By Dansu Peter
BARELY two weeks after Nigeria officially exited from over 15 months recession, the prices of some food items; including rice, garri have dropped significantly, a market survey by News Punch has discovered.
Tthe National Bureau of Statistics revealed two weeks ago that the Nigerian economy has finally exited the recession, as data on the country’s gross domestic product (GDP) growth has shown that the economy grew at 0.55 per cent in the second quarter (Q2) of 2017, after contracting for five consecutive quarters.
Despite the exit, Nigerians still groan and lamented the high cost of items, especially foods as the impact of the recession exit was yet to be felt.
The Statistician-General of the Federation, Dr. Yemi Kale, also explained why food prices are still high, despite Nigeria’s exit from recession, giving reasons why Nigerians may not feel the immediate impact of the recession exit.
Addressing newsmen in Abuja, the Chief Executive Officer of the National Bureau of Statistics, NBS, categorically stated that “there is growth but there is a problem with the distribution across the country”.
He equally warned Nigeria against relaxing with the recession exit, since the gross domestic products, GDP, is still in the negative side, stressing that coming out of recession was not about quality but the quantum of growth.
But a market survey by News Punch reporter yesterday at the popular Agbalata market in Badagry Local Government, in Lagos State, showed that a 50kg bag of rice which used to be sold at N16,000, N17,000 depending on the brand now sell at N12,000, N13,00. Our reporter, noticing the drop in the price of a 50kg bag of rice bought for himself a bag to further confirm the authenticity of the price at a retail shop in Badagry.
Also, at a roadside evening market at Mowo Junction, also in Badagry, paint plastic measure which used to be sold at N900, N850, now sell at N600 and N650 respectively.
Other items like different species of peppers prices have also dropped.
No comments