Business

Eid-el Kabir: Traders, buyers lament high cost of goods, services in Ibadan

Published

3 years ago

July 18, 2021

With Eid-el-Kabir celebrations fast approaching, some traders and buyers in Ibadan have expressed concern over high cost of rams, foodstuffs and other commodities and services.

A survey carried out by newsmen in some markets in Ibadan revealed that all the respondents were bothered by the unstable nature of prices of goods and services.

Price checks at ram markets in New Ife Road, Egbeda, Adegbayi and Alakia areas of Ibadan showed that an average-sized ram, which sold for N40,000 in 2020, now cost between N60,000 and N65,000.

It was also observed that a big-sized ram sold for between N80,000 and N120,000.

At Aleshinloye market, rams cost between N30,000 and N110,000, a price range whichAbdullahi Hashim, a ram seller, considered to be exorbitant.

According to Mr Hashim, the high price was due to the security condition in the northern part of the country as well as high cost of transportation.

Similarly, another ram seller, Mr Ibrahim Jamiu, blamed transporters bringing the rams from the north for charging exorbitant fares.

Mr Jamiu added, “even the prices of rams we rear here are high, because their feeds are costly too.

“We are only appealing to government to let its economic policies allow businesses to grow.”

A man, Abdulazeez Adeleke, who bought a ram for N63,000 at Adegbayi, lamented its high price and those of other items.

According to him, the high cost of rams, food items and other consumables might not allow many families to celebrate the Salah as they would have loved to.

Another ram buyer, AbdulRashid Jimoh, said although rams were very much available, the prices were out of reach.

He, however, said that he could not but buy for his parents, no matter the cost.

In his opinion, Mr Sanusi Hassan, a ram buyer at Aleshinloye market, linked the scarcity and high cost of the animal with the cancellation of the 2021 hajj pilgrimage by Saudi Arabian Government.

This, he said, had created room for more Muslim faithful, who would have celebrated Salah in Saudi Arabia, to be at home for the festival.

Mr Morufu Sani, an intending ram buyer at Ojo-Oba market, regrettably said he could not afford to buy a ram due to its high cost.

“A big ram of my choice is sold for N140,000.

“Where do I get such money? Any meat we see, no matter how small, my family and I will manage it,” he said.

However, a rice seller at Oja-Oba market, Alhaja Olugbade Salami, said that prices of all foodstuffs, including rice, had increased even before the onset of the festive period.

“A bag of rice that we used to sell at below N20,000 is now sold for N26,000 and it is quite unfortunate that there’s no patronage now like before,” she said.

Meanwhile, Bisola Salawu, an onion seller, said that buyers were no longer buying in bulk due to the hike in price of the item.

“Forty pieces of onion that we used sell for N2,000 before now sell for N2,500, and you will hardly see people buying in bulk as they used to,” she said.

As for tomatoes, a seller, Kawa Aminat, told NAN that a bucket of tomatoes, which sold for N800 in 2020, now sold for between N1,500 and N2,000.

“Almost all the prices of commodities brought from the North have gone up due to COVID-19 issues, transportation cost and farmers/herders’ crises.

For instance, six pieces of yam that used to sell for N4,500 now went for N6,000, resulting in reduced patronage,” she said.

Secretary of Arewa Pepper Sellers Association of Oyo State, Mallam Illiasu Bala, also said that Tatashe (Bell pepper) and Bawa (Sombo), which formerly sold at N7,000 per bag, had each increased to N20,000 per bag.

Also, Chairman of the Oyo State Onion Sellers’ Association, Alhaji Azeez Ademola, who explained that onion was not in season, said that a small bag of onions was now N20,000, while the big bag was now N30,000.

A vegetable oil seller at Ojo-Oba market, who simply identified herself as Alhaja, said she had not sold anything since she opened her shop in the morning.

“A five-litre Kings Oil that was around N3,500 before is now sold for N5,000, and there’s no market. I have been sitting down like this since morning.

“Everywhere is dry. Whether Ileya or not, customers are not coming. Many people are even living on loans,” she said.

