- Property prices shoot through the roof as demand rises despite economic hardship
- FG offers 50 per cent discount on road transport fares; flags off free train ride
The markets are once again bubbling with Christmas only 96 hours away.
Traffic jams are also roaring back to life.
In Abuja, Lagos, Aba, Onitsha, Ibadan, Abeokuta, Kano and many other parts of the country, millions of Nigerians are shopping, stocking their homes and travelling despite the economic and security challenges that many had feared would spoil the fun associated with the festival.
Popular Lagos markets like Oshodi, Mile 12 and Idumota were all seas of heads yesterday as the shopping frenzy heightened ahead of the festivities.
The story was not different at the various shopping malls in the nation’s economic capital, the Federal Capital, Abuja and the other cities.
And there were plenty of things to buy: food items, drinks, clothing, footwear, decorations and house hold utensils.
Buyers have been taking advantage of end of year clearance sales by some stores, particularly online merchants, who bombard the social media with adverts on what they are offering for sale.
Demand for luxury properties in Abuja’s highbrow neighborhoods also appears to be high as wealthy individuals and institutional investors search for or sell prime real estate.
The Federal Government yesterday offered a 50 per cent discount to Nigerians travelling by road for the Yuletide and simultaneously flagged off a free train ride across the country as part of measures to reduce the financial burden on travellers.
The Nigerian Railway Corporation (NRC) projects to ferry over 340,000 passengers during the period.
Many travellers from Lagos have started moving to different parts of the country.
The motor parks were busy all day yesterday as they have been over the last few days.
Our correspondent who visited Mile 12 Market, Lagos said the No.1 spot for buying food items in the state, brimmed with buyers who did not seem to mind the high prices of some of the items.
A shopper at Oshodi, who gave her name as Ronke, expressed shock at the huge crowd of buyers.
“I really didn’t expect to see this number of people in the market as the people had been lamenting that things have been difficult.
“At Terminal One where people travelling are boarding buses, you will have to push your way through the gate.”
Shoppers throng Aba
Aba, the commercial nerve centre of Abia State, is also booming with business ahead of Christmas.
Buyers come in from different parts of Africa to transact business.
These include dealers and retailers who want to restock their stores before their suppliers shut down for the rest of the year.
An economist, Mr. Gideon Okwu, said: “Aba, like we all know, is a place where people come to buy. We are not a consuming state; so you can only measure what people come here to buy.
“And from what we have known over the years and today, no matter the cost of things in the country, people will always come to buy things in Aba.
“What Aba sells are things that we need every day and not like cities like Umuahia, Owerri, Port Harcourt, Akwa Ibom and others.
“The level of cash inflow in the city and in the state by extension this period is massive and it is not out of place to be seen in a city like Aba.”
It’s low key shopping in Imo
Many residents of Imo State are scaling down their purchases, citing the economic hardship.
At the Eke Ukwu market in Owerri, traders reported a surge in demand for second-hand materials.
A bag of rice is selling for between N95,000 and N100,000; a price range that is out of the reach for many.
Some workers, particularly bank employees along Ikenegbu Road, were seen sharing bags of rice, cartons of tomatoes and groundnut oil. When interviewed, they revealed that these items were purchased using contributions from their cooperative societies.
According to Tony Ikechukwu, a civil servant, this year’s Christmas celebration is the worst in recent memory.
“Many of us don’t even have money to come to the office, much less shop for Christmas,” he lamented.
“Parents are struggling to provide for their children, and we’re all suffering greatly in this country.”
It’s tough in Anambra too
The economic situation is also affecting the purchasing power of Anambra residents some of whom may not travel to their villages for the festivities.
A mother, Mrs Ngozi Ezeobi, said: “How can I buy ‘abada’ textile at the rate of N8,000 and you expect me to spend N30,000 to sew it? What am I celebrating and how much do I make in a month? And what about the children?
Enugu residents adjust to high cost of living
Some residents of Enugu State said they had adjusted to the economic reality to enable them celebrate Christmas and New Year festivities.
Some of them told our correspondent in Enugu that they had to put a lot of things into consideration before deciding whether to shop for Christmas or not.
Read Also: Wike to security operatives: make Abuja safe during yuletide
Our correspondent who visited the popular Ogbete Market observed that shoppers concentrated on food items and used clothes known as okrika.
