• In the first weeks of the New Year, the merchants were greeted with a walk of some food to the market.
  • This, they revealed, is not the usual norm in previous years, as items that used to be affordable during the New Year have become very expensive and supply is low.
  • In a conversation with Legit.ng, a shopkeeper at a popular market in Lagos revealed the items whose cost prices increased this week and why.

In fact, the market situation this New Year is not favorable due to the current cost price of some important goods.

According to legit.ng checks, these products used to be very affordable during this period in recent years, but the opposite is true this week at a popular Lagos market.

Commercial activities in a popular market in Lagos State. Photo credit: Esther Odili
Source: original

A trader in the Lagos state market revealed that staples such as rice and beans have seen their cost prices drop, while items such as garri, egusi and ogbono have become very expensive.

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Why is food expensive this period?

According to the merchant, the egusi is a food item whose cost price does not rise at New Year’s, but it is usually very affordable and its availability and supply is very encouraging.

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But this period, egusi is very expensive and the supply has decreased, the food trader opined.

lakes market, egusi, ogbono
A bag of egusi now sells for 220,000 naira in the Lagos market. Photo credit: Esther Odili
Source: original

He said,

“Egusi is very expensive this period and we don’t really understand what exactly led to the development.

“We did not experience an increase in their cost price this period, it is surprising.

“As at the moment, a bag of egusi costs N220,000 and a bag of ogbono costs N200,000. We are surprised as traders because getting the item is not easy because the supply is very low.

“The vendors informed us about the new development and some merchants especially those who don’t buy bags but little by little, it’s very difficult for them to get the item and after buying from the vendors, selling for profit is another huge task.

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“It’s more interesting now that one egusi derica sells for 1000 naira for the wholesale price, while others sell for more expensive. That’s why we registered sponsorship because we sell at reasonable prices compared to others.

“But the scary part of all this is that the total cost of egusi will not come down until August of this year, it will continue to rise. This is the honest truth, following recent market trends.

lakes market
The yam is still very expensive in the market this New Year. Photo credit: Esther Odili
Source: original

Other goods that are expensive

Speaking further, the trader revealed other goods on the market whose cost prices have skyrocketed.

According to him, since December there has been a slight drop in the price of the rice and beans layer, but the garri is a bit expensive.

He said,

“At the moment, a bag of rice is selling for 35,000 naira for long grain, and a bag of small grain is selling for 33,000 naira for small grain, while local rice is selling for 30,000 naira, pitted.

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“But for the garri, its cost price is increasing this period as a bag of (yellow) garri is selling for 16,000 naira and a bag of (white) garri is selling for 14,500 naira.”

lakes market
Palm oil and vegetable oil have become the new gold in the Lagos market. Photo credit: Esther Odili
Source: original

Vegetable oil and palm oil are still very expensive

The trader who came from the eastern region of the country further revealed that there has been an increase in the cost price of palm oil and vegetable oil.

He said,

“I get my oil from the east and I can tell you it’s original, but it’s very expensive. 25 liters of palm oil start at N28,000 and 25 liters of branded vegetable oil start at N30,000 and up.” .

lakes market
Even catfish is not left out in the recent development of the market. Photo credit: Esther Odili
Source: original

Patronage is too low, the merchant lamented.

According to the merchant, they do make sales, but the level of patronage is very low at the moment and many factors influenced it.

The merchant said so,

“It’s New Years and buyers are not finding it easy as they are faced with a lot of bills to pay. House rent bills, school tuition bills, shop rent to name just a few, all of this. and more contribute a lot to your level of patronage in the market this period.

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“We’re doing sales right now, but it’s not really encouraging because we’re struggling to make a good profit on items purchased.”

lakes market
There is a drop in the cost price of rice and beans but the garri is a bit expensive. Photo credit: Esther Odili
Source: original

Let the right leader win in the 2023 presidential election, the trader prayed

“Things have gone from bad to worse, we suffer and smile, it is not easy to survive in Nigeria anymore and especially in Lagos. Survival is very difficult.”

“We are earnestly praying for the right game-changer in the country to emerge as our next leader in next month’s election because the struggling economy has taken a toll on the current cost of goods and worsening the condition of the market,” he said. .

Legit.ng Weekly Price Check: Rice vendors complain when a bag sells for N32,000 at popular Lagos market

Rising and falling food prices have become the new normal in the Lagos market.

While politicians are busy with the upcoming 2023 general election, traders and buyers are concerned about the current market situation.

Food prices this week have increased by more than five percent in the market, as some are not even available.

Source: Legit.ng