Nigerians Rue Impact of Harsh Economy

Moriam Yusuf and Ibikunle Abikoye and Chiamaka Ozulumba

Due to financial travails ravaging the economy, Nigerians have continued to groan as they go about their daily transactions, with tension starting to rise against the present administration for alleged lack of coherent economic recovery policies.

THISDAY carried out a survey at Ajah market in Lagos to find out how traders and consumers have fared in the current economic situation. Mr. Victor Ibina who deals in footwear noted that the Sport Easy shoe which was previously sold at N1,400 in wholesale price is now being sold at N2,000. Also Mr. Femi Adeniji said Timberland, which sold at N1,800 in wholesale now goes for N2,700 due to inflation.

Meanwhile at the Boundary Market Ajegunle, Mrs. Sanwo told THISDAY that the prices of Noodles have skyrocketed with a carton of Indomie Pepper Chicken (small size) formerly sold at N1,000 now selling for N1,500. Miss Kosi Dike who sells noodles at Garage, Ikorodu also lamented about the hike in price of consumer products.

According to her, the money that would have easily bought ten cartons before can just buy only three now. In her opinion, Mimee noodles that sold for N1,600 per carton before now sells at N2,600. She also decried low patronage where customers who normally buy in bulk now prefer buying in pieces, with the gain from such sales no longer enticing.

Another survey carried out by THISDAY revealed that the prices of cement have increased as opposed to two years ago. A 50 kilogramme (kg) bag of cement now goes for N2,300 instead of N1,700, depending on the location.

Also, a rice merchant, Mr. Sunday Obinna, decried low patronage as goods now stay in his shops for several weeks before they are purchased. A bag of rice that sold for N8,000, six months ago now sells for N18,000 and the price is being touted as likely to rise because of the present economic crisis. He said customers now prefer buying half bags rather than full bags.