At the Spar Shopping Mall, Enugu, it was observed that most buyers who made expensive purchases appeared to be those who came home from abroad.
A grocery store owner Mrs. Faith Eneh said: “Business hasn’t been as good as it used to be because customers no longer buy the quantity they used to buy. And that has affected our business.
“If the times were good, by now I would have sold over 50 bags of 50kg rice to individual customers alone.
“So, having seen how people have adjusted their shopping now, we have to make available 10kg bags of rice for them to afford. And that’s how we’re making our sales”.
For a customer, Oluchi Ezeugwu, irrespective of how bad things have become, Christmas must be celebrated.
“I must tell you that buying some items outside food and other essential items this season has become unrealistic considering the resources available. But that will not deter us from celebrating.
“To that effect, what people like us have decided to do is to speak to our family members to understand that it is not everything that we used to do before that we will get now.
“I say this because I am supposed to buy other essential food items such as rice, groundnut oil, tomatoes and more, which have increased by more than 100 per cent over the last one year.
“For example, a bag of rice, which everyone eats during festive periods, now sells for an average of N85,000, up from N30,000 in 2023.
“With this, what I do now is to get them in cups to enable my family have a taste of Christmas.”
Economic difficulties or not, we must celebrate -Ebonyi residents
Some residents of Ebonyi State are also not willing to allow the economic situation dampen their joy during Christmas.
Mrs Gloria Nwite said despite the high prices of goods, she and her family would manage.
“It is really difficult but we are doing the best we can. It is our culture to celebrate Christmas and New Year, and this year won’t be different,” she said.
A foodstuff seller, Mr Mathew Ikechukwu, said his sales volume this year was lower than last year’s.
“By this time last year, my shop was a beehive of activities as it was crowded. But this year, you can see that it is different.
Civil servants in the state thanked Governor Francis Nwifuru for the N150,000 Christmas bonus which they noted enabled them to make purchases for the season.
Traders lament as consumers make less purchases in Delta markets
Traders at Igbudu, Effurun and Agbarho markets in Delta State are not smiling as sales are slow ahead of Christmas, although the situation is not helped by the increase in prices of food items over the last one week.
The prices of foodstuffs like onions, fresh tomatoes, pepper and other vegetables, fish, meat, garri, groundnut oil and so on, for some reasons, were more expensive than they were about one week ago.
At Agbarho Market, Ughelli North, a rice seller lamented that there were “no sales.”
She also complained that some of her customers who usually by bags of rice to give out to people during Christmas season were yet to show up.
“Few people are buying and in small quantities. So at the end of the day, one goes home with so little. By this time, those customers that come to buy bags of rice as Christmas gifts would have come. But I have not seen them,” the rice dealer said.
At Effurun Market, about 10 average-sized tomatoes were portioned for N1,000; peppers were sold from N200 for a few balls, but onions topped the list of expensive perishables with average sizes, selling for no less than N3,000 a dozen.
One buyer, Alero, while groaning over the high cost of the vegetables, said: “We have no choice but to buy as much as our money can buy. If you go elsewhere, you won’t get them cheaper, so I am saving myself that stress, please”.
At Igbudu Market in Warri South, The Nation correspondent witnessed an altercation between a clothes seller and a customer over purchase of some items.
“She came last week and picked some items – male shoes and children wears. She buys stuff from time to time. She promised coming to pick them up today. Now she has dropped the shoes, and the clothes that I gave her the prices already, she is still negotiating below cost price.
“That is why I asked her to drop the things, and if she must buy, let her take only what covers the cost of her deposit,” the angry seller explained to other customers.
It’s ‘shopping smart’ in Oyo
One lesson which the economic situation seems to have taught some Oyo State residents is ‘shopping smart’: purchasing only things the budget can accommodate.
Adeola Ogunlade, a mother of three, said her spending this year will depend on her budget. She said, “I am buying essentials foods like rice, beans and chicken.
“I usually buy a 10-kilogram bag of rice and about 5 kilograms of beans to ensure we have enough for family meals. I’m also looking for affordable vegetables and spices to supplement the food because I have to be mindful of costs.”
Tunde Adeniji, a student of University of Ibadan, said he would prioritise gift for his loved ones this Christmas.
He said: “I plan to buy some clothes for my siblings, but I’m looking for second-hand options to save money, I’m also buying a few small toys for my younger siblings, opting for quality over quantity to make my budget stretch further.”
