State of Lagos, Nigeria The fuel price increase caused by the elimination of the fuel subsidy has led to an increase in the market cost of the majority of products.
The cost of essential foodstuffs has also risen dramatically, resulting in a decline in the purchasing power of consumers and a narrowing of the profit margin for merchants. President Tinubu Bola Tinubu is striving to revitalize the economy of Nigeria.
The current market situation in Lagos State
This week at the market, Legit.ng spoke with several merchants who described the current market situation.
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The current administration’s policies, the struggling economy, and the removal of subsidies have had a negative impact on the businesses of those who sell rice, beans, garri, yam, and other foodstuffs, according to some food merchants who spoke with our correspondent.
What Tinubu’s government has promised Nigerians and the outcome thus far
While the primary focus of the market is on food items, Legit.ng recognizes that the current market environment is unfriendly to both buyers and vendors, despite the daily market activity.
Despite the fact that President Bola Ahmed Tinubu pledged at his inauguration on May 29 to expand the economy by at least 6% per year, remove barriers to investment, create jobs, and unify the exchange rate, as well as combat rampant insecurity, the opposite has occurred, with Nigerians groaning in response to the current harsh economic realities.
Three of the most costly foods on the Lagos market in July
In light of the aforementioned assertion, this Legit.ng article provides a list of the top three food items whose prices have increased in the popular Lagos market at the end of the second quarter of 2023, in July.
As we moved into the third quarter of the year 2023, a trader at Mile 12 International Market, Lagos State, pointed out the three most costly food items and provided Legit. ng with their current cost price.
1. Rice
A sack of rice costs N41,000 on the Lagos market.
This month, the market price of rice increased from N35,000 to N41 and higher. This is both indigenous Nigerian rice and imported rice.
The local rice, which contains stones and is not particularly clean, is sold for N35,000 or less.
2. Ogbon
The increase in the price of fuel has led to an increase in the cost of transportation, resulting in a rise in the market price of the majority of products.
A market vendor who has sold food items for more than ten years told Legit.ng on Saturday, July 29, that a bag of “new ogbono” costs N120,000, whereas “old ogbono” is scarce and costs between N200,000 and N210,000, depending on the market visited and the seller’s preference.
In the state of Lagos, egusi has become prohibitively expensive in the state’s main markets. According to sellers at the Mile 12 market, a bag of egusi costs N180,000, and some retail for N190,000 or more. This is the wholesale price offered by suppliers in the main markets.
3. Tomatoes
Fuel, and the three most expensive foods in a popular Lagos market under Tinubu’s economy
Currently, tomatoes are the new treasure in the Lagos market. Produce is extremely costly, putting buyers and sellers at a financial disadvantage.
A complete basket of tomatoes (Bawa) costs between N40,000 and N50,000, whereas a basket of watery tomatoes costs N25,000 or less.
Due to the season (rain), tomatoes are expensive at this time; during the drier season, a basket will be sold for N10,000 or less.
Conclusion:
It is essential to note that other goods are also expensive on the market during this period, but the above-mentioned items are now beyond the wildest imaginings of traders and buyers.
Food prices have skyrocketed under President Tinubu’s economic policies, so one can only pray for better days ahead.
Tinubu receives an urgent message as a sack of local rice sells in the Lagos market for N41,000.
The cost of locally produced and manufactured rice in Nigeria has risen dramatically, causing traders to express grave concern.
At a renowned market in the state of Lagos, Nigerian rice prices are now comparable to those of foreign rice.
According to Legit.ng’s research, a bag of imported rice costs between N41,000 and N42,000, while a bag of stone-free local rice costs the same amount.
Legit.ng’s weekly price check: “The Nigerian inflation rate is severely impacting us.” The groan of a yam vendor in a prominent Lagos market
As the cost of the produce rises, Legit.ng previously reported that Yam vendors in Lagos are not having a busy day.
Despite the fact that yam is in season at this time, its purchase price is relatively high, and merchants are not pleased.
This week’s market is dull and lackluster, and stores that are open are not doing as well as they should due to a lack of customers.
