Fresh Tomatoes; Nigeria's New Gold

Photo Credit: goodkarmakitchens.com

Buhari's administration did promise us change but it's quite unfortunate that Nigerians didn't ask which change, As change could be positive or negative. 

This evening, a bag of rice which was valued at N8,000 as of December 2015, now sells for N22,000 at my local market. As scary as the hike in the price of Rice, no hiked commodity can be compared to the prices of fresh tomatoes in local markets and grocery shops.

In most grocery shops and ultra marts in Nigeria, four pieces of tomatoes now sell between the range N1,800 and N2,000. This is so ridiculous because just two month ago, a massive basket of tomatoes sold for N300 in Katsina state. Such great change within a short period of time.

The percentage increase in the price of tomatoes as of today is over 500%. So high is the prices of tomatoes that some Nigerian celebrities have openly expressed shock over the way the prices skyrocketed. Music producer/label boss, Don jazzy took to his media page to notify his fans that he might be going into tomatoes business. 

Although Don jazzy was joking about it being a good business idea; truth is, he was stating facts. As an economist, I would advise any client who is a risk taker or even risk neutral to go into tomatoes business as the dividend from the business would be worth the risk as tomatoes is the new 'gold'. 

As for consumers like myself, let's hope and pray that lots of people venture into the business so that the gap between demand and supply will be bridged which will automatically force the price down. 

On a lighter note, it's funny how citizens of Spain (the spanish) are wasting tomatoes all in the name of festivities while an average Nigerian cannot afford four pieces of tomatoes. Isn't life such an irony?

For now, I would advice Nigerians to explore other delicacies that can be used for rice such as Garden egg stew, banga soup and vegetable soup which is even a healthier option.

May God help us to wither the storm of Buhari's administration, Amen.