As Nigerians celebrate Christmas, traders across various markets in Nigeria are lamenting poor patronage amid skyrocketing food prices, a sharp contrast to the festive sales experienced in previous years.

In Lagos, Abuja, Osun, Rivers, Edo, Kano, Kaduna, and Sokoto, among other states, traders decried the high cost of food items and ever-increasing food inflation on the jump in the petrol pump prices nationwide.

This came as consumers of food commodities called on the Federal Government to work hard to address the spike in Nigeria’s inflation, as they lamented their inability to buy food items to celebrate Christmas.

At the Bwari market in the Federal Capital Territory, a tomato seller, Ramatu Ali, shared her plight with The PUNCH on Tuesday.

Despite a slight drop in the price of a basket of big Derica fresh tomatoes—from N58,000 on Monday to N45,000 on Tuesday due to a glut in the market—customers remain scarce.

“By December last year, a basket of tomatoes cost N30,000, and sales were much better. Now, the prices are relatively high, and customers are not coming like before,” Ali lamented.

Similarly, another trader, Mallam Musa, expressed concern about the perishability of his goods.

“We hope to dispose of our stock before tomorrow because these tomatoes are perishable. You can see how I packed the old ones I sold for N58,000 yesterday to sell this new stock, but buyers are pricing for less. This is not a favourable season for us at all,” he said.

A survey conducted by The PUNCH revealed significant price disparities across markets. A bag of local rice sells for N76,800 in Bwari Market but is priced higher at N86,400 in Suleja Market.

The poultry section is no exception, with broilers selling at a minimum of N25,000 for an average-sized bird, up from N15,000 to N20,000 last year.

Mama Ibeji, a chicken seller, attributed the increase to rising transportation and feed costs.

“The price we sell chicken now has increased by about N10,000 to N15,000 because of the high cost of feed, poultry drugs, and transportation. I believe Nigerians will still manage to buy this season, but it’s not like last year. I also need money to take care of my family this Christmas,” she explained.

The frustration is equally felt by buyers. A shopper, Igono, expressed shock at the price of onions.

“A small basket that sold for N5,000 last year now costs N15,000. Four pieces of onion bulbs for N1,000? This is too much,” he lamented.

“I couldn’t buy as much as I needed. We will manage whatever I can afford,” he added.

According to the World Bank, the rising poverty levels in Nigeria, which now affect 104 million people compared to 79 million five years ago, have exacerbated the situation.

With an inflation rate of 34.6 per cent in November—the highest in 28 years—economic instability and the removal of fuel subsidies have caused food and festive item prices to increase.

A 50-kg bag of beans in Bwari market now costs N170,000, up from N40,000 in December 2023.

Other food items have followed a similar trend. A kilogram of goat meat costs N4,000, while frozen foods have doubled in price.

High petrol prices

A visit to Ile Epo Market in Lagos by our correspondent on Tuesday revealed an alarming hike in prices compared to the previous year, with traders attributing the increase to rising transportation costs fueled by high fuel prices and overall inflation.

A trader simply identified as Iya Mustafa, stated that a 25-litre container of groundnut oil, which sold for N41,000 last year, now goes for N95,000, nearly doubling in price. Similarly, the cost of a bag of sweet potatoes has risen from N25,000 to N80,000.

“We are not happy about the situation because customers are complaining bitterly, but we have no choice but to sell at these prices since we also buy at higher rates,” she said.

Another trader identified as Moshood told our correspondent that the poultry section has also witnessed a steep increase in prices.

He added that a carton of chicken laps, which was N29,000 last year, now costs N50,000, while a carton of turkey has jumped from N35,000 to N60,000.

Additionally, rice, a staple in most Nigerian homes during festive periods, now costs N90,000 for a bag, compared to N41,000 last year.

