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Price of yam increases by 30%, beans stable



Price of yam increases by 30%, beans stable


Traders in most markets in Lagos on Thursday said they price of one kilogramme yam increased by over 30 per cent last week, adding that the price of beans remained stable at N150 a derica cup during the review period.

They also stated that they have been recording stability in the prices of other foodstuffs. The traders who spoke at Ikotun-Egbe, Ojo-Alaba, Suru-Alaba, Orile, Iyana Ipaja, Oyingbo and Ketu markets said though they have been recording low sales since even with fall in the price of beans.


At Ikotun Market, Iya Anu who a big yam dealer in the market and also sell varieties of foodstuffs, said: “The price of yam is going up with speed, but it is normal because we are already in the rainy season and the new yam will soon be out. However, one good thing that has happened is that price of beans has stable, having fallen down to N150 per derica cup.

“Another good news is that the prices of most other foodstuffs in the market, both the imported and the ones produced locally; have remained stable for over two months now.

“Despite that, I can tell you that sales have not been encouraging. These days we come to the market seat out there without any serious business till the end of the day. Sometimes, I start to wonder if people are no longer eating,” she lamented.

Traders spoken to at Iyana Ipaja market said customers were not coming forward to buy as expected.


Speaking, Iya Modinatu, said she believed that people no longer have enough money to spend. Everybody prayed all issues concerning the elections be resolved so that they can continue their normal life.”I believe things will start getting better.”

At Ketu market, traders said though the price of yam is rising, it is affecting the prices of other foodstuffs and other household items in the market. They are however yet to witness the kind of patronage they witness before the February general elections.

Mr. John Isiguzo, a dealer in rice and beans and other foodstuffs in the market, said: “Sales is not good, there is low patronage. People are not buying. It seems Nigerians have not recovered from the 2016 economic recession. We hope the situation will change for the better soon as the elections are over now.”


He said that the price of foreign rice which slightly came down to N17, 000 for a 50 kilogramme bag is still selling at the price.

Survey of the prices of goods at the Sabo market, Ikorodu (a Lagos suburb) earlier on Wednesday, indicate that the price of rice and beans has remained unchanged; this is even as customers spoken to said they expect the prices down to the 2017 levels as the elections are over now.


According to Iya Muri, a trader at the Ikorodu Market, the demand for rice and beans is high but the price though stable, is not yet attractive, “we are however expecting that the price of beans in particular, should be falling after the elections as the price of beans is normally low by this time of the year.


She said: “By this time of the year, the price of rice and beans crash, like early in 2017, and by the same period in 2018, the price was manageable and favourable to both the buyers and sellers. Mama Gold, one of the best premium rice sells from between N18000 for 50kg. The difference is too much for us the retailers and the buyers will always complain about the price before buying which is not good for the business. Customers are our only source of income. The same also goes for the local rice i.e Ofada Rice with a bag (25kg) sold from N10, 000 to N15, 000”.

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