Business

See the Prices Basket of Tomatoes and Pepper Crashes to

Published by Tope Fakinlede on August 8th, 2024.

See the Prices Basket of Tomatoes and Pepper Crashes to

Bismarck Rewane, an economist and the Executive Director of Financial Derivatives, has said the prices of tomatoes and pepper dropped to N60,000 per basket amid the hunger protests.

Rewane, who is also a member of the Presidential Economic Coordination Council, disclosed this on Thursday in an interview with Channels Television.

According to him, the drop represents a significant price reduction when compared to the N130,000 to N150,000 a basket of tomatoes and pepper sold two to three weeks ago.

He, however, noted that the food items were sold out at perishable value.

According to him, the prices of tomatoes and pepper may increase again as business activities return to normalcy in Nigerian markets post-protests.

“Our team went into the market Yesterday (Wednesday), percent drop in the price of tomatoes to down to N60,000 per basket, the price was bold two to three weeks ago.

“Pepper has come down to N60,000 by 57 percent. I think that these are perishable goods. Because of the protests and the restrictions on movement, the goods that are on the farm are not getting to market and the ones in the market are being sold off.

“What I think will happen is that in the next few days, the price of tomatoes and peppers will increase again. Right now it is the perishable value that will be seen in the market,” he said.

Recall that in the past week, protesters had taken to the streets in major Nigerian cities, demonstrating against the rising cost of living in the country.