A retiree, Pa Olumide Akinola, who said he enjoys sharing Christmas with his community, said: “I’m participating in a local food drive, so I’m buying extra food items to donate. I’ve set aside about N200,000 for this purpose.
“I’m buying rice, pasta and canned goods, aiming to help those who are struggling during this time because Christmas is about giving and supporting one another.”
Ogun residents spend on electronics, kitchen appliances
Electrical appliances and kitchen utensils appear to be doing comparatively well in the markets in Ogun State.
Checks at the Sapon and Omida markets as well as the Abeokuta Central Business District (ACBD) at Oke-Ilewo in Abeokuta, the state capital, showed that many buyers were going for televisions, refrigerators, freezers, sound systems and kitchen utensils.
A buyer who identified himself as Mathias was seen carrying his newly bought television set and a table top gas cooker.
According to him, he plans to have a low key celebration at home with his family.
Second-hand clothes, staple food items, consumables in hot demand in Jos
Owing to the cold weather in Plateau State at this time of the year, many residents prefer to go for thick clothing that can keep them warm.
Sellers of such materials are already making good business in the state capital, Jos, as the cold bites harder.
Besides, residents also stock their homes with beverages like tea, coffee, and some local food items.
Food, sweaters top list of most purchased items in Kano
Although a few well to do people are shopping for new clothes, majority of residents are buying sweaters and jackets to keep warm in the face of the prevailing excessive cold. Most of the sweaters being bought are second hand.
Besides sweaters, people are also buying footwear, especially trainers, rubber shoes and rubber sandals.
The prices in the rural markets are different from the prices in the metropolitan markets and shopping malls. For example, parboiled foreign rice, drinks and water are more expensive in the villages than in urban centres.
A 25kg of foreign parboiled rice goes for N45,000 in the open markets and N48,000 in shops, while 100kg of foreign parboiled rice was sold for N105,000 yesterday.
Generally, the prices have inflated in spite of the low purchasing power of the ordinary citizens in Kano State.
For instance, a bottle of Andre wine now goes for N10,000, large bottle of Coca-Cola is N400, so people are buying in cartons ahead of the festive day.
Cows are also being patronised by union groups and associations in order to slaughter and share among members on Christmas eve. The prices of cows and other ruminants, like goats and sheep, vary according to their sizes and the location where the animals are sold.
Prices stable in Kwara
Prices of food items and other ancillary stuff have remained stable in Kwara State.
Inter and intra state travels are on the increase. Holiday makers are defying exorbitant cost of transport fares to travel to their home states for celebrations.
A woman, who gave her name as Bose Pascal, said: “As I am talking to you, I have gone to buy clothes for my kids. Forget about the harsh economy, we thank God we alive hale and hearty.
A bag of tomatoes and pepper goes for between N65,000 and N85,000 while a bag of onions sells between N300,000 and N350,000.
Prices of live chicken range between N12,000 and N20,000.
Property prices skyrocket as demand rises despite economic hardship
Despite the prevailing economic challenges, the demand for luxury properties in Abuja’s highbrow neighborhoods remains surprisingly high as wealthy individuals and institutional investors continue to seek or sell prime real estate.
The trend seems to defy inflationary pressures and Naira depreciation, as many high net worth individuals believe that luxury properties offer a safe haven.
An estate agent , Mr. Sani Mohammed, who took our correspondent on a one-hour drive round some highly-priced land and mansions being handled by his firm named Asokoro, Maitama, and Guzape as hotspots for discerning buyers seeking opulence, exclusivity, and security.
His words: “In these neighbourhoods, well situated land and sprawling mansions equipped with state-of-the-art facilities, cutting-edge designs and breath-taking views of Abuja’s serene landscapes are commanding top Naira.
“For instance, a newly completed ultra-modern mansion in Maitama recently sold for ₦1.5 billion. The palatial property boasts 10 en-suite bedrooms, a cinema, a gym, an infinity pool, and a fully automated smart home system.
“Similarly, in Asokoro, known for housing Nigeria’s political elite, a 6-bedroom duplex featuring a private helipad, marble interiors and manicured gardens fetched ₦1.2 billion earlier this year, and in Guzape, though relatively new in the high-end property market, has seen its fair share of multimillion-naira transactions as a luxury villa with panoramic views of the Abuja skyline recently sold for ₦850 million, underscoring the area’s growing appeal among affluent buyers.”
