By Elizabeth Adegbesan, Cynthia Alo, Bukola Eko, Providence Obuh, Emmanuel Elebeke & Gabriel Ewepu

The sharp increases in prices of goods and services may have dashed traders’ hopes for bumper sales and also frustrate merry-making for vast majority of Nigerians in the festive season.

With an inflation rate of 34.6 per cent in November, highest in 28 years, economic instability, and the removal of fuel subsidies, prices of food items and Christmas items have surged across the country, with businesses lamenting lower-than-expected patronage.

Vanguard’s findings show that consumers are grappling with price hikes on basic staples like onions, tomatoes, meat, fish and beans which have become increasingly unaffordable for average Nigerians.

Hampers & Ornaments

Investigations show that average price of gift hampers and Christmas ornaments have risen by over 40 percent year-on-year reflecting the continuous rise in the country’s inflation rate.

Vanguard findings from various Christmas decor traders and supermarkets revealed a significant decline in patronage compared to that of last year despite a relatively slight increase of 10 percent on prices.

Mr. Charles Ugochukwu, a Manager at a wholesale Christmas decor store in Lagos, said though they did not increase the prices as high as the inflation rate, the expected patronage has not happened.

He stated: “We sell foreign Christmas trees and ornaments here. The tree differs in heights and there is just a slight difference in the prices when compared to that of last year.

“The 4ft tree was sold last year at N450,000 but now it is sold for N490,000. The one of 12 feet is N1.3 million, up from N1.2 million last year.

“Decoration ornament is sold for N50,000 with a difference of N5,000 when compared with the price it was sold last year.”

On patronage, however, he said: “We have customers ordering online and walking in. But sales are not as good as last year’’.

On her part, Mrs. Rukayat Ademide, a retail Christmas decor trader said: “A 4ft low grade Christmas tree was N15,000 last year but now it is N20,000. The medium size was N20,000 last year. Now it is N25,000. Garners which were N500 to N800 last year, are now N1,500.

“Christmas hat is N3,000. I was called a few minutes ago to start selling at N3,500 as the price has increased at the wholesale stores.

“There is less patronage compared with that of last year because parents are trying to cut costs. Some even kept the hats of last year for use this year.

“We are still looking up to God to help us increase patronage because this business runs just one month a year.”

For hampers the rate of price mark up is about 100 percent against last year’s prices.

Mr. Osazuwa Iduzoghie, a manager at a supermarket in Ikeja, said that the high cost of goods has really affected the price of hampers.

“The smaller basket of hamper goes for N20,000. The medium size hamper is N40,000. The biggest size goes for N80,000 to N100,000.

“Last year, there was a hamper of N10,000. The medium size hamper was sold at N20,000 and the biggest size was N50,000.

“You can see the difference.”

Vanguard observed that low customer traffic into the supermarket and there was no request for hampers.

Tomatoes and pepper

With food inflation at all time high of 40 percent in November, the food items seem to have recorded over 150 percent year-on-year price increase.

Vanguard findings from Mile 12, the biggest foodstuffs market in Lagos, show that a bag of Onions that was sold last year for N120,000 to N150,000 has now increased to N280,000 to N300,000.

According to a wholesale dealer, Mallam Aminu, a bag of onions cost between N280,000.00 to N300,000.00.
He said farmers have been feeling the effects of the rise in cost of food production adding that his profits have been dwindling due to the cost of produce as farmers complain of rising cost of inputs such as seeds, fertilizer and transport.

Meanwhile, tomatoes have also recorded a similar trend in price increases since this month, after some moderations in November.

Speaking to Vanguard, a food restaurant owner popularly known as Madam Mary, said, ”in September, a big basket of tomatoes cost between N30,000 and N33,000 at Mile 12 market. In November, I bought that same size at N20,000 in Ilepo market in Lagos. However, since we entered this festive period, the price has skyrocketed to N40,000 to N45,000.”

She noted also, “Fuel price is the major cause of all these increases. The man that used to carry our loads after we finished buying from Mile 12 for N500 now charges N1500 per basket.”

However, Vanguard findings show that as at 17th December, the price of a big basket of tomatoes ranges between N40,000 to N50,000,00, while a crate of tomatoes which is equivalent to half of the big basket goes for N25,000.

Aminu had told Vanguard that as at December 2023, a basket of tomatoes cost 25,000,00 while the smaller ones were between N10,000 to N15,000.