Moshood noted that the situation is no different for tubers of yam, which now sell for between N5,000 and N6,000, depending on the size, up from N1,500 and N1,700 last year adding that the price of a basket of tomatoes, a key ingredient in Nigerian cuisine, has soared to between N60,000 and N70,000, from N20,000 to N22,000 last year. Similarly, a basket of pepper that sold for N13,000 last year now costs between N50,000 and N60,000.

Abimbola, another trader, explained, “Transportation has become very expensive due to the high cost of fuel. This is why food prices keep going up. Customers are frowning, but we are also struggling to keep up.”

Traders at Ile Epo Market have called for government intervention to address the rising cost of transportation and essential goods, as the current situation threatens to overshadow the joy of the festive season.

Lagos markets filled

Nigerians were observed in their numbers at popular markets in Lagos as they made last-minute purchases ahead of the Christmas celebration on Wednesday.

Visits to these markets showed that the prices of foodstuffs and other items had increased compared to last year and even last week, Nigerians were still buying what they could.

At the Ijora frozen foods market, the price of a carton of turkey jumped from N44,000 last Thursday to N57,000 on Monday.

A carton of chicken was retailing at about N84,000, and a sack of croaker fish was sold for N120,000.

There were lots of customers buying clothes and such at the popular Tejuosho market although some of the surrounding bookshops had closed for the Yuletide.

It was at the Tejuosho market that The PUNCH correspondent discovered that some Point-of-Sale operators had devised means to avoid paying the N50 electronic transfer levy on transactions above N10,000.

Withdrawing N9,999 instead of N10,000, a POS operator, Miracle Daniel, explained that was her way of avoiding the levy.

“This way, I won’t have to pay that N50. They want to kill us. The machine will collect its charges, but they will still charge me the electronic transfer levy. See ehn, N1 will not kill me,” she argued.

Point-of-sale operators raised their charges in early December in line with the implementation of the Electronic Money Transfer Levy of N50 by the Federal Inland Revenue Services charged on any electronic transactions of N10,000 and above.

At the Tradefair market along the Lagos-Badagry Expressway, there were a lot of business activities as customers bought cosmetics, hair, makeup, perfumes, and foodstuffs.

The prices of onions ranged from N10,00 to N30,00 for small to medium-sized pieces.

Big yellow bell peppers were N2000 a piece same with the red ones. A ball of cabbage was priced from N1000 upwards. A paint bucket of tomatoes was N6000 inside Tradefair, and half of it was N3500.

Some live broilers sold for N20,000 and N18,000 each and a pair of layers sold for N17,000.

A customer, Nneka described the two layers at N17,000 as a better deal compared to the other one.

“This time last year, I would be using that N20,000 to buy two of the boilers but here we are,” she added.

Live turkey at the Iyana-Iba market went for N31,000.

A survey visit by one of our correspondents at the Karimo market showed that a 50kg bag of rice sold at N85,000, indicating an increase of N33,000 or 66.46 per cent from the N52,000 it sold in December 2023.

Further enquiries showed a bag of beans sold for N110,000, Groundnut oil costs N3,500 per litre, N1,000 for one Spaghetti, and a basket of Onions cost N12,000 from N6,500 last year December.

Similarly, the cost of a live Chicken has increased by 75 per cent to N35,000 compared to what it was around this time last year.

Traders who spoke to The PUNCH stated that the dire economic situation has further impacted the cost of basic food items from what was obtainable last year.

At the Garki International Market, Abuja, a mudu of rice, which previously cost between N2,000 and N2,500, now costs as much as N3,200, while a mudu of beans increased from N3,000 to N3,500. A live chicken is also sold for between N25,000 and N35,000, depending on its size.

Speaking with our correspondent, one of the traders, Halliru Yusuf, explained that the increase in prices was both due to the high demand and the rising inflation across the country.

Another trader, Mallam Hussein, who sells tomatoes, expressed pleasure at the quick sale he had recorded so far, noting that the high demand ensured he made a lot of sales in this period.

Our correspondent observed that many last-minute customers thronged the Kubwa Village market, causing traffic that made driving into or out of the market from its three entrances difficult.

