Traders in Kpansia market in Yenago the capital city of Bayelsa have cried out what they described as economic stagnation in the past three months. Speaking to market survey reporters on Saturday, a trader who deals on shoft ware materials, who gave his name as, Mr. Anthony said the Kpansia market was booming until recently when sales began to drop and now is like 'we just come to play or while away time in the market."
The situuation was more severe with consumable items like fish, meat,chicken etc.
Narrating the challenges ahead, a butcher, who gave her name as Rose explained that the situation was so disturbing that they don't know how to go about preserving their unsold meat etc. to the next market day without incuring some loses.
According to her, when the economy of the state was better, people used to buy meat worth a thousand naira or more, but now the highest bidders are those who buy two hundred naira worth of meat, she said.
The cause of the down turn economy had not been ascertained, but observers said that it may not be unconnected with financial adjustments being made by the State Government with a view to gathering more funds to push the development of the state forward. This was confirmed by both political appointees and civil servants in various ministries that there was a cut of overhead cost of 40% in every Ministry and Parastatal, which they say had affected their family economies in a big way.
Some civil servants however attributed the economic down turn to unstable salary payment by the ministries, suggesting that if salaries be paid as at when due the impact of transaction will be appreciated in the markets. Others however expressed the view that some have decided to save their salaries in preparation for the xmas festivities that is around the corner.