Why Prices Of Some Foodstuff Are Crashing In Lagos – Investigations

Amid the ongoing nationwide protest against hunger which kicked off August 1, prices of some perishable food commodities have crashed by about 50 per cent in Lagos.

Some traders and buyers at the Ile-epo food market in the Alimosho/Agege area of Lagos State confirmed the development in separate interviews with NAN on Friday in Lagos.

According to the interviews, local food markets across the area witnessed fewer activities than usual due to the ongoing nationwide hunger protests.

A tomato trader at Ile-epo market in the Agege area, Mr. Rabiu Aliu, said the price of some perishable food items ranging from tomatoes, chilli peppers and others dropped to minimise loss due to low patronage caused by the protest.

“A 50kg basket of tomatoes now sells for between N40,000 and N50,000, as against N80,000 to N100,000 two weeks ago.

“A 25kg basket sells between N18,000 and N19,000 as against N30,000 to N40,000 two weeks ago.

“We have no choice but to sell off because few customers are available to buy the produce. The purchasing power is actually low at the moment,” Aliu said.

Also speaking, another trader, Mrs Mukit Afolabi, said that the price of perishable items had dropped in the market as a result of the hunger protest.

“On Day 1 of the protest, tomatoes were even cheaper because there was no one to buy them.

“I bought 5kg basket of tomatoes at N4,000. As of two weeks ago, it sold for N12,000. So, I think the protest is contributory to the drop in price.

“However, rodo (scotch bonnet pepper) is still expensive. On Monday, a bag was sold for N40,000 but today, a bag sells at N84,000 because it is currently unavailable in the market.

“No produce truck has delivered any pepper since Wednesday, the day before the protest began,” Afolabi said.

A foodstuff trader, Mr Ibrahim Ahmed, also affirmed a drop in the price of rice and beans.

“A 50kg bag of short grain rice now sells for N73,000 as against N83,000 last month. While the long grain sells for N78,000 per 50 kg bag as against N87,000 to N88,000.

“A paint bucket of honey beans now sells for N10,000 as against N12,000 it was sold in July.

Other varieties now sell for between N8,000 and N9,000,” he said.

The report by NAN also revealed that other items such as groundnut oil and palm oil recorded tremendous increase in price.

Mrs Hope Osagie, a trader of the produce at the Agege Market, said that the price of the produce had increased in the last couple of days.

“A 25 litre of groundnut oil now sells at N60,000 as against N38,000 that was sold a month ago.

“While a 25 litre of palm oil now sells for N36,000 as against N27,000 in July.

“We really do not know the reason for the hike but generally food stuff prices have been rather unpredictable,” Osagie said.

However, a buyer, Mrs Anuoluwa Olayinka, expressed excitement over the drop in the price of tomatoes and other perishable items.

“I bought as much as I could afford as I saw the price had dropped.

“Well, there are just few people in the market, which is quite unusual for a Friday. So, I guess traders just want to sell off to minimise loss,” Olayinka said.

Another buyer, Mrs Ada Uzor, said that “foodstuff prices are unpredictable but I think the protest contributed to the slight price drop of some items.”

GWG.ng reports that the protest, with the hashtag #EndBadGovernanceinNigeria, is planned to run till August 10. It is aimed at calling the Federal Government’s attention to the economic hardship facing Nigerians.

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