Importation dips by 60% as prices of goods soar

  • CFA exchange for N681

INVESTIGATIONS have revealed that the prices of imported goods have skyrocketed even as importation business has witnessed a 60 per cent slump across the nation’s borders and seaports.

According to a marketing survey carried out by Tribune Online at the nation’s seaports and border points, cost of tiles being imported into the country, vehicles and bags of rice has gone up astronomically.

Prior before the recession, a Volkswagen Golf 1 went for between N500,000 to N600,000. Now a Volkswagen Golf 1 sells for N1.3million. According to the Spokesman of the Association of Nigerian Licensed Customs Agents (ANLCA), Kayode Farinto, while speaking with Tribune Online exclusively, the N1.3million price for the Volkswagen Golf is only applicable for car dealers that are still selling old stock.

In his words, “that price you got is for people with old stock. Volkswagen Golf 1 now goes for about N1.5million.

“For tiles that are being sold per square metre; before the recession 100 square metre of tiles was selling for in-between N66,000 to N80,000. Now, a 100 square metre of tiles now goes in-between N300,000 to N250,000. Prices of commodities have skyrocketed. Importation has gone down to an all time low of 60 per cent.”

When Tribune Online visited the Seme border in-between Nigeria and the Benin Republic, there was no difference between the skyrocketing prices of goods as 1 Benin Republic CFA, which used to exchange for N150; now goes for 1 CFA to N681

Speaking to Tribune Online exclusively, a cross border agent who also doubles as the National Secretary of ANLCA, Okpara Ogu, stated that a bag of rice in Seme is N12,000, while the same commodity sells for N20,000 at the eastern part of the country.

“As at July, 2016, a bag of rice was about N10,000, but as I speak with you, it goes for N12,500 and in the eastern part of the country where I come from, it goes for N20,000.

“Hope you know that CFA to a Naira used to be N150, later it went to N230, but as I speak with you 1 CFA goes for N681.

“When I bought my last Hilux brand new van, which was before the recession, I bought it for N4.3million, now that same Hilux goes for N12million. A Nissan Amanda, which used to go for N3million now sells for N6million.

“For a Toyota Highlander, I used to bring it in for N1.2m; but now a Toyota Highlander goes for between N2.7million and N3million,” the ANLCA scribe lamented.