Inflation Pushing Us Out Of Business – Traders Lament Persistent Price Hike
Traders have decried the unprecedented hike in prices of commodities., saying the market system has become so unpredictable.
Nigeria has recorded an average of about 28.2 per cent increase in the prices of major food items within the last few months.
The situation has plunged the citizens into a financial crisis fueled by hyperinflation.
A market survey carried out on food prices across the Federal Capital Territory, FCT, and its outskirts indicated that the prices of food items have been on a steady rise in the last few months.
The food items monitored include yam, rice, beans, vegetable oil, palm oil, tomatoes, pepper, maize, onion, and millet. Others are noodles, spaghetti, sugar, wheat flour, meat, garri, wheat, and guinea corn.
A cross-section of traders in the FCT markets and its outskirts spoke about their experiences orchestrated by the current economic realities in their various lines of businesses.
A skin care consultant at the Mararaba market, an outskirt of the FCT, Uche Ikechukwu, said the current economic situation had almost put him out of business.
“I don’t get customers like I used to. My customers are cutting down on skincare purchases to prioritise other essentials like food and transportation, and that is affecting sales significantly. Restocking has become a daunting task as costs continue to soar,” he said.
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A foodstuffs retailer in the same market, Mrs Nkechi Ubani, lamented that the increase in prices had continued to threaten her business.
She said, “I buy foodstuffs from the market wholesale and sell them. But these daily changes in the prices of items are affecting me so much that I find it difficult to buy the items.
“Do you know that three days ago I bought a carton of spaghetti for N13,000, today I was told it was N14,000. Now, when you add to the cost of each one today, by the time you return, the prices will have gone up again.
“So, you will be forced to add more money. A bag of beans is now N120,000, whereas it was N70,000 before. People are going for anything cheap now. Many families are hungry.”
A mother of two, Mrs Mede Orunmade, said the present situation had made life unbearable for her and her family.
Orunmade stated that it was as though the country was at war, adding that the hike in the prices of foodstuffs was continuous.
She said, “It has been a hard time for me and my family. The country hasn’t been in the right position for the past eight months. I have been struggling with my family to clear up our electricity bills. Coupled with the ever-rising price of foodstuffs, I don’t know if I am going to survive.
“I used to operate an online business but it has packed up. There’s no gain on any business in Nigeria like before anymore. I am just striving to survive.
“A bag of rice five months ago was around N49,000, but it increased to N68,000. As of yesterday, my supplier said it had risen to N70,000. The cheapest thing we used to buy before, garri, is now N2,500 for a paint bucket. It was N800 before.”
Another trader simply identified as Wunmi said, “The government needs to come to our aid now as everything is very hard. A bag of beans is now N65,000, which is three times the price it used to be. Also, groundnut oil is now N8,400 for four litres.
“This is getting too much. We hope the government will come to help us.”
Everything is so difficult that people no longer live to impress but to survive.
“Any little money people get now, they channel it to food instead of buying clothes.
“I do not blame them anyway because it’s when you have eaten to get physical strength that you would think about what to wear.
“We that are selling clothes are the worst hit now because everyone is focused on food.
“Our counterparts selling food items are the ones making it now, but they too have challenges because the price of foodstuff has significantly increased by 100%,” he added.