However, upon entry, prices were notably not very different from the prices at the Garki International market. Prices for a live chicken seemed to be steady at between N25,000 and N30,000, while tubers of yam sold for between N12,000 and N16,000.

Speaking with our correspondent, some customers expressed frustration at the prices of commodities in the market, noting however that they had no choice, as they had to maintain the Christmas tradition.

“Honestly, the prices of things are quite high, but there is also no choice. Because apart from the whole Christmas tradition, people have to eat. I had to price tomatoes until I got a basket for N11,000. Chicken is a no-go area basically. It’s not funny”, Rhoda Bamako stated.

“I have been wandering the market for more than an hour, trying to get the best affordable price from any stall that sells what I want to buy. It is almost like there is nothing less than N10,000 anymore. It’s both annoying and frustrating”, another customer, Chidinma Ezekiel told our correspondent.

River traders lament

Traders in popular markets in Port Harcourt, the Rivers State capital are lamenting low patronage during the festive season despite the usual surge, a survey by one of our correspondents revealed.

At the popular Mile 3 Ultra-Modern Market and Mile 1 Market in the Mile Diobu axis of Port Harcourt traders are struggling to make sales due to the high prices of foodstuffs and other commodities.

The prices however varied depending on the foodstuff and the brand.

At the Mile 1 market, traders shared the same concern and called for government intervention.

A trader who sells fresh tomatoes and other perishable goods said, “Since we got into the season, we are now buying fresh tomatoes at the rate of 35,000, the minimum is N30,000.

“We sell half custard N2,500- N3,000, full custard is N6,000, N5500 or N5000, the ones in the plate, minimum N800. Half a bottle of red oil is 1800, full bottle is N3200. The market is not moving as we expected, people are crying there’s no money due to the economic situation. So we are facing a lot of financial challenges here in the market.”

Kano traders react

Traders in Kano lamented the poor patronage from customers due to the economic situation in the country.

Some traders, especially foodstuff sellers at the Sabon Gari and Yankaba markets expressed concern over the lack of buyers.

Bala Musa, who deals in assorted foodstuff, said he had yet to record a significant number of buyers when one of our correspondents spoke with him.

“This is the first time I am recording poor sales during such a period. We are however grateful to Allah for the fact that one is healthy, but the situation is really bad,” Musa said.

Residents of Kaduna State are also grappling with the harsh reality of skyrocketing food prices.

A survey conducted by The PUNCH at the Television Market in Chikun LGA revealed that the prices of essential food items have hit an all-time high, leaving many residents struggling to afford basic necessities.

The prices of onions, a staple ingredient in many Nigerian dishes, have more than tripled, with a single bulb now costing between N200 and above. According to Sani Aliyu, an onion seller, “there are no more N50 onions,” and even selling at N200 feels like giving it away for free.

The situation is equally dire at the Sabon Market, where a resident, Gladys Akpo, lamented the exorbitant prices of food items. “The prices of foods are just too high,” she exclaimed, urging the government to intervene and provide relief to ordinary Nigerians.

The prices of other essential food items are equally staggering. A mudu (local measure) of garri costs between N1,400 and N1,500, while a 50kg bag of rice sells for N110,000. A kilogram of meat costs between N7,000 and N8,000, and chicken prices range from N17,000 to N25,000. Even the smallest bottles of palm oil and vegetable oil are sold for N1,800 and N3,000, respectively.

The prices of other staples, such as tomatoes and peppers, are equally prohibitive, with the smallest paint rubber selling for N3,500 and onions for N8,500. The 5kg palm oil costs N10,000.

As the Christmas and New Year celebrations approach, many residents of Kaduna State are forced to make difficult choices between feeding their families and other essential expenses. The government’s inaction in addressing the soaring food prices has left many feeling abandoned and frustrated.

REPORT COMPILED BY THE PUNCH

The Greenwich Group, a leading financial solutions provider in Nigeria, is celebrating 30 years of delivering innovative financial solutions tailored to the evolving needs of stakeholders while contributing to the growth and development of the Nigerian economy.

