Price Of Plantain Falls On Improved Supply | Independent Newspapers Limited
Newsletter subscribe

Market

Price Of Plantain Falls On Improved Supply

Plantain
Posted: Sep 10, 2016 at 12:42 pm   /   by   /   comments (0)

By Iseghe Ajayi.

 

LAGOS – Prices of plantain continued to decline during the week, a situation traders attributed to on-season effects that has led to increased supply from Benin, Ondo and Ijebu waterside, regular sources of the produce for most Lagos markets.

According to a survey conducted by the Business and Market Intelligence Unit of Independent across some major markets in Lagos, a full sack of plantain at the Idi-Oro and Ifesowapo Perishables’ markets fell by a significant 75% over the past three months. The price of plantain had initially fallen by 50% from N10,000 in May to N5,000 in July, before dropping further to N2,500 on Thursday, September 8, 2016.

At the Idi-Oro market,12 big bunches of plantain sold for between N15,000 and N20,000 in July, presently goes for between N10,000 and N18,000; while that of a big bunch sells for between N800 to N1,500 within the review period.

Twelve small bunches which went for between N2,500 and N3,500 in July, dropped  to between N1,500 and N2,500 on Thursday.

Morufu, a wholesaler of plantain at the Idi-Oro Market, in a chat with Independent on Thursday, linked the fall in the price of plantain to the seasonal effects, which he believes is good for lovers of the produce, as it is used for making a variety of delicacies enjoyed in many Nigerian homes.

A lady who simply identified herself as ‘Iron Lady’ at the Ifesowapo Market attributed the fall in price to the on-season effect just as another trader, who simply identified himself as Aina, believes that the price would crash further in November when harvest season for the product would be at its peak.

Another trader at the market who did not want his name on print shared same opinion, stressing that there has been an increase in supply, hence the fall in price.

During the week prices of plantain at  Ifesowapo Market along the Ketu-Mile 12 axis differed slightly from what obtained at Idi-Oro, as 12 bunches of the big size, which sold for between N15,000 and N20,000 last month, presently goes for between N12,000 and N18,000, representing a 20% and 10% reduction.

A small bunch currently sells for between N250 to N500 depending on the size and the big bunch from N1,000 to N1,500 each.

Plantain Current Prices

The same cannot be said about garri another popular staple food made from cassava and enjoyed by most Nigerians, with a bag of the white regular variant going for N6,500 as against the N5,500 to N6,000  it sold for in July at the Idi-Oro Market.

The yellow regular garri, however, remained stable at N7,000, a situation Doris, a trader at the market blamed on the increase in the price of palm oil, which is added at the preparatory stage to give the variant its yellow colour.

Consequently, a paint bucket of white garri sold for between N500 and N550, just as that of the regular yellow variant went for N600.

The price of regular garri at the mile 12 market within the review week did not differ from what obtained at the Idi-Oro market, although different slightly from those of Oshodi and Ogba where the price of a bag of white garri dropped from N7,500 in July to N7,000 while a bag of the yellow variant fell from N8,000 last month to N7,500 on Thursday.

A paint bucket measure of white garri sold for N600 at the Ogba market on Thursday, whereas the yellow variant went for between N650 and N700 within the review week.

Meanwhile, the price of palm oil which started to rise in May has remained high, with a 5 litre keg, sold for N1,300 in May increased considerably by 54% to N2,000  at the Mile 12 Market. A bottle currently sells for N400 in nearly all the markets in Lagos.

Mrs. Amoo, a palm oil trader at the Mile 12 Market attributed the hike to scarcity of the product, as the seedlings are not ripe enough for processing.