According to reports, the prices of textile materials at Gbagi textile market remained stable, with 12 yards of locally-made Ankara fabric selling for between N3,000 and N7,000, depending on the quality.

However, a textile dealer, Mrs Aliratu Lasisi, complained of low patronage, attributing it to the poor economic situation of the country.

She observed that people were now more concerned about what to eat than what to wear.

Her submission was affirmed by operators in the fashion industry, as some tailors and fashion designers said there had been sharp decline in patronage, in spite of the Sallah that was fast approaching.

A tailor, Saliu Ojedele, said, “Gone are days when we used to hire more hands to work night shifts in order to meet up with customers’ demands.

“Ordinarily, we ought to have started doing that, but it’s quite different now,” he said.

A customer, Mr Abdullahi Wasiu, however, said that he was more particular about getting his children clothes to make them happy and comfortable in the midst of their peers and extended family members.

“For adults, you can wear whatever you have, especially if there are no means of buying new dresses. Aside that, getting ram is more important than buying new dresses,” he said.

Contrarily, a jeweler, Miss Nkechi Emeka, said that the soaring prices of consumer goods and services had not dampened people’s morale towards shopping.

“I will not say people are not buying like before. Yes, the percentage of those who usually visit markets during festive periods has reduced, but sellers are also not able to meet the demands.

“This is because of the increase in dollar rate and some of us did not have enough money to stock up before this week.

“Some sellers have even run out of goods because they didn’t get enough money to buy before this period,” she said.

Corroborating, Emeka, a clothe vendor, described the rising prices of goods as an unfavourable trend for both buyers and small business owners.

“What some of us did to prepare for the demands of this season was to form groups. We contributed money to buy in bulk; we then split the goods for sale.

“However, the amount that we used to spend on purchasing 10 cartons is now what we use to buy one or two cartons.

“The prices are even unstable. What you buy today at N50,000 may go up to N55,000 within a week.

“The economy is really biting hard and the unstable prices have forced some of our colleagues to shut down,” she said.

A buyer, Mojo Daramola, who was at the market to shop for the festive period, lamented what she described as “outrageous prices”.

Mrs Daramola, who appealed to government to urgently intervene in driving down the prices of goods and services, said she was left with the option of buying fewer items, which mostly included her children’s clothes.

NAN

Business

Businesses count losses amid power outage in Bauchi, Gombe, and Jigawa

Published

2 months ago

October 28, 2024

Matthew Eloyi

Business owners in Bauchi, Gombe and Jigawa are recording losses due to week-long blackout ocassioned by vandalism of the power transmission line in parts of northern Nigeria.

The sudden disruption in electricity supply in the past days, also affected essential services such as water, sanitation, street lighting and healthcare delivery as most hospitals have been operating without light.

Some of the affected businesses including shop keepers, millers and artisans, who spoke while reacting to a survey by the News Agency of Nigeria (NAN), described the situation as “pathetic”.

The survey examined the perennial collapse of national grid and the need for alternative power supply in the country.

Rice millers in Gombe had decried the impact of the erratic power supply on their businesses.

A Miller, Musa Arab, at Nassarawo Industrial Layout in Gombe, said the trend was crippling their operations as they relied on electricity supply from the grid to process paddy.

He said the mills were not operational power outage as they could not afford exorbitant pump prices of petrol or diesel to run their machines.

This, he said, reduced the volume of rice supply to the market and posed serious challenge to food security.

“We must invest in power because it is the biggest determining factor for industries to thrive.

“I have over 20 workers in my mill, and we have 100 mini rice mills here, so you can imagine those who have no jobs for the past 10 days.

“Government must go tough on those responsible for the perennial grid collapse because some persons may be benefitting from it,” he said.

Also, Yusuf Ibrahim said the situation might trigger the already fragile inflation, as prices of local varieties would shot up ocassioned by the diminish supply.

He said that some had jerked up their charges to cover the expenses on diesel thereby affecting rice prices.

A check by NAN at the Gombe Main market showed that a 100 kilogramme of rice was sold for between N120,000 and N160,000, as against N110,000 and N150,000, before the blackout.

Mr Usman Sani, a rice dealer, attributed the hike in price to low supply of the produce to the market in spite of the number harvest recorded this cropping season.

