Nigerian families have come under severe pressure as prices of goods and services continue to skyrocket, forcing many homes to readjust their spending and seek alternative means of survival.
Survey shows that prices of basic necessities, especially food items, are going out of reach, with many who hitherto patronised shopping malls now seek alternative in the open markets, where costs are considered relatively cheaper.
Inflation figures by the National Bureau of Statistics (NBS) in the last one year show steady rise in consumer price index, increasing from 18.48 percent in November to 18.55 percent in December 2016, but with family income dropping as a result of job losses. In some instances, employers and employees have negotiated salary cuts as an alternative to staff retrenchments aimed at keeping businesses afloat this period.
Francis Johnson, president, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), says hundreds of workers in the oil and gas sector have foregone their allowances, a development he says has brought intense pressure on homes amid rising costs of living in the country.
“It is a tough situation for workers whose salaries have remained stagnant since 2011, but now being persuaded to make sacrifices. Our members in many oil companies have forfeited their medicals. For now, it is job for survival so that the companies can be in existence,” Johnson says.
Deji Bamidele, a banker who lives in Satellite Town, Lagos, says his family income has remained static, although he survived a job loss, “But it has not been easy at all as our expenditure keeps rising as a result of price increase without a corresponding increase in our income.
“As a family, we have done the only wise thing: reduce our consumption and suspend all capital-intensive projects for now. For instance, my wife and I acquired a plot of land at Ajah in 2014, where we intend to build our home.
“Early last year, we laid the foundation, but with the way things are we have stopped work on the project until things improve. For now, all our money goes into food items, and our children’s school fees. No one is even talking about savings for now.”
Bisi Adejare, a mother of three who lives in Festac Town, Lagos, laments that it is becoming increasingly difficult to cope, as “prices of goods are increasing by the day, but my monthly housekeeping allowance has gone down since my husband’s office cut his salary last year.
“I used to buy things like rice and beans in bags, or at least half bags, but now I can only measure in ‘painter’ buckets (about 2kg). Even that is becoming increasingly unaffordable. We may soon resort to measuring in De Rica cups.”
A survey at Oshodi, Mushin and Mile 12 markets in Lagos reveals that the prices of major food items have gone up significantly in the last two months.
As of Thursday last week, the price of a 50kg bag of rice was sold for between N19,500 and N21,000 against between N17,500 and N18,500, and a 50kg bag of Olotu beans is now sold for N18,000 instead of N16,500 it sold two months ago.
A 50kg bag of Cameroon pepper rose to N25,000 from between N19,000 and N20,000; a 50kg bag of dried pepper increased by 30 percent to N65,000 from N50,000, and a 50kg bag of corn now goes for N19,000 against N14,000.
Furthermore, a bag of fresh pepper rose by 41.7 percent to sell for N17,000 from N12,000, and the price of 50kg bag of yellow garri sells for N10,200 against N8,500 it sold last December, which is a 20 percent increase.
Also, a 100kg bag of melon moved up by 17.6 percent to N40,000 from N34,000, a 50kg bag of maize rose to between N18,000 and N19,000 from N17,500, and a basket of crayfish is now sold for between N54,000 and N55,000, instead of between N42,000 and N43,000 within the same period.
However, the price of 25 litres of palm oil fell by over 50 percent to N14,000 from between N24,000 and N30,000; 25 litres of vegetable oil now goes for N16,000 as against N18,000, and a bag of Ogbolo (soup thickener) is now sold for N110,000 instead of N130,000.
Also, the price of a basket of fresh tomatoes dropped by 66 percent from N15,000 to sell for between N9,000 and N10,000, just as a bag of onions is now sold for N20,000 against N28,000.
Commenting on the drop in prices of key perishable food items, Biliya Adam, secretary of perishable goods section at Mile 12 Market, attributes the drop in the price of tomato to the season and government’s intervention. ‘‘We now get larger quantity of fresh tomatoes and onions coming into the market at a reduced price because government has provided enough money for farmers,’’ Adam explains.
However, Chiamaka Udemezue, a trader at the Mile 12 Market, complains of low patronage.
“Customers are not buying as much as before. It is getting worse every day. Some days, I am forced to sell below the price just to make sales. I just hope I can recover the money I used in buying these goods because I do not think I will make any gain,” she says.
‘‘The situation is getting worse by the day. Customers are reducing the quantity of food items they buy and I can no longer stock up my shop because the money to do so is not even available,” Adeyemi Olajide, another trader at Oshodi Market, says.
“It is really bad that eating common two meals a day is now a huge problem. Taking a list to the market these days is almost useless. The price of everything seems to be increasing by the minute and the money is not even there, that is the challenge. Nowadays, we eat what we can afford and not what we want to eat,” Prisca Anthony, a Lagos housewife, says.
Belinda Amuwa, a resident of Festac Town, Lagos, says life has not been easy for her family, but they are adjusting by the day, as “We go for needs and not wants; more of food items and toiletries but in smaller quantities.
“I replaced my baby’s food with a much cheaper one but also nutritious and I go for anything cheap but with quality in mind too. I pulled out my baby from the crèche and had to drop him off with my mother-in-law every day before heading to work and pick him up on my return. This saves me money for basic needs in the home. We are practically managing but I believe it will get better soon.”
Cyril Ndulue, who resides with his family at Ajao Estate, Lagos, says his family income has been put under severe pressure with every family member feeling the impact, adding that they are also adjusting.
“My children were the first hit; they had to change schools because business has been terrible since last year with this dollar problem. If I do not own the house we live in, I would have relocated to the village with my family the way things are,” Ndulue says.
“We had to reduce the frequency with which we eat at home from thrice to twice in a day. We just buy little food and learnt how to make do with what we can afford for now,” he adds.
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