Nigerians are seeing prices of food items and other products soaring in the last year, under the guise of dollar shortages and naira depreciation. The price of a 50-kg bag of beans soared by 122.22 per cent to N40,000 in August 2021 from N18,000 in August 2020.
Apart from beans, the price of a bag of pepper also rose by 100 per cent in August 2021 to N30,000 from N15,000 last year. A source of concern to the average Nigerian is the latest LPG – cooking gas’ price hiked from N3, 200 per 12.5kg in August 2020 to N6,000 in 2021, representing 87.5 per cent increase in one year.
A trader in Ketu-Alapere Market in Lagos said it was not retailers’ fault that prices of food items soared, blaming commodities price increase on economic and security challenges in the country. She pointed out that due to security challenges, farmers in Benue, Kebbi, Zamfara, Nasarawa states and other northern parts of the country were unable to farm extensively in the last one year.
Besides, she told tribuneonlineng.com that it was even difficult to transport products such as yam, beans, onions, pepper and tomatoes to the South due to the risks of kidnappings and various extortions on the roads.