Lagos markets were bustling with activity on Tuesday as Nigerians thronged popular spots to make last-minute purchases ahead of Christmas. However, the festive rush came with a pinch of financial strain as prices of essential goods and services saw a significant hike compared to last year and even last week.
Food Prices Soar Drastically
At the Ijora frozen foods market, the price of a carton of turkey surged from ₦44,000 last Thursday to ₦57,000 on Monday. A carton of chicken was selling for about ₦84,000, while a sack of croaker fish was priced at ₦120,000.
In other markets, staples also recorded steep price increases. At the Trade Fair market along the Lagos-Badagry Expressway, a paint bucket of tomatoes climbed to ₦6,000, while half of that quantity sold for ₦3,500. Bell peppers were priced at ₦2,000 each for both yellow and red varieties, with green peppers slightly cheaper at ₦500 apiece.
Live poultry prices reflected similar inflation. At Iyana-Iba market, a live turkey cost ₦31,000, while broiler chickens sold for ₦18,000 to ₦20,000 each. A pair of layers went for ₦17,000, with customers like Nneka noting the stark difference from last year’s prices.
POS Operators Find Ways Around Tax Levy
At Tejuosho Market, bustling with buyers of clothes and accessories, some point-of-sale (POS) operators devised strategies to sidestep the ₦50 electronic transfer levy on transactions above ₦10,000. Miracle Daniel, a POS operator, explained how withdrawing ₦9,999 instead of ₦10,000 helped her avoid the additional levy.
“The machine charges its own fees, and then they add this ₦50 levy. By withdrawing ₦9,999, I avoid that,” she said, expressing frustration over the growing costs.
The levy, implemented by the Federal Inland Revenue Service (FIRS), led to a rise in POS transaction charges earlier this month.
Transport Costs Hit New Highs
Public transportation fares also saw an uptick, compounding the financial burden for residents. A trip from Mile 2 to Ketu-Mile 12, previously ₦700, now costs ₦800. Oshodi to Ketu-Mile 12 rose to ₦500, while Mile 2 to Idumota increased from ₦700 to ₦1,000.
Even shorter routes like Iyana-Iba to Mile 2, which used to cost ₦300–₦400, now go for ₦500. Drivers attributed the fare hikes to increased fuel prices and the festive demand.
Market Outlook Amidst Festive Rush
Despite the price hikes, Nigerians continued to shop, buying what they could to prepare for the celebrations. Markets such as Tejuosho and Trade Fair recorded brisk sales of cosmetics, clothing, foodstuffs, and other festive essentials.
While the festive season is expected to bring joy, the rising cost of living remains a critical concern for many Lagosians trying to make ends meet.
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