The lead institution, formerly known as Greenwich Trust Ltd, has transitioned from its early days as a Financial Adviser and Issuing House into a Merchant Bank. In March 2024, Greenwich Merchant Bank was granted an Approval- In-Principle (AIP) by the Central Bank of Nigeria (CBN) for a non-operating financial holding company structure. Today, Greenwich Merchant Bank is the most capitalized Merchant Bank in Nigeria, with a strong asset base of N146 billion as of June 30, 2024.

In commemoration of its 30th Anniversary, the Company hosted an exclusive dinner event at the Grand Ballroom, Oriental Hotel in Lagos, to celebrate and appreciate its loyal Clients and Customers who have been part of the journey, as well as express its deep gratitude to the stakeholders, while rewarding 45 Staff members who have been instrumental in the Group’s journey to success. The event was well attended by dignitaries across board.

Amongst the awardees was a posthumous award for leadership, which was awarded to the late (Sir) Remi Omotosho with the sum of N50million. The best Staff across the Greenwich Group, Mrs. Yakashim Shettem, also received the Kayode Falowo Award for Excellence which also went with a cash prize.

In his welcome remarks, Chairman of Greenwich Group, Kayode Falowo, expressed profound gratitude to God, appreciated the Company’s stakeholders, and noted that the dinner is part of the Group’s broader initiative to further appreciate its Clients and recognize the efforts of the Staff for their loyalty as it progresses to its next growth phase.

According to him, the institution is set to unfold a remarkable transformation by launching into new territories of businesses—Insurance, PFA and Fintech, as it has received an Approval- In-Principle from the Central Bank of Nigeria to operate as a holding company.

Speaking of some of the awardees, the Chairman hinted that Greenwich has continued to build on the legacy of the late (Sir) Remi Omotosho’s good governance, integrity, and professionalism, as he was part of the journey of the Company while alive. He further explained that the recipient of the Kayode Falowo Award for Excellence, Shettem was honored for epitomizing the core values of integrity, efficiency, innovation, loyalty, and transparency.

The Governor of Ogun State, Dapo Abiodun, a special guest at the event, commended the Chairman of Greenwich for demonstrating exemplary leadership and commitment to excellence in his role for spearheading the remarkable traits that have significantly contributed to the growth and success of the Institution.
“We are celebrating the testament of the triumph of tenacity, which is predicated on faith, hope, and fortitude. Kayode is somebody who is dependable, reliable, and very consistent. Kayode upholds all the attributes of good governance. He has demonstrated himself to be a good manager of human and financial resources over the years. I am convinced that your best is yet to come,” he added.

In his vote of thanks, the MD of Greenwich Merchant Bank, Benson Ogundeji acknowledged the presence of the stakeholders, other distinguished guests, top executives of other banks, and valued customers. He emphasized the significance of the celebration, attributing the success of the past decade to the unwavering support and guidance of the Chairman which has been instrumental to the growth of the institution, the commitment of the Staff, and the unwavering faith of the esteemed Shareholders in the Company’s vision, as their continued patronage has been fundamental to Greenwich’s success.

Dignitaries who attended the event included the Ooni of Ife, Oba Adeyeye Ogunwusi; Governor of Ogun State, Dapo Abiodun; Phillip Ikeazor, Deputy Governor, Financial System Stability of the CBN; President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), Professor Pius Olanrewaju; Kayode Fayemi – Former Governor Ekiti State; Haruna Jalo Waziri, MD/CEO, CSCS Plc and Dr Emomotimi Agama, DG, SEC.
Other dignitaries who attended the event included Mrs. Olufunke Agagu, the wife of a former Governor of Ondo State; Chief Pius Akinyelure, Chairman, Board of Directors, Nigerian National Petroleum Corporation (NNPC) and Ray Atelly, Chairman, Nigerian-British Chamber of Commerce (NBCC) and many others.