He said the prices had decreased slightly at the onset of the harvest, however, it showed sprawling increase due to power outage.

“The price of rice is already dropping as a result of harvest but the trend reverse since the blackout in the past days “ he said.

Ugochukwu Daniel, a bartender in Bauchi, decried the epileptic power supply in the country, adding that lack of durable energy supply would retard Nigeria’s quest to attain social and economic greatness.

Daniel said that she spent much on fuel to run power generator for refrigrator and lightening the beer parlour, to enable her to keep the business running.

He said that businesses could only thrive in an enabling environment with stable electricity supply, to enhance wealth creation and reduce poverty among Nigerians.

“My trade is about chill drinks and it survives on electricity to operate otherwise you will out of bussiness.

“Without electricity there is nothing you can do, and not only business but about everything. We depend on it,” he said.

Similarly, Samuel Adamu, said the persistent power outage had forced him to patronised charcoal for ironing clothes in spite of its high cost and cumbersome processes.

He said that most cleaners in the area had resorted to fabricated iron charcoal in spite of hike in its prices which suddenly jumped from N5,000 to N15,000.

Adamu said the situation also encouraged division of labour in laundry to cut cost and make some gains.

“Presently, I do wash the cloth, and engage someone for ironing. The charge is N300 per set as against N150”.

While advocated development of renewable energies to enhance power supply in the country, Adamu urged security agencies to entensify efforts towards electrical installations in the country.

In the same vein; Mr Muhammad Adamu, Chairman, Jigawa State House Assembly Commitee on Power and Energy, said the Jigawa Electricity Law 2024, made sound provisions to improve power generation and distribution in the state.

This, he said, was an offshoot of the devaluation brought about by the 5th alteration of the constitution, where removed power from the executive legislative list and to the concurrent list.

“It empowered the state houses of assembly to enact laws on power.

“The committee has also carefully pursued the bill and reviewed its structure and the promise it holds for the state power sector, infrastructure and the overall economy of the state.

“The new law will pave way for the establishment of Jigawa Electricity Commission, to regulate the state’s electricity market,” he said.

According to Adamu, the law will protect residents and investors in the energy sector through ensuring prepaid meter installation and possibility of recouping investor’s funds as well as address vandalism.

“The law will lead to provision of reliable, affordable and sustainable power, essential for development of all sectors of the economy, particularly in rural areas,” Adamu said.

“Vandalism will be over because we pay Kano Electricity Distribution Company (KEDCO) money for powered supplies, but whenever there is problem of damages or broken down transformers, it is either the communities or individuals that pay for the repairs”.

Business

Mercedes urges delay of EU tariffs on Chinese electric vehicles

Published

2 months ago

October 21, 2024

Matthew Eloyi

Mercedes urges delay of EU tariffs on Chinese electric vehicles

The head of German luxury carmaker Mercedes-Benz, has called for the European Union to de-escalate the dispute with China over tariffs on electric cars.

“We need more free trade instead of new trade barriers.

“That is why it is important to find a solution that suits both the EU and China,” chief executive Ola Källenius told the Monday edition of Bild newspaper.

“The negotiations for this take time. In order not to jeopardise them, the EU should postpone the enforcement of the planned tariffs,’’ he said.

At the start of the month, a majority of EU countries paved the way for additional tariffs of up to 35.3 per cent on battery-powered electric vehicles imported from China.

Germany, however, voted against the measure amid concerns over retaliatory actions which could hurt the country’s giant car industry.

The European Commission had pressed for extra tariffs after an investigation accused Beijing of subsidising domestic electric car manufacturers, and thus distorting the market in the EU.

But whether the import tariffs would actually come into force at the beginning of November is still up to the commission.

The plans can still be dismissed if Brussels reaches a solution with China at the negotiating table.

Business

ACCI moves to promote business connections, balance work-life

Published

2 months ago

October 16, 2024

Matthew Eloyi

ACCI moves to promote business connections, balance work-life

The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.

The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.

Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.

He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.

“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.

“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.

“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.

“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.

According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.

“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.

“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.

“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.

“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.

The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.

Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.

He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.