A standard plot of land with a building on it costs nothing less than N400 million with several hectares of land being purchased by developers costing amounts ranging from N1 billion to N20 billion, depending on the size.
Onyinye, an estate agent, is offering a 50 hectares land with Abuja Municipal Council (AMAC) Right of Occupancy located in Lugbe for sale at N4 billion. Another agent, Mr. Ezekiel Ojo just sold a 2,700 square metre residential plot with FCDA Certificate of Occupancy at N3.5 billion this week while an 11-room mansion with a swimming pool on 2,000 square metres land in Guzape is being offered for sale by Laa Realty Ltd at a price of N2. 5 billion.
In Lugbe area along the road to Nnamdi Azikwe Airport, an architectural and real estate development firm is offering a 113 hectare land with FCDA R of O for sale to estate developers at N20 billion while one other estate agent is seeking buyers in Abuja for a 2.4 hectare land with C of O on Lekki-Epe Expressway near a Shoprite outlet in Lagos for sale in Abuja at N2.5 billion.
Prices notwithstanding, homebuyers and investors are buying and real estate developers are also cashing in on this trend, with several high-end projects currently under construction with many of them featuring luxurious amenities such as private elevators, high-tech security systems, and bespoke furnishings imported from Europe and Asia, tailored to meet the expectations of Nigeria’s high-net-worth individuals.
Despite these concerns, the sector continues to thrive, driven by a growing belief that Abuja’s prime properties remain a solid investment in uncertain times.
“The Abuja luxury property market has become a benchmark for wealth and status,” said Mr. Lucky Afam, a real estate consultant with Central Homes & Real Estate Ltd who explained that even in tough economic times, such properties maintain their value, attracting both local and international buyers.
Another real estate expert in Abuja, Mrs. Happiness Ebong said inquiries and transactions in respect of property in high brow areas of Abuja were on the increase.
She revealed that the appeal of these areas lies in their premium infrastructure, proximity to government institutions and diplomatic missions, and access to luxury amenities. They also provide exclusivity and security, making them a top choice for high-net-worth individuals and expatriates.
Mrs. Ebong noted that the economic challenges facing the country have not deterred buyers but have instead fueled interest in Abuja’s prime properties. Real estate is viewed as a reliable investment and a hedge against inflation and currency devaluation.
For many buyers, owning property in highbrow areas is a status symbol, attracting business elites, politicians and expatriates. Additionally, the influx of individuals relocating to Abuja for business opportunities or to escape insecurity in other parts of the country has further driven up demand.
When comparing preferences, Mrs. Ebong observed that developed properties are generally more sought after than vacant land in these areas. Expatriates and corporate entities, in particular, prefer ready-to-occupy properties for immediate use or leasing purposes.
FG offers 50 per cent discount on road transport fares
The Federal Government yesterday offered a 50 per cent discount to Nigerians travelling by road for the Yuletide season.
To achieve this, government signed a memorandum of understanding (MoU) with the leadership of road transport unions and some transport companies.
The agreement was signed on behalf of the federal government by the Minister of Transportation, Sen. Said Alkali, who was represented by the Permanent Secretary of the Ministry, Adeleye Adeoye.
The ministry said the minister would soon reveal the details of the 2024 Yuletide road and rail transportation palliatives to give succour to Nigerians in line with President Bola Tinubu’s policy.
The Ministry stated: “To commence the 2024 yuletide road transportation where passengers will board buses to their destinations for only 50% of fares, as declared by President Bola Tinubu, the Minister of Transportation, Sen. Said Ahmed Alkali, represented by the Permanent Secretary, Federal Ministry of Transportation, Adeleye Adeoye, has today Thursday, 19, December 2024 signed a Memorandum of Understanding (MOU) between the Federal Government and the leadership of National Union of Road Transport Workers (NURTW); Road Transport Employers Association of Nigeria (RTEAN); Association of Luxurious Bus of Nigeria (ALBON); and God is Good Motors (GIGM)”.
The ministry noted that the initiative was part of government’s efforts to offer transportation palliatives from Abuja, Federal Capital Territory (FCT) and Lagos (Oshodi) to other parts of Nigeria so that people who are going for celebrations of Christmas and New Year respectively can have affordable transportation.
