As the Eid-el-Fitri celebrations was drawing near, Nigerians were confronted with the harsh reality of soaring food prices and low disposable incomes.
The Nigerian population, already burdened by the economic downturn, has been forced to make difficult choices due to the continuous rise in the prices of essential goods.
The declining real wages and incomes, which reflect the purchasing power of employees after accounting for inflation, have plummeted by a staggering 100 percent. This has subjected Nigerians to increasing daily pressures and limited their ability to afford basic necessities. Lower-income households, in particular, are facing even tougher decisions, such as choosing which items to buy or forgoing certain purchases altogether.
The spike in inflation has created frustration and anxiety among Nigerians, especially those who were last-minute shoppers for the Sallah celebrations. Many were compelled to settle for inferior goods within their limited budgets, while others had to reduce the quantity of items they purchased in order to cope with the harsh economic reality.
Our correspondent who visited markets in Agege and Ogba axis, Mosolasi Alhaja, Ogba bus stop, Sunday market, observed that consumers bemoaned the rising prices of food items, particularly yam, tomatoes, and pepper and ram meat.
The rising prices have forced many Nigerians to reconsider their purchases and search for alternatives.
A pepper seller, Mrs Elizabeth Olawale, lamented the high cost of tomatoes and pepper which is in high demand during the celebrations.
“The small basket of hot pepper (scotch bonnet) that we were buying for N5,000 and N6,000 is now N10,000. Bawa (cayenne pepper) is now N30,000 a basket, as against N26,000 we used to buy it before, “she said.
One shopper, Mrs. Bose Sadiq, couldn’t hide her surprise at the exorbitant prices she encountered at the popular Mosolashi Alhaja market in Agege. A large basket of tomatoes, which used to sell for between N10,000 and N12,000, was now priced at N25,000, while the small basket cost N13,000. Frustrated by the economic challenges and slow sales in her own business, she reluctantly settled for the smaller basket, which she still considered outrageous.
Fortunately for another shopper, Mrs. Akodu, she recounted her luck in purchasing a sack of pepper early on Thursday morning for N13,000 from a Hausa seller who sold in bags rather than baskets. However, she explained that prices varied depending on whether the goods were sold in large or small baskets, sometimes reaching as high as N18,000 or more.
The price of essential commodities such as vegetable oil has also risen significantly. A 3-liter bottle, previously priced at N4,500, now sells for N5,000. Traders attribute these sudden price changes to the increased cost of acquiring goods and transportation, leaving them with no option but to adjust their rates accordingly.
ALSO READ: Sandra Iheuwa consoles Chioma Adeleke, as Davido allegedly impregnates US woman
Lawal Abubakar, a butcher, expressed dissatisfaction with the minimal spending power of Nigerians. While he had witnessed a surge in customers during previous Sallah celebrations, this year’s patronage paled in comparison. He attributed this decline to the lingering effects of the cash crunch and cash transfer failures experienced by Nigerians. Concerned about making a reasonable profit, he had to be cautious about pricing his meat for sale.
“Usually, Sallah periods come with increased sales for us and high level of patronage from buyers. But see how we just sit here. People are not buying like before. Everybody is complaining; no money. Government should do something to stop this problem. It is affecting our business”.
“With the amount I bought this meat I am to sell to my customer, I need to be mindful or else I might not make much profit from the sales.”
A Lagos-based agricultural economist Uche Okoroafor blamed the fuel subsidy removal and poor investment in agric value chain as reasons for the unprecedented price in food prices.
“Farmers and markets move goods with small trucks which are largely petrol powered instead of articulated vehicles.
“This is so because many actors in the value chain do not have the financial capacity to buy diesel-engined heavy trucks which ordinarily are cost-effective for goods transportation.
“The inflationary cycle on goods and services is expected to continue due to the multiplier effects of fuel subsidy removal on the economy.
“Things are extremely expensive and government must do something about this particularly farm produce and stable farm commodities by investing heavily in the agriculture value chain to cushion the effects on poor Nigerians.
“If prices of agricultural goods and services are relatively stable; the people would appreciate it and be able to get the necessary nutrients they need instead of just barely surviving as they are currently doing,” he said.