NIGERIA: As Nigerians get ready to mark the Christmas festivities many shoppers say they are forced to contend with increasing prices in food and other basic commodities

Record ID: 235396

  • Title: NIGERIA: As Nigerians get ready to mark the Christmas festivities many shoppers say they are forced to contend with increasing prices in food and other basic commodities
  • Date: 21st December 2011
  • Summary: VARIOUS OF DANCING FATHER CHRISTMAS VARIOUS OF CHRISTMAS DECORATIONS LIGHTING UP STREETS
  • Embargoed: 5th January 2012 12:00
  • Keywords:
  • Location: Nigeria, Nigeria
  • Country: Nigeria
  • Topics: Economy,Religion,Religion
  • Reuters ID: LVADMYJDFREAS79JQZMBD4VGVD6B
  • Story Text: High food prices and increased costs on other commodities are likely to hamper this year's Christmas celebrations in Nigeria's commercial city, Lagos, shoppers have said.
    As the Christmas day count down kicks in, most market streets in Lagos have been filled with shoppers looking for the best bargains their money can get.
    But most city residents such as Sola Akinlabe said that because of the high prices they were cutting back on their expenditure on gifts and other personal items this year.
    "Things are expensive, may be because it is Christmas time, people tend to put (add) more money on things (items) but nonetheless you have no choice you just have to buy it like that because you need them," said Akinlabe.
    Though growth in food prices the largest contributor to the consumer index; fell slightly to 9.6 percent year-on-year in November from 9.7 percent the previous month, most consumers say they are yet to see any significant changes reflected on what they are spending.
    Recent government statistics reported that headline inflation remained unchanged from the previous month at 10.5 percent year-on-year in November attributing it to relatively good food harvests and moderated growth in food prices.
    Market traders in Lagos such as Adekoke Aboja, who usually make roaring business during such festive seasons complained about the high prices of commodities which she said had kept customers away.
    "Things are very expensive, in the market now, unlike in 2009 when we buy like this one now we bought at 70 (naira) but now it is 700 (naira) can you imagine," said Aboja.
    Prices of food and other basic house hold items have more than doubled in the past one year.
    Nigeria does not have adequate manufacturing industries to serve its over 150 million people and has to import nearly 80 percent of commodities needed in the country.
    A weakening local currency has also made imports more expensive.
    In the meantime, businesses are still trying to attract more customers and spread Christmas cheeer.
    When night falls, Major road junctions in Lagos remain lit with elaborate Christmas decorations powered by diesel generators that are often used in the city to counter frequent power cuts.
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