Lagos traders predict fall in prices of food items | Independent Newspapers Limited
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Lagos traders predict fall in prices of food items

Posted: Apr 16, 2015 at 7:51 am   /   by   /   comments (0)

Traders in three major markets in Lagos on Wednesday predicted a further drop in the prices of food items after the April 11 governorship and House of Assembly elections in the state.

Some of the traders told the News Agency of Nigeria (NAN) that prices of food items such as tomatoes, pepper, chilli pepper and onions would experience a sharp drop in prices after the elections.

NAN reports that prior to the Presidential election, there was panic buying among Lagos residents due to the fear of possible outbreak of post-election violence.

The panic buying led to over-stocking of homes with food items and consequent increase in the prices of food items in Lagos markets.

The high cost of food items was also worsened by the absence of produce-laden trucks from the northern parts of the country to Lagos.

A survey carried out by NAN showed that a basket of tomatoes, which sold for N10,000 before the Presidential election had dropped to N7,000.

Pepper now sells for N4,800 as against its previous N7,500 while a bag of onions sells for N11,000 from N13,500.

However, the price of a paint measurement of garri still remains at N300.

Spokesman for the Mile 12 Market Traders Association, Mr Femi Odusanya, said there would be a continuous reduction in prices of perishable food items in the market.

“The normal situation has returned to the market due to the lack of violence after the release of the results of the presidential election.

“Most of the trucks that bring farm produce from the North that stayed away because of the tensed political climate have started arriving with goods.

“As we have more arrival of the trucks with farm produce, prices will continue to drop and food items will be cheaper,” he said.

Vice-President of the Iddo Market Association, Mr Muftua Alli, said before the election, retailers sell small quantity of pepper and tomatoes for as high as N250.

“But now with N100, you can get a reasonable quantity to feed a family of four.

“The non-supply of food items by the trucks from the North was part of the factors that led to increase in the prices of food items.

“This was why the traders hiked the prices of the few items they have in stock,” Alli said.

A trader at the Whitesand Market, Lagos Mainland, Mrs Grace Anyanwu, said the calm political climate in the country would aid price reduction.

“We now have more presence of customers and arrival of goods in the market, as against the weeks before election.

“Many people stocked their homes and stayed indoors, especially those who are self-employed,” she added.