Business

See the List of Foods Hunger Protests has made to Drop Price in Lagos

Published by admin on August 3rd, 2024.

See the List of Foods Hunger Protests has made to Drop Price in Lagos

The ongoing nationwide hunger protest has led to a significant decrease in the prices of perishable food items in Lagos, with some prices dropping by about 50%, according to reports by the News Agency of Nigeria (NAN).

The protest, identified by the hashtag #EndBadGovernanceinNigeria, is intended to draw the Federal Government’s attention to the economic hardships Nigerians are facing and is scheduled to conclude on August 10.

Traders and buyers at the Ile-epo food market in the Alimosho/Agege area of Lagos confirmed this trend in interviews with NAN on Friday. Local markets in the area have seen reduced activity due to the protests.

Rabiu Aliu, a tomato trader at Ile-epo market, noted that prices of perishable items such as tomatoes and chili peppers have dropped significantly to minimize losses due to low patronage. “A 50kg basket of tomatoes now sells for between N40,000 and N50,000, compared to N80,000 to N100,000 two weeks ago. A 25kg basket sells for N18,000 to N19,000, down from N30,000 to N40,000,” Aliu explained. He attributed this to the reduced purchasing power during the protests.

Similarly, trader Mukit Afolabi highlighted that the price drop began on the first day of the protests. “I bought a 5kg basket of tomatoes for N4,000, whereas two weeks ago, it sold for N12,000,” she said. However, she noted that some items, like scotch bonnet peppers (rodo), have become more expensive due to supply issues, with a bag increasing from N40,000 on Monday to N84,000 currently.

Ibrahim Ahmed, a foodstuff trader, confirmed a decrease in the prices of staples like rice and beans. “A 50kg bag of short grain rice now sells for N73,000, down from N83,000 last month, while long grain rice sells for N78,000, down from N87,000 to N88,000. A paint bucket of honey beans now sells for N10,000, compared to N12,000 in July,” Ahmed reported.

However, not all food prices have decreased. Items such as groundnut oil and palm oil have seen significant price hikes. Hope Osagie, a trader at Agege Market, noted that “a 25-litre container of groundnut oil now sells for N60,000, up from N38,000 last month, and a 25-litre container of palm oil now sells for N36,000, up from N27,000 in July.”

Despite these fluctuations, some buyers, like Anuoluwa Olayinka, are pleased with the lower prices of certain perishables. “I bought as much as I could afford since the prices had dropped. The market was less crowded than usual for a Friday, so traders seemed eager to sell off their goods to avoid losses,” Olayinka observed.

Another buyer, Ada Uzor, agreed that while food prices can be unpredictable, the protests have likely contributed to the recent price drops for some items.