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Tuesday, January 21, 2025

Rising Prices Threaten Food Businesses

BY KASE GREATNESS/ RITA OYIBOKA

FOOD vendors in Asaba, Delta State capital are struggling to remain in business as the cost of essential articles continue to surge, making it difficult for then to keep their customers. Some with years of experience in the business, lamented that the skyrocketing prices of ingredients are affecting their profits, forcing them to raise prices, and leaving customers buying less.

In an interview with The Pointer, they shared their plight and highlighted the growing economic pressures on their small businesses in Nigeria.

Speaking to The Pointer, a beans and plantain seller, who has been in business for over a decade, Mrs. Fidelia Okafor expressed her frustrations with the rising costs of supplies. She explained that early last year, a bucket of beans cost ₦5,000, allowing her to sell a plate of beans and roasted yam or plantain for ₦500. However, the price of beans has now climbed to ₦8,000, compelling her to increase her price to ₦1,000 per plate.

“Every year, I also have to pay rent for the small square of land where I display my wares,” she lamented. “It’s not easy. I wish there would be a nationwide strike to make the government listen to the voice of the masses.”

Similarly, Mrs. Patience Igho, who sells fried plantain, yam, and potato, said the cost of foodstuff for her business has more than doubled. “Last year, a bag of potatoes cost ₦10,000, but towards the festive season, it rose to ₦12,000. Now in 2025, it costs ₦15,000,” she said.

She added, “I fry half a bag of potatoes daily and about four tubers of yam, each costing ₦4,000. A medium-sized bunch of plantain costs ₦6,000, while a large bunch is ₦10,000 which I also fry daily. I buy bottles of groundnut oil for ₦2,500 each and use three daily because I can no longer afford the 5-litre gallon. I’ve been running this business for three years, but my profit has remained stagnant. Meanwhile, prices keep rising, and the portions I can sell for the same price keep shrinking. A single piece of yam is now ₦300, and two pieces cost ₦500.”

At Rosie Restaurant on Nnebisi Road, the owner, who chose to remain anonymous, shared similar concerns. “We sell a plate of rice for ₦1,200, with a piece of meat costing ₦300. During the festive season, a bag of rice was ₦120,000, but this year, it’s slightly lower at ₦110,000. Business is fairly good, but customers can no longer buy as much as they used to,” the restaurant owner explained.

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