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Goods’ prices: We expect better deal after 2019 elections –Consumers

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Consumers have expressed the hope that the high price of goods in various market which according to them is out of the reach of the ordinary Nigerian, would start to nosedive after the 2019 general elections in the country.

Some consumers, who spoke to Sunday Telegraph at different interview at the Agric Market, a general commodity market in Okosodo, Lagos State, said that the upcoming 2019 elections is a 50-50 chance to deliver a better economy from its present comatose state.

Toby Makinleye, a civil servant, said on Thursday that most consumers have given up most of their favorite food for what they can afford. “People are no longer eating to satisfaction; they just eat so as not to starve to death.” She blamed it on inflation and fall in the value of the naira, saying the development has reduced the purchasing power of the average Nigerian consumer to less than half of the 2014 levels.

Joe Ebiri a wholesaler in household items, confirmed the claim of Makinleye, saying that they rat at which people buy certain food items like; cornflakes, sugar, milk and others has reduced.

According to him, the present administration crippled the economy, hence Nigerian hope to oust them in the coming year so that business will boom again.

He said, “The present administration has reduced our profit and has made it impossible for our consumers to have money to patronize us. We hear about budget signing, approval and the likes but there has never been any improvement in the last three years, rather things are getting worse by the day.”

Sunday Telegraph observed that food items like sugar(1 bag), flour 50 kg, vegetable oil( 25 kg, which were selling at N13,000; N10,800 and N13,000 now sell at N20,000, N13,350 and N27,000 respectively.

Ebiri further complained that the “customers who were our only source of income are now always complaining that the price of goods is outrageous in the market”.

Mrs. Bunmi Makinde, a member of the Market Women Association, told Sunday Telegraph that there has been over 25 per cent increase in the price of goods in the market above the price last year.

She lamented that the purchasing power of the consumers is declining daily, a development she said, has made the volume of sales to falling everyday. She said that the standard of living in Nigeria has deteriorated over the years and has made it impossible for consumers to cope with the situation.

 

“Food items weren’t this costly for us to purchase, before the high price was manageable and we had a high turnout of customers but these days, its the reverse.”

 

She said that the government needs to do something because Nigerians are tired of the suffering and their inability to feed and fend for their families.

 

Richard Ogbonna, a dealer in electrical appliances at the market, told Sunday Telegraph that the electronics market is not moving smoothly as it is expected.

 

He said, “Nigerians won’t purchase appliances that they are not familiar with, like Thermocool, LG which they liked. “These popular products are expensive for the consumer to buy. An LG (43 inches) which was sold for N90,000 now sells at N95,000 in the market, (22 inches) sold at N28,000 before now sells at N33,000. Philip pressing iron now goes for N6, 000 as against N5, 500”, he said

 

He noted that the cause of the high cost of electronics is the high exchange rate of the naira to the US dollars as against the exchange rate in 2015.

 

He also stated that the price of the products would vary in different markets.

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