The demand for Indomie instant noodles has increased due to drop in the price.
The News Agency of Nigeria (NAN) reports that demand dropped tremendously, following increase in the price.
Some residents of the Federal Capital Territory (FCT) who spoke to NAN in Abuja on Sunday, attributed the drop in price to the low demand caused by the incessant increase witnessed over a short period.
NAN recalls that the price of Indomie noodles, a popular fast food in Nigeria enjoyed by both the young and old skyrocketed within a short period.
In a market survey conducted by NAN on March 3, a carton of Indomie standard pack which is the smallest size, was being sold for between N10,500 and N11,500.
However, a carton of that same size is presently sold for between N7,400 and N8,000
Also in March, a carton of the Super Pack was sold for between N17,800 and N18,700, and a cartoon of Hungry Man size was sold for between N16,800 and N17,500.
Presently, a carton of the Super pack is sold for between N12,000 and N13,000, while a carton of the Hungry Man size is sold for between N11,500 and N12,500
Also, in March a packet of the standard size was sold for N300, while a packet of the Super Pack and Hungry Man was sold for N500 and N700 respectively.
Presently a packet of the standard packs is sold for N250, while a packet of the Super Pack and Hungry Man is sold for N400 and N600 respectively.
However, NAN reports that in Supermarkets, the prices are slightly higher for the single packets and the cartons.
A wholesaler in Garki Market, Madame Zainab Ali confirmed that the price of indomie had dropped significantly, attributing the drop in price to the low demand witnessed for some months.
“When the price increased, the demand became low and people were no longer buying, even from the company. The wholesalers were not selling. You know it is when you sell you go to the company to buy.
“ People from the company even came to the market to find out why people were not buying and we told them it was too expensive.
“ So, I believe they went back to their drawing board and had no choice but to reduce the price,” she said.
Chinelo Nwosu, a public servant, said she stopped buying indomie a few months ago because of the high cost.
Nwosu, however, said she was able to buy a small carton after she noticed the prices had dropped recently.
“ I know many people who stopped buying indomie because it became outrageously expensive.
“When I went to the market last week and discovered the prices had dropped, I quickly purchased a small carton because my children love indomie.
“I never believed prices could drop in Nigeria with the way things are going. I believe it is because people were not buying indomie again, they had to do something about the price,” she said.
Similarly, Mr Ola Fakeye, an electrician also attributed the drop in the price of indomie to the low demand.
According to him, I am sure when they saw that people were no longer buying indomie like before the company had to do something about the price.
“People like to eat indomie and it was one of the most affordable quick foods you can eat but when the prices increased I stopped buying.
“ It is a good thing the price has reduced, some people will start to buy again,” he said.
Helen Etim, a businesswoman, commended the manufacturers of Indomie for responding to the drop in its demand by reviewing their prices downward.
Etim, however, said many people could still not afford to buy indomie like they used to in the past.
“ I commend the company for reducing their prices, they must have felt the drop in sales and only God knows what it took them to be able to drop the prices.
“ But even with this reduction, many Nigerians still can not afford it. There was a time when indomie was N4,000 for a carton, now the cheapest carton is N7,500 and one pack is N250.
“We pray things get better in Nigeria, many people cannot afford to eat a meal a day. Indomie, which you would say is a cheap fast food, is no longer affordable,” she said.
Mohammed Hassan, a tea seller popularly known as “Mai shayi” in Wuse Zone 6, said patronage had increased compared to the last two months.
“I now make one Hungry Man for N700 without egg before it was N800. While one Super Pack is N500 without egg, before I was selling at N700.
“ More people are coming to buy though some are still complaining that it is still expensive, so they buy smaller quantities, and some buy without eggs,” he said. (NAN)