The price of commodities, most especially the goods that come from China have become triple in the face of the global pandemic, Covid19 or in other word, Coronavirus.
According to Entrepreneur Reporters research, many dealers are now left with the shortage of goods and and cannot import at the moment owing to the deadly virus. And as a result, there is scarcity and some that have these commodities have chosen to triple the price pending the pandemic subside.
A man who recently went to repair his phone recently said he bought the screen of his Tecno Phone for almost double of the initial price.
Meanwhile, the same is also said to be of other products that come from China, most especially electronic gadgets and other items.
Austin Okafor, a Nigerian trader at DEI DEI timber market in Abuja, the Nigerian capital, lamented the effect of the outbreak on his business.
Mr Okafor, an Abuja based contractor and an importer of building materials, such as nails, (ceiling) sheets and other building equipment which he imports from China, said that for now, goods available in his warehouse are products he had already purchased, months before the outbreak.
He also lamented that the prices of products have already increased.
“Most of the Chinese companies we buy our products from have already closed down,” he said.
“Many of the products we are selling and the ones that are coming from ports are the ones we have already bought before the outbreak.
“The outbreak has affected those that get contacts from government and (private) bodies. Prices have also gone up,” he said.
“We sell a carton of nails N11,800 before the outbreak. Now, we sell them for N13,000, We also used to sell a bundle of ceiling sheet for N11,400 before. Now, we sell for N13,500.
He added that, “The number of goods in the market has reduced, and the ones that (we) are selling are the ones that (we had) already bought before the outbreak.”
China remains Nigeria’s biggest source of imports. About N1.99 trillion worth of goods were imported from the Asian country in the first half of 2019, according to the Nigeria Bureau of Statistics (NBS). Nigeria imports different kinds of goods ranging from personal effects to industrial machinery and raw materials.
Also, Nigeria offers Chinese companies a diverse range of lucrative commercial and trade opportunities, as part of its attractive bilateral trade treaty between the two nations. As of May 2019, Chinese companies had invested $20 billion in over 150 firms in Nigeria.