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FEATURED

Palm oil prices drop in latest Household Food Price Survey

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Nairametrics biweekly household food prices recorded an average drop in prices in the items included in the basket for the fortnight ended February 10th 2018.

Nairametrics conducts a biweekly survey of household food prices in some major markets in Lagos State. The survey started in September 2016.

Data from our latest survey reveals a general price drop of about 0.01%, reducing from N331, 760 on the 27th of January to 2018 to N327, 550 by the 10th of February 2018. It was however 1% higher than the N324, 730 recorded in September 2016, our base period.

Price changes

  • There were no noticeable price increases from the about 83 items on our price list
  • We recorded a price drop for 6 items on the list which included Palm Oil, Tomato, St Louis Sugar, and a crate of eggs.
  • Palm Oil prices which rose slightly at the start of the year dropped across board.
  • A 30 litre gallon of Palm Oil dropped from N14,000 to N13,200
  • 20 litre gallon of Palm Oil dropped from N9,500 to N8,800 in the period under review.
  • Palm Oil prices are now down from the N14,200 recorded in our base period.
  • We also recorded a 38% price drop for small basket of round shaped tomato from N6,400 to N4,000. Tomato prices are still high from our base period with small basket of round shaped trading for N2,700 in our base period.
  • Prices of St Louis Sugar dropped to N380 compared to N400 two weeks earlier. This sugar sold for N380 in our base year.
  • A crate of eggs dropped 9% to N1000 in the period under review

Key Takeaways

  • Information various locations reveal food prices have remained either stable or dropping since the last quarter of 2017
  • Most market women attribute this drop to better harvest season last year and that they have not had shortages of food items
  • The increase in the pump price of fuel has had marginal effects albeit for some food items but not enough to cause a jolt in prices.
  • Of all prices, we have seen a general price drop for items such as yam, potato, garri and rice from our base period.
  • For example, Irish Potato prices are down by about 60% over the last one year. At the time we started compiling this list, Irish Potato prices sold for as high as N3,600 for a big basket. It is now selling for as low as N1,400.
  • This is quite remarkable considering that these are staple food items consumed mostly by Lagosians.
  • On Palm Oil, members of the National Assembly pronounced that they supported a ban on Palm Oil imports into Nigeria to encourage local production. We will be tracking the impact of this announcement on Palm Oil Prices.

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Nairametrics Research team tracks, collates, maintains and manages a rich database of macro-economic and micro-economic data from Nigeria and Africa. Our analysts share some of the data collated on Nairametrics, using formats such as docs, tables and charts etc. The team also publishes research based analysis as articles on a regular basis.

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Coronavirus

COVID-19 Update in Nigeria

On the 10th of August 2020, 290 new confirmed cases and 5 deaths were recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 46,867 confirmed cases.

On the 10th of August 2020, 290 new confirmed cases and 5 deaths were recorded in Nigeria, having carried out a total daily test of 2,355 samples across the country.

To date, 46867 cases have been confirmed, 33346 cases have been discharged and 950 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 319,851 tests have been carried out as of August 10th, 2020 compared to 317,496 tests a day earlier.

COVID-19 Case Updates- 10th August 2020,

  • Total Number of Cases – 46,867
  • Total Number Discharged – 33,346
  • Total Deaths – 950
  • Total Tests Carried out – 319,851

According to the NCDC, the 290 new cases were reported from 16 states- Lagos (82), Plateau (82), Oyo (19), FCT (18), Edo (16), Kaduna (15), Enugu (9), Ogun (9), Kano (8), Kwara (8), Cross River (5), Ondo (5), Rivers (5), Ekiti (4), Imo (3) and Borno (2).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 15,957, followed by Abuja (4,485), Oyo (2,887), Edo (2,398), Rivers (1,944), Kano (1,634), Kaduna (1,613), Delta (1,596), Plateau (1,584), Ogun (1,478), Ondo (1,289), Enugu (914), Ebonyi (870), Kwara (865), Katsina (746), Borno (690), Abia (644), Gombe (631),  Osun (628), and Bauchi (577).

