Market Survey: Bad News For Consumers of Locally Made Foods in Lagos

Despite the rise of the naira against the dollar, the prices of locally-produced foods continue to soar, contrary to the general expectations of traders, especially those in Lagos markets. From a recent month-long survey that ended on Thursday, April 11, it was discovered that local foods maintain a steady rise in their prices compared to the tags for foreign edibles. For instance, a bag of foreign rice in Igando Market, which sold for N88,000 two weeks ago, now sells for N78,000. In Iyana Ipaja Market, the same bag of rice was sold at N90,000 three weeks ago but was down to N79,000 as of Thursday.

A box of super pack Indomie, sold at N9,000 in December 2023, went for N17,000 in March; however, it has dropped to N13,800 as of April 11.

The supermarkets, where foods such as canned beans, stringed beans flour and several other food items are seeing noticeable decline in prices, are not left out.

Also, a paint bucket of garri, which stood at N2,500 less than a month at Igando Market, sold f…