Another tomato seller who pleaded to remain anonymous told Vanguard that there were no more Ghana tomatoes in the market claiming that even Ghanianas now buy from Nigeria. “I only sell the small baskets which cost between N17,000 to N25,000. The tomatoes in the market now are from Zaria and Jos called UTC.
Another tomato seller, Mr. Hassan Lukeman, said: “A crate of tomato was sold at N22,000 to N24,000 today depending on the size and firmness.

“Also a small bag of pepper is now N25,000. Last year a crate of tomato was N18,000 and pepper N20,000.
“As you can see, I am sleeping because there is no patronage. Unlike last year, there was high patronage.”

Giving an account of the food stuff market in Benue,Tseyina Shimenenge told Vanguard that the price of tomatoes has skyrocketed to the rooftop causing most traders in the metropolis to abandon selling tomatoes in baskets.

According to her, a bowl of tomatoes that sold for N500 in September 2023 now costs N1,200 in Benue State.

She attributed the sharp increase to the high cost of fuel, which has significantly affected transportation expenses.

In a chat with Vanguard, Shimenenge explained that moving farm produce from rural areas to the metropolis has become more expensive due to the removal of fuel subsidies that has disrupted the transport sector.

Meat & Fish

Speaking to Vanguard, Dare Adu who trades in livestock in Lagos, wondered how people are able to have balanced diets without running into bankruptcy every December following the rise in the cost of meat.
According to him, recently, there has been an increase in the demand for chicken accessories like feet, head because people could not afford the more expensive chicken wings, laps, and breasts.

He said: “We process meats like chicken, turkey, beef, etc. About May 2024, we were begging customers to buy chicken accessories like feet, head, among others. Then, our major customers for these accessories were dog owners and rearers. Now we have increasing demand from mothers and singles possibly because they can’t afford the more expensive chicken wings, laps, and breast.”

‘‘The cows we bought for N500,000 each a year ago, we now buy for about N800,000.

‘‘The prices of the popular ogunfe (goats) are more outrageous. The size we bought for 40,000 now cost between N100,000 and N120,000.

‘‘While the amount of naira changing hands is voluminous, there is less customer patronage, increased expenses, reduced revenue, and lower profit. Of course, we’re only managing to stay in business.”

In a chat with Vanguard, Terwase who is based in Benue but advertises his cattles on facebook told Vanguard that a cow that sold for N200,000 in 2023 now costs between N350,000 to N400,000 in Benue State.

According to him, the increased costs of feeding and veterinary products, along with transportation expenses and higher taxes, have all contributed to the drastic hike in prices.

Fish prices were also scaring buyers. For Madam Titi, last year, a carton of Titus (mackerel) was sold for N70,000 to N80,000 while this year it has gone up to between N130,000 and N150,000. The same goes for Kote (Horse mackerel).

She noted that patronage has been going down for some time now but she is hoping it will still pick up with the festive season.

Cooking oil, seasoning

Findings from the open markets in Lagos show that the prices of vegetable oil increased by 116.7 percent while price of seasonings increased by 38.5 percent in December 2024 compared to prices during the same period of 2023.

Checks by Vanguard showed that consumers purchased more of the refill unbranded cooking oil, measured in used table water and refill branded cooking oil in sachet as it appears more affordable than the sealed brands in bottles.

A carton, containing four 4.5-litre kegs of Power vegetable oil had the lowest price of N76,000 representing 68.9 percent increase from N45,000 in the corresponding period of 2023.

Laziz and Kings vegetable oil carton containing four 5-litre kegs cost N78,000 representing 116.7 percent increase from N36,000 in the corresponding period of 2023. Also the price of Mammador vegetable oil rose by 72.3 percent to N79,200 from N46,000 in the corresponding period of 2023.

Other new brands such as Golden Terra soya oil were not left out as a carton containing four 5-litre kegs is sold for N80,000, representing an increase of 81.8 percent from N44,000 in the corresponding period of 2023.

Meanwhile, imported cooking oil, such as Weston oil, a 5 litre keg, now costs N50,000 up from N23,000 in the corresponding period of 2023.

Speaking to Vanguard, a retailer at an open market in Ikotun area of Lagos state, Mrs. Abidemi Lawal, said that patronage this year was minimal as shoppers went for cooking oil in sachets and the ones being measured in used table water.

“The sealed brands were mostly purchased by shoppers who intend to gift their loved ones and some who were more concerned about their health. As a result of this, we were left with no choice than to stock up brands that were high in demand”.

These brands include, Golden Terra soya oil, we sold more of the 1-litre refill sachet as it was pocket friendly and also unbranded Kings vegetable oil that is being measured in used table water. A litre of the branded Golden Terra soya oil in sachet cost N4,000 while a litre of the unbranded vegetable oil cost between N2,800 to N3,000 depending on the location.

