By: Manoah Kikekon
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| Market |
The bustling aisles of Lagos markets may still be crowded, but for the traders behind the stalls, the noise masks a growing economic crisis. Traders at the Ile Epo Market are raising the alarm over skyrocketing transportation costs and fuel price hikes, which have sent food prices soaring and left consumers’ pockets empty.
Abiodun Kosoko, the Babaloja General of Agbado Oke-Odo LCDA, has identified the surge in fuel prices as the primary driver behind the current food inflation. While the markets are physically full of people, Mr. Kosoko describes a stark disconnect between the crowd size and actual sales.
“People come to buy foodstuffs but leave with less than planned. There are turnouts but no turnover,” Mr. Kosoko lamented.
He explained that while production remains steady in northern and neighboring states, the cost of moving those goods to Lagos has become prohibitive. The combination of fuel expenses, long-distance logistics, and multiple levies along supply routes has inflated the final price of essential commodities beyond the reach of the average Lagosian.
The impact on staple foods is undeniable. Mr. Kosoko noted that a bag of rice, which recently sold for ₦50,000, now commands between ₦56,000 and ₦58,000, depending on the brand.
For small-scale traders, this volatility is a threat to their survival. Many deal in perishable goods that must be sold quickly; when customers can’t afford to buy, the goods rot, leading to a total loss of investment.
Bag of Rice, Previous Price ₦50,000, Current Price ₦56,000 – ₦58,000
The frustration isn't limited to grain sellers. Hammed Adekunle, a meat vendor, shared that customers often accuse him of profiteering, unaware of the rising costs of livestock and feed. He noted that bargaining has become desperate, with some buyers attempting to price ₦5,000 worth of meat down to ₦1,000.
For residents like Sola Ogunbade, a teacher, and Mary Chukwu, a mother of three, the strategy has shifted from "balanced dieting" to "basic survival."
Essential items are being stripped from shopping lists, and festive periods like Easter are being celebrated with "scaled-down" expectations. Funbi Idowu, a resident, noted that his family could no longer afford a whole chicken for the holiday, opting for a quiet celebration instead.
The consensus among market leaders and struggling families is clear: the current trajectory is unsustainable. Mr. Kosoko and other stakeholders are urging the federal government to intervene through: Fuel subsidies specifically targeted at food transporters.
Targeted transport support to stabilize the supply chain. Direct food subsidies to protect low-income households from malnutrition.