COVID-19: Lagos markets record drop in prices of perishables food items

One week after the restriction of movement in a bid to curtail the spread of COVID-19, prices of perishable food appears to be plummeting, our correspndent reports.

This is according to a survey conducted by NAN in no fewer than ten markets including Mile 12, and Oyingbo, on Tuesday.

It was reported that a 40 kilogramme (kg) basket of tomato, which sold for N12, 000 immediately the lockdown was announced had dropped to N8, 000.

Similarly, a 50kg basket of bell pepper (Tatashe) dropped from N10, 000 to N7, 000.

The survey also showed that a 50kg Chilli pepper (Shombo) has now been pegged at N8, 000 instead of its former price of N10, 000.

Also, the price of a jute bag of scotch bonnet pepper was equally affected as it dropped from N9, 000 to N7, 000.

Mr Femi Odusanya, Spokesperson, Mile 12 Market Traders Association, attributed the situation to fear of depreciation of life of the items, adding that supply was now greater than demand due to the lockdown.

“Citizens are observing the movement restrictions as ordered by the government and this has also led to traffic in our markets,’’ he said.

Odusanya explained that the prices of most perishable items had soared immediately the lockdown was announced due to increase in demand.

He also said the time frame allotted for markets across Lagos might have been too short to stimulate greater demands for perishable food items, adding paucity of fund was also responsible for the downward slide of the demand graph.

Odunsanya, therefore, urged the government to intervene by providing farmers and dealers of such items with some palliatives to cushion the effect of the losses.

Malam Mauzu, a dealer of perishable food items in Oyingbo market confirmed the situation, saying that the high cost of transportation had increased the burden.

“I would usually leave home as early as 4am and pay triple to transport my produce to get to the market only to sell them at very ridiculous prices,’’ he said.

However, there seem to be exponential increases in prices of bags of sachet water, tomato paste and other food items like garri, yam flour and the likes.

Mrs Funmilayo Makinde, a water retailer, said a bag of pure water which sold for N80 had increased to N150 at the last chain.

She said retailers had before the shutdown bought the product at N80 and resold at N100.

She attributed the increase to scarcity and increase in cost of getting nylons for packaging.

Also, a carton of sachet tomato paste which sold for N2, 250 had soared to N3, 400.

“No enough supplies of these items due to the restrictions and many stores are hoarding what they have and increasing the prices,” she said.

It was reported that the sharp drop in prices of perishable food items may not be unconnected with the neighbourhood markets constructed by the Lagos State Government to ameliorate the suffering of residents during the lockdown.

However, the reported increases of prices of some other manufactured food items could simply be linked to interplay between high demands and hoarding which allowed prices to be determined by negative market forces.