Price of garri crashes by 37.5% in Lagos markets

Price of garri crashes by 37.5% in Lagos markets

The price of garri, a staple food in the country, has crashed by about 37.5 per cent in most markets in Lagos, our correspondent reports.

A survey conducted at Oyingbo, Iddo, Ikosi, Mile 12 and Ikorodu markets revealed that a paint measurement of garri which sold for N400 for a greater part of last year now costs N250.

The traders attributed the price drop to increased supply and involvement of more people in cassava cultivation and garri production.

Mrs Monisola Adebiyi, a seller of garri at Ikosi market, said in dry season, the price of garri usually increases due to seasonal effects that often lead to scarcity.

“Cassava farming increased tremendously in various parts of the country, some families even use their backyard to cultivate it and they bring the excess to market for sale.

“I guess this renewed interest in garri production was as a result of the price of a paint measurement of garri that increased to about N1, 200 in 2017 and became unaffordable by many Nigerians.

“Most people see it as a worthwhile venture and invested massively in it since then, and now the market is oversaturated with the commodity. I foresee further price reduction,” she said.

Another seller of garri at Ikorodu market, Mrs Selimo Jobele, said that the reduction in the price of garri would save many Nigerians from the discomfort of hunger, as purchasing power of the consumers had been on a decline.

 

 

Source: NAN

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