This year, some brands that manufacture seasonings reduced the quantity of their packs in cartons. These include Knorr seasoning which usually have 17 packs of 100 cubes in each carton in 2023. In 2024, it was reduced to 14 packs of 100 cubes.

However, the price of a carton of Knorr seasoning containing 14 packs increased by 38.5 percent to N25,200 in 2024 from N18,200 for 17 packs in the corresponding period of 2023.

A carton of Knorr chicken flavour containing 20 packs also increased by 29.7 percent to N25,300 in 2024, from N19,500 in the corresponding period of 2023.

Lawal added that there was high patronage for Chicken flavour seasoning cubes as against other brands as it was more affordable to other brands. A pack of Chicken flavour containing 100 cubes costs N1,400 compared to other brands like Knorr seasoning that costs N2,200.

Other cooking spices such as curry and thyme also recorded price increases, and shoppers went for cheaper brands in sachets than the ones in sealed branded bottles.

A roll, containing 10 sachet of curry masala and thyme now cost N600 representing a 160 percent increase from N250 in the corresponding period of 2023, while a small bottle of Ducros thyme and curry cost N800 in 2024 from N400 in December 2023.

Other brands like Spice Supreme curry and thyme also increased by 100 percent in 2024 as a bottle cost N4,000 in 2024 from N2,000 recorded in December 2023.

Rice

Vanguard findings also revealed a sharp increase in the price of rice (50kg).

Visits to Mile 12 market in Lagos revealed a price range of N74,000 to N105, 000, while the lower quality ones sold as low as N68,000.

Speaking, a rice seller, Martins, told Vanguard that he purchased rice for sale on request, but suffered a setback in his business due to price increase.

Abuja market

A visit to some markets and lock-up shops in the Federal Capital Territory (FCT), Abuja, revealed that the prices of foodstuffs and other edibles have increased by over 100% compared to the 2023 Yuletide season.

For instance, a bag of foreign rice now sells for N140,000, while the local brand sells for N94,000. This represents a significant increase from the N80,000 and N45,000 prices recorded in December 2023, respectively.

Similarly, a plate of fresh tomatoes, which sold for N700 in December 2023, now sells for N3,000. A basket of onions, which sold for N4,500 in December 2023, now sells for N14,000. Additionally, a bag of fresh pepper, which sold for N15,000 last year, now sells for N65,000.

Also, a bag of fresh pepper which sold for N15,000 last year now sold for N65,000. According to Vanguard’s findings in Abuja markets, 5 liters of vegetable oil that was sold for N7,500 in December 2023, is now sold at N20,000.

For palm oil, 25 litres which was sold for N38,000 in December 2023 now costs N60,000, while the 75cl which sold for N700 last year now costs N1,800.

For food seasoning, the findings revealed that a roll of curry sachet that was sold N250 now costs N500 and a packet of knorr seasoning that was sold N750 in December 2023 now costs N1800.

Beans, which is a major source of protein to most Nigeria has also soared. A 50-kg bag which was sold at N45,000 as at December 2023 now costs N175,000 and a bag of garri now costs N80,000 as against N28,000 last year.

For frozen food, one kg of titus fish which was sold at N3,000 in 2023 now costs N6000 while 1kg of chicken which was sold at N2000 last year now costs N4,900 and one kg of Turkey which was sold at N4,500 now costs N9,500. Similarly, a crate of egg which sold for N3000 last year now costs N6,500 and a carton of noodles that was sold N7500 in 2023 now costs N15,800.

Some traders, who spoke in separate interviews with Vanguard, stated that the prices of most food items are unaffordable for the average citizen and the development is affecting their patronage.

One of the traders who identified himself as Ali Musa said the situation was becoming worrisome, especially now when they expected to make good sales in the season of festivity.

He said, “It is getting worse daily; people can hardly feed three times a day, even though they try to manage their resources to buy what they can afford.

“Only those with sufficient funds can buy foodstuffs in bulk now to save costs in the coming festive season, and how many people have the money with all the high bills to pay.”

Another trader, Mrs Ogechi Kanu, expressed shock that the prices of rice, cooking oil, and other essentials have risen above the salaries of many workers, making it difficult for them to provide these items for their families.

She noted that in the past, many would have purchased bags of rice and other food items in September and October in preparation for Christmas celebrations.

According to her, with the current economic situation, people are struggling to make ends meet as food prices continue to rise due to inflation.

“There’s too much to worry about many things, but food is paramount; as Nigerians, we will always find ways to survive the festivities.

“As it stands, many of my customers say they can’t afford to buy food items in the quantity they used to.”