The current economic hardship being experienced in the country has made banks and many residents of Abuja to resort to the acquisition of used chairs, office appliances and even household furniture.
The rush for these items is not just limited to household appliances as small businesses and micro finance banks seeking to set up new offices with low budgets also patronize the market, popularly referred to as ‘Pantaker.’
The name Pantaker has become a popular spot for buying fairly used items ranging from household, office and industrial wares.
Some of these items are purchased from people who are trying to relocate to another state or out of the country or companies who are upgrading their offices with modern items.
Nigeria’s inflation rate increased to 15.6 per cent year-on-year in January 2022. The rate skyrocketed to 18.17 per cent in March 2021 thereby worsening prices of goods in the market.
“The affordability of the items at pantaker under this tough economic situation is driving the market,” said Mohammed Auwal, the Tax Force Chairman of Jabi Pantaker in Abuja.
He added, “Our customers are not just the low class, even the high class come to buy from us. Most of the goods are fairly new. The people who come to us must have priced the new ones which are very expensive compared to what we sell.
“Some microfinance banks and offices come to buy from us. With the situation in Nigeria, everything has increased. Like the new generation banks, when they want to open a branch, they come and buy chairs, cabinets and tables because when they compare the price of the new ones and they are fairly used, the difference is much.”
Bulus Yola, a shop owner, told THE WHISTLER that most of his customers are rushing for his goods due to its affordability.
He said, “There is a wide difference between the price of the new household items and appliances with the fairly used. New Air Conditioners that are sold for N170,000, when you come here, you can get for N100,000 or N110,000 and it looks new. It is just a matter of cartons. If you can package it, it will be seen as new and you still sell it at lower cost.”
Mr. Peter, a first-time buyer who spoke to THE WHISTLER said he was attracted to the market because of the low cost of items at the market.
Peter said, “It is a matter of choice. The middle class prefer buying fairly used because it is cheaper and lasts. The new ones are good, but everybody can not currently afford the new ones. So, they will go for the ones they can afford based on economic realities.
“I actually considered the price before I decided to come to Pantaker. I Google search the price of the new gas cooker before coming. Someone directed me here.
“But to me, if I have the money, I will buy the new one because it has at least a one-year warranty. But this one does not. They can decide to give you what does not work well and they will only fix it and give you back.”
Aisha Abdu who bought an electronic appliance from one of the sellers said she decided to buy a fairly used one due to the cost.
The woman said she bought a universal extension socket that cost around N2,500 for N1,000.
“I did not go for the new one because it costs around N2,500 so I decided to go for the fairly used one which is a lot cheaper,” said Aisha.
She added, “Most of us are forced to buy from Pantaker because of the economic situation. Buying the new ones is not very easy and they are very expensive.”