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Imo State has recorded 479 cases, Benue (409), Nasarawa (370), Bayelsa (346),  Jigawa (322), Akwa Ibom (235), Niger (226), Adamawa (185), Ekiti (182), Sokoto (154), Anambra (142),  Kebbi (90), Zamfara (77), Taraba (75), Cross River (73), Yobe (67), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
August 10, 202046867290950533346125717
August 9, 202046577437945333186124467
August 8, 202046140453942633044121547
August 7, 202045687443936632637121147
August 6, 202045244354930332430118847
August 5, 2020448904579271732165117987
August 4, 2020444333049101431851116727
August 3, 202044129288896820663225707
August 2, 202043841304888520308226457
August 1, 202043537386883420287225677
July 31, 202043151462879119565227077
July 30, 202042689481878519270225417
July 29, 202042208404873519004223317
July 28, 202041804624868818764221727
July 27, 202041180648860218203221177
July 26, 202040532555858217374223007
July 25, 2020399774388561116948221737
July 24, 2020395395918451216559221357
July 23, 2020389486048332016061220547
July 22, 202038344543813815815217167
July 21, 202037801576805415677213197
July 20, 2020372255628011215333210917
July 19, 2020366635567891115105207697
July 18, 202036107653778614938203917
July 17, 202035454600772314633200497
July 16, 202034854595769914292197937
July 15, 202034259643760613999195007
July 14, 2020336164637541013792190707
July 13, 202033153595744413671187387
July 12, 2020325585717401613447183717
July 11, 2020319876647241513103181607
July 10, 2020313235757092012795178197
July 9, 202030748499689512546175137
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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FEATURED

FG releases new details on MSMEs support scheme, budgets N200 billion for loans

The Bank of Industry will also join to coordinate the implementation of the scheme.

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FG releases new details on MSMEs support scheme, budgets N200 billion for loans

The Federal Government has released new details on the Micro Small and Medium Enterprises (MSMEs) support scheme being rolled out under the National Economic Sustainability Programme.

According to estimates provided, the sum of N50 billion will be used to provide payroll support, N200 billion for loans to artisans, and N10 billion support to private transport companies and workers

The government disclosed in a tweet on the official handle of the government, the support scheme will include a Guaranteed Off-take Scheme for priority products, and an MSMEs Survival Fund.

READ ALSO: Covid-19: Timeline of every pronouncement made by Nigeria to support the economy

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Modalities for the take-off scheme

The first track is a Guaranteed Off-take Scheme which will ensure continued local production and safeguard 100,000 existing small businesses to save 300,000 jobs.

Priority products include processed foods, personal protective equipment, hand sanitizers, face-masks, face-shield, shoe-covers and pharmaceuticals.

The implementation committee chaired by Ambassador Mariam Katagum, Minister of the Federal Ministry of Industry Trade and Investment, will collaborate with private sector MSME associations to verify and screen applications from bidding MSMEs, define quantity and price of products required, and also get participants to join in the procurements.

READ MORE: How to access new N75 billion Nigerian Youth Investment Fund

SME survival fund

With a budget of N15 billion, the SME survival fund is expected to sustain 500,000 jobs in 50,000 SMEs.

Major sectors to benefit from the SME survival fund include hotels, restaurants, creative industries, road transport, tourism, private schools and export-related businesses.

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The committee will identify eligible SMEs and screening and verification for this fund will be based on company registration, and tax registration. The implementation committee will approve disbursements through microfinance banks and fin-tech credit providers.

MSMEs that are unregistered will receive support to complete registration with the Corporate Affairs Commission (CAC), and all participants will be expected to make payments based on signed agreements.

The Bank of Industry will also join to coordinate the implementation of the scheme.

