The price of household food items has recorded tremendous spike in recent weeks, with consumers and households particularly complaining about the price of Onions, which they now call the “new gold”.
The persistent increase and scarcity of onions in major markets have become a rather interesting topic in recent times as the price of a big bag of dry Onions sells for an average of N80,000, while some markets sell for as high as N85,000 in Lagos State.
Some traders have termed the increase as just a seasonal fluctuation, while some have blamed it on the #EndSARS protest. However, there is more to it than meets the eye, which is why Nairalytics, a research arm of Nairametrics which tracks the prices of major food items in Lagos, Nigeria, visited the Onion Section of Mile-12 market in Lagos State to get insights into the root cause of the irregular trend in price.
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Why onion has become the “new gold” in Nigeria
November 12, 2020
(updated November 12, 2020)
Published by StockMan