340,000 to enjoy free nationwide train ride
Acting Managing Director of the Nigerian Railway Corporation (NRC), Mr. Ben Iloanusi, said that the free train ride across the country sponsored by the federal government got underway yesterday.
The scheme will end on January 5, 2025 with about 340,000 passengers projected to benefit.
The first train departed Abuja for Rigasa in Kaduna State.
Iloanusi said security has been beefed up to protect passengers, manage crowds and ensure orderliness.
He said: “Today is the first free ride palliative set by the federal government, and It’s a very grand idea. We assure Nigerians that we will enforce the free train ride and make sure it goes successfully.”
On requirements to board the train, Iloanusi said: “Prospective passengers are expected to book their tickets online free of charge and then come with a means of identification to the station before boarding and for those who may be unable to get tickets online, they would be profiled by our staff before they board.”
On the number of passengers the Corporation estimates to transport during the yuletide, he said: “We have an average of 20,000 passengers every day that will ride the train free of charge.
“So approximately, we are going to carry about 340,000 passengers over the period. We are expecting this to last until early January. So today, on the average, we’ve done 20,000 across the routes where the free train ride is happening.
“The routes are Abuja-Kaduna route, Lagos-Ibadan route, Port Harcourt-Aba route, Lagos-Mass Transit route, and Wari-Itakpe route. Today, all the routes went seamlessly. The passengers boarded those with tickets and those without tickets. The ones without tickets were profiled.”
To ensure seamless operation, the MD appealed to passengers to be orderly and get to the station at least 45 minutes before departure time.
A public servant, Isah Slaisu, who rode the train from Rigasa in Kaduna state, commended the federal government for the initiative. He, however, called for orderliness.
“This is a very good initiative by the federal government and this has put smiles on so many faces. This has also saved me some money that can be used for other things. What I noticed is lack of order. I hope in the coming days, it will be addressed.”
Another passenger, Maria Balogun, condemned the booking process and appealed that the payment option be restored if the process wasn’t orderly.
She alleged that some staff deliberately made the booking online difficult for intending passengers.
“I feel the booking process is not tidy. I attempted to book my ticket online but several atheists failed. I had to go to the station to get a ticket and the process was not easy because of the crowd. Some passengers who were desperate to get space on the train had to pay the staff to board.
“There is a need for proper measures to also control crowd. While we were boarding today, the rush led to the passengers destroying one of the exit doors at the station.”
Reacting to the complaints, Mr. Iloanusi promised to address the issues in the coming days.
Anambra, Delta, FRSC begin joint operations to ease traffic flow on Niger bridge
The Anambra State Police Command and the state Road Safety Commission, have teamed up to ensure that the heavy traffic jam usually recorded on the Niger Bridge at this time of the year is minimized this year.
The state Police command said it would work closely too with the Delta State Command to achieve a hitch-free period
Many travellers from Lagos, Ogun, Ondo and Edo going to the South East are forced to sleep on the bridge in Onitsha because of traffic congestion
However, since the newly constructed bridge linking Oko in Delta State and Oboso in Anambra State by the former Minister of Works, Mr Babatunde Fashola, SAN during the last administration, it has lessened the gridlock
In a statement by the Police Public Relations Officer, Tochukwu Ikenga, said the strategy is to address traffic congestion at the bridge.
“In a proactive strategy to address traffic congestions in the State, especially at the First and Second Niger Bridge during and after this yuletide period, the Anambra State Police Command has commenced joint operations with the Anambra State Command of the Federal Road Safety Corps and the Delta State Police Command.
“This proactive move was embedded in the Operational Plan of the Commissioner of Police Nnaghe Obono Itam after a security assessment in the state with the management of the police command to ensure that every sundry issue is addressed.
The CP visited the two bridges with the Sector Commander Federal Road Safety Corps Anambra State.
“The CP also alerted the Delta State Commissioner of Police on the need for cooperation and intensification of surveillance patrols to nip in the bud all criminal tendencies/ activities on the road and to ensure free-flow of traffic in the area during and after the festive season.
“The CP further affirmed that the Anambra State Police Command shall continue to explore strategies to ensure the safety of the travelling public and remains committed to consolidating on the gains already recorded in crime prevention, restoration of Law and Order and improving on the safety and security of lives in the State” the statement said
