described as unusual
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It's a few days to the Christmas and New Year celebrations, in Lagos and across the globe.
While some are preparing big for the holidays, others are lamenting regarding the whole event which made up their lives in the year 2022.
Source: Original
The year according to the traders in a popular Lagos market has not been very rosy but they are grateful for Life which signifies better days are indeed ahead, as they expressed hope for what would determine their fate in the New Year.
The past few months have been tough for traders in major markets across the country, following the rise and fall of food prices and the reduction of the purchasing power of buyers.
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It is so pathetic that basic food items became the reach of the rich while the poor in society struggle to get two square meals as surviving each day became a battle for the strongest.
Interestingly, these few weeks to Christmas, there has been a noticeable reduction in the cost price of food prices such as rice and beans while garri increased a bit.
Source: Original
Lagos trader speaks on the current price of Rice, Beans
In a chat with Legit.ng, a trader who hailed from the eastern region of the country but pleaded anonymity revealed there a slight reduction in teh cost price of rice and beans but for garri, it increased by N1,000 and N1,500.
According to him, the bag of foreign rice (Aroso) which sells for N45,000 in previous weeks and below, has dropped to N39,000 while a bag of rice (Agric) sells for N36,000.
He said,
"As for me, I sell a bag of foreign rice, Aroso for N39,000 but some traders sell theirs from N40,000 and N41,000 upwards now. But I sell a bag of rice, Agric for N36,000.
"Buyers prefer to purchase the expensive Aroso rice, the long grain than the Agric rice, which is the small grain because the difference is in their taste.
"When one is prepared, it is soaks water and not taste well while the long grain tastes very well after cooking. So, I sell more of Aroso rice than Agric.
Source: Original
The current price of beans
"Oloyin Maiduguri beans is the best beans while the Oloyin Niger is the Hausa beans. A bag of Oloyin beans (Maiduguri sells for N36,000 and a bag of Oloyin Niger beans sells from N50,000.
"The difference is in the content of the bag and the taste. I sell more of the Oloyin Maidughuri beans.
For garri, the Benin garri and the agbor garri are of two different prices but the diference is just N500. In previous weeks, a bag of garri sells for N12,000 and N12,500 and some market, you get it for N13,000. But this week, a bag of garri sells for N14,000 and N14,500 respectively.
"Sales has improved but it really does not look like the festive season is here except with the presence of gift items, Christmas items and others, market is not crowded as expected."
Source: Original
Real reason for the drop in the cost price of rice
The trader, speaking further disclosed the real reason why there was a drop in the cost price of rice and beans but garri increased.
According to him, the market location, the supply level and the traders decision informed the development.
He opined thus,
"I can tell you some traders like to add to the cost price of goods in the market and tell you it's very scarce which is not a good thing considering the situation we are presently in the country, we should help each other.
"In recent days now, there is a drop in the cost price of rice and this is due to its availability. It is a big surprise, because this means it might dropped further, in the coming days. The level of supply often determines the cost of the purchase in Lagos market.
"If supply is low, then it would make the price go up, but if supply level is high, the cost price of rice would be offered at a reasonable rate.
"Another reason is location. The cost price of goods in major markets is different from the cost price of goods in retail markets. So, the market location influenced t a large extent the drop in the cost price of rice.
"It is hard to say this, but some traders tell lies when it comes to food prices. They lie so as to make more profit, this is why the prices of goos are not fixed, they varies from one market to another.
On the sales level this period and expectation
"The level of sales is improving these days compared to previous weeks, buyers are purchasing the goods but the level of their purchase is very low but we are hopeful of better sales in the coming days," he noted.
Legit.ng weekly price check: Scarcity of rice? Trader speaks as bag of rice sells for N45k in Lagos market
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.
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.
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.
Source: Legit.ng
