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BUSINESS

Prices of perishable foodstuffs crashed by half in Lagos

August 3, 2024 • 2 min read

August 3, 2024.

The ongoing nationwide hunger protest has led to a significant drop in prices of perishable food items in Lagos, with some prices crashing by up to 50%.

The protest, which aims to draw attention to the economic hardship faced by Nigerians, has resulted in low patronage at local food markets, prompting traders to sell off their produce at reduced prices.

Traders at the market confirmed the development in a separate interview with NAN, monitored by The YorubaTimes

At the Ile-epo food market in Alimosho/Agege, traders reported a significant drop in prices of items like tomatoes, chilli pepper and rice.

They mentioned that 50kg basket of tomatoes, which previously sold for N80,000 to N100,000, now sells for N40,000 to N50,000.

Similarly, a 25kg basket of tomatoes now sells for N18,000 to N19,000, down from N30,000 to N40,000.

Traders attribute the price drop to low demand and the need to minimize losses.

“We have no choice but to sell off because few customers are available to buy the produce. The purchasing power is actually low at the moment,” said Rabiu Aliu, a tomato trader.

However, not all food items have seen a price drop.l as groundnut oil and palm oil prices have increased significantly, with a 25-liter container of groundnut oil now selling for N60,000, up from N38,000 a month ago.