My Neighborhood Watch #90 - Reporting Events Around us

Contest greetings to you all my fellow contestants,it another week for report contest, what can you say about your neighborhood, what is happening there. I appreciate @xkool24 for maintaining the spirit of this contest

I will like to drop my entry on the current price of palm Oil after it dropping by 10% in the local market.

Shot from Redmi A3

Palm Oil over some months have become a hot cake business in my neighborhood,a location where buying and selling of palm oil wasn't a good business but only for those who take it as their major sources of financial income and business. It is true that people buy and sale this product whereas others do what we knows as storage for better price in subsequent months. This is done when the product is enough on ground,it season February to April. But now through my business research,palm oil is now capital intensive business even first class business men and women joined the business and this makes the product ito skyrocket because of it high demand in the market. So base on this, Neighborhood Watch Reporter @etette visited on local Palm oil processing Mill to capture and verify some information about the past and current price of palm oil.

Visiting a Oil Processing Mill at Ikot Abiyak in Itu local Government,a village that do the business as a major sources of income, there was some people visiting the Mil also for buying the product.
As a matter of fact,I asked what is going on as in the turn up of the buyers.
Asking questions with one Mrs. Lucy Benson,she said that red oil which is the cooking that people use it every day and even companies is now hot cake in market,so she is here to buy the products and take them to locations that palm oil is not common like in the Northern part of the country Nigeria.

source
I further asked questions on the price because any lucrative business that you see people doing, there are doing it for gains, only 40% of business men and women do business just to mention their business name or keep the business for doing sake but the remaining 60% go into business because of interest just to keep food on their table and also taking care for family..
According to him,he said oi before wasn't a business that people like doing only few were doing it.
He further disclose that he past years of oil wasn't encouraging like early last year palm oil was #20,000 Naria in the location and people did the business as we'll, whereas others where doing storage.
But it was a shock to people that buy's and sales Palm oil that same last year the price kick up to #58,000 naira in my local currency.

It was confirmed by me that the price has positive and negative effects.
The positive side is that, Producers are now the going home with huge amount of money compared to the past years production and it has make people to trip to the business according to one Mr. Victor the manager of the oil mill.
The negative effects is that as the price increase the amount of people in the business have make an ordinary person can not buy oil and sale, since it is capital intensive.
More over, the retailers in the local market has provoke customers who buys it for consumption due to the measurements compared to the amount.

Shot from Redmi A3
After filling questions,it was confirmed by me @etette that the current price of oil in the Mil is #35,000 naira,the question is will palm oil reduce by 70% this year?.
I call on all users in @steem4Nigeria to do the research.
It is @etette reporting live from Nid's Oil Processing Mill Ikot Abiyak in Itu local Government Area

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