Hike in foodstuffs’ prices not due to hoarding or middlemen activities, Babaloja says
... issues on removal of subsidy on petroleum products were the major causes of the rise in foodstuffs prices.
Alhaji Ismaila Aderemi, the Babaloja of Bodija market in Ibadan, on Monday said foodstuffs’ price hikes were not due to hoarding or act of middlemen.
Aderemi who is also President of Oyo State Market Men and Women said issues on removal of subsidy on petroleum products were the major causes of the rise in foodstuffs prices.
“These issues are those associated with farmer-to-trader’s needs, transportation of their foodstuffs or farm products from the farm to the market and other destinations.
“This is how cost of transportation will be spread and transferred to prices as business owners deal with turnover,” he said.
The Babalola said further: “For example, in the Bodija market, traders go as far as the North to purchase rice, beans, tubers of yam, among others, for sale at the market.
“Even if anyone wants to hoard or sell at a higher price, others with small capital would have travelled three times and sold at small profit margin.”
Meanwhile, a rice merchant, Alhaja Bilikisu Aranni, has appealed to the Federal Government to ensure the stability of the Nigerian currency against foreign currencies.
“The Nigerian economy revolves around this. The Naira is now low, even against the CFA, especially as rice comes to us here from Cotonou in the Republic of Benin.
“A bag of rice sold at N53,000 before Christmas, but it now sells at N57,000. We are tired of everything now,” she told the newsmen.
The rice merchant called on government to focus on fixing the economy as increment in prices of rice is putting them out of business.
A garri seller at Bodija market, Mr Suleiman Akeem, also said it was worrisome that a bag of Oyo garri which sold for N45,000 before now sells for N72,000.
”This makes a measure (Kongo) of it to sell at N700.
“Also, the Egba garri which on its own before now goes for N600 per kongo, now goes for N900 per kongo.”
Akeem said a big bowl of garri at Kila market in Ogun which sold for N10,000 before now sells for N15,000.