One day to Christmas, both vendors and consumers are grappling with price hikes, leaving both facing a tough holiday season.
According to surveys conducted by the NPO Reports across some markets, prices of essential goods have skyrocketed.
Speaking with NPO Reports, Mr. Olaniyan Muyiwa, a meat vendor at the Omo Onile market in the Ogba-Iju area of Lagos, emphasized that there has been a drastic increase in cost of goods during the festive season
He noted that cows that were often purchased for N800, 000 before the festivities is now heading to N1.2/1.3 million
“What we were getting for N800,000 before is now 1.2/1.3 million.”
He lamented the slow rate of patronage in goods compared to last year due to the reduction in purchasing power of customers.
He cited the increase in price of fuel as a major reason behind the increase in the cost of goods.
“What the people bringing animals from the North are complaining about is the increase in transport cost
“So, if fuel and transport price should come down the price of meat can also come down.”
Speaking with Mr. Nasir Toka, a fresh vegetables trader, he acknowledged the rising cost of things in the market prior to the festive season.
He also noted that even during the festive period, things have gone higher than normal.
“Things were expensive before and even now it is more expensive than that time during Christmas.”
He stated that a basket of tomatoes which used to be 30,000 Naira before now is now up to 50,000 Naira.
Speaking on the rate of sales, he noted that the rising cost of items is not a barrier for his customers to purchase from him as they’re still buying even with the increase.
“People are still buying, they’re coming”
A customer in Ile Epo food market in the Abule Egba area of Lagos also highlighted the instability in the cost of goods in the market.
“A bucket of tomato before Christmas was around 2,500 to N3000.
“Although on Sunday, it was 3500 depending on the freshness but as at today, I heard the prices have increased again due to the rush of the festive season.
Mr. Precious, a livestock trader, lamented low sales, attributing it to the bad economy and rising cost in items.
“We’ve not been having much sales due to the high price of everything and the bad economy but right now we are hoping because we just have to keep the chickens here, this is Christmas time.
“The price of everything has gone up, it has not been easy for both we the sellers and final consumers.”
He stated that last year’s sales during the festive period was much better as the dollar exchange rate was still fair, compared to now which has affected a lot of things.
“People don’t really have much like before anymore, you just have to do according to your pocket now, so the rise in dollar has really affected a lot.”
He stated that layers chicken is 9000 Naira compared to last year which was sold at the rate of 5000 Naira
Similarly, Cockerel which was 10,000 Naira as at last year is now 20,000 this year.
“So basically, everything is now double the price it was as at last year” he said.
NPO Reports that despite the increase in prices, many vendors report a decline in sales due to reduced purchasing power, signaling a difficult festive period ahead for both sellers and buyers.