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The scheme will last 3 months with Ambassador Mariam Katagum as Chairman, while Ibukun Awosika, Founder of The Chair Centre Limited (TCCL), and First Bank Nigeria will serve as the Vice Chairman.

More details are to be released subsequently from the Implementation Committee.

The Backstory

In July 2020, the Federal Government announced plans to roll out a N2.3 trillion stimulus package and survival fund for Micro Small and Medium Enterprises (MSMEs) to stay afloat amid the economic challenges imposed by the pandemic.

The Vice President Yemi Osinbajo, who also heads the Economic Sustainability Committee, announced it at the 2020 edition of the Micro MSMEs Awards held virtually in July.

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To benefit from the scheme, MSMEs would have to go through a rigorous and painstaking verification process which will be based on certain criteria.

MSMEs that have between 10 to 50 staffs are qualified for this fund. The businesses must make their payroll available to the government for verification while applying for the fund. Once qualified, the MSMEs will be eligible to have their staff salary paid directly from the fund for 3 months.

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FEATURED

Brewery sector: A quarter to forget

Beer makers saw their revenues plummet in the second quarter of 2020 as the economic shut down extinguished sales.

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Nigeria Breweries Plc, Guinness, International Breweries

The quarter ending June 2020 will be one to forget for Nigeria’s struggling brewery sector. Whilst the negative effect of COVID-19 is still being reported across every sphere of the economy, the brewery sector was always one of those that were expected to suffer the most.

The latest results from two of the industry giants, Nigeria Breweries and International Breweries confirm our worst fears. Combined revenues for both companies was N93.9 billion, representing a 22% drop year on year. Both companies reported revenues of N120, 4billion in the corresponding quarter of 2019.

Disaggregated, Nigeria Breweries reported a 21% drop to N68.6 billion and International Breweries 24% drop in revenues to N25.2 billion. Guinness is yet to release its quarter ending June 2020 results which happens to be its year-end. Ahead of its release, the company issued a profit warning as it anticipated the worst. The drop in revenues recorded in the Brewery sector is not a surprise. With most parts of the country in complete economic lockdown, beer sales are expected to drop significantly.

READ MORE: Nigeria’s triangular beer war on the rise with the arrival of Budweiser

As expected, the fall in revenues crashed margins significantly. While Nigeria Breweries was able to eke out a tiny N70 million in pre-tax profits, International Breweries lost N4.2 billion. Nigeria’s Breweries actually fared worse when you consider that they reported a N7.9 billion in 2019 and N12.3 billion in 2018. Could it get any worse?

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Beer companies have always posted some of their best revenues in the second quarter of the year and struggle in the third. With results this bad already in the second, things could only get worse in the third quarter. Though, economic activities are gradually picking up, entertainment life which it heavily relies on remains in comatose.

The industry has been struggling with dwindling sales and thin margins for years as younger Nigerians ditch beer for spirits, which are often cheaper, do not bloat the stomach and are quicker to intoxicate. Increase in beer sales are also seemingly positively correlated with an uptick in social events such as weddings, parties and birthday ceremonies. Hotels, bars, clubs and most entertainment centres remain shut since March. Some are expected to reopen in the coming weeks as the government eases lockdown. But till then, beer making companies are clutching on straws.

READ ALSO: Guinness Nigeria boss reveals factors pulling company’s profit

COVID-19 could be blamed for the industry’s woes, but a changing demographic still poses an existential threat to the sector. In fact, COVID-19 only showed how urgently they need to pivot away from relying on outdoor events to drive sales. Beer drinking is purely consumer product and needs to be pitched as such.

Rather, than advertise beer as a drink for bars during live events, it should be sold as a “must-have” beverage in the evening during family time. It should also be pitched as a must-have staple for house parties and close family gatherings or even casual remote working settings. The packaging should also gear off for a makeover. Beer dispensers anyone?

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