Home Finance Prices of consumer goods on the increase in FESTAC

Prices of consumer goods on the increase in FESTAC

by Business News Report

Prices of goods and services in Festac Town, Lagos have gone up astronomically, recording an estimated 100 per cent increase on the average.
A market survey conducted by The Republic shows that Robert Soap which sells for N1.30 at Oshodi sells for N2.50 in Festac Town. A tuber for N1.50 in Mile-Twelve sells for N5.00.
Hair cut which is done about N2.00 elsewhere is N4.00 inside Festac. Virtually all goods and services cost more than their normal prices in the town, complained one resident.
Some residents who spoke to The Republic said that the abnormal prices could be attributed to the fact that there are no market facilities in the town. Those who planned the town had no foresight. People have to travel out to buy what they need or buy from shylock traders in the town.
One resident said that one is not allowed to sell in the town. Before we packed in we were made to sign an agreement that on no account must we use our premises as a market, he explained. Federal Housing Authority has been pouncing on us he continued. Some kiosk owners approved by FHA said they pay for them monthly.

A woman who said she represented the market women association said they had contributed money to build market sheds in a piece of land promised them by the authority. Uptill now nothing has been done, she lamented.
When The Republic called on the Federal Housing Authority, it is was learnt that it is the responsibility of the Badagry Local Government Council to allocate land and establish a market in Festac.
Coupled with the lack of adequate market facilities, one resident said that the difficulty in getting out and coming into Festac makes it difficult for residents without means of transport to get out and buy from elsewhere.

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