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Research Analysis

Tracker for Household Food Prices in Lagos (Updated April 7, 2018)

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Quality of local rice improves as food prices drop across major markets 

A Nairametrics Research on Household Food Items conducted from major markets in Lagos State reveal a general drop in prices for the week ended April 7, 2018.

Our composite Household basket was 320,180 compared to N321, 789 for the period ended March 24th, 2018. This is also one of the lowest basket prices we have recorded since we started tracking prices in September 2016.

Nairametrics Household Food Index tracks prices from Daleko, Iddo, Ago Ishaga, Ojuiwoye, Idi Oro and Aguda Market.

ItemBrandUnit17/9/201630/12/201713/1/201827/1/20189/2/201824/2/201810/3/201824/3/20187/4/201821/4/185/5/2018Location
Bag of RiceBasmati5kg370035003800380038003800380038003,8003,8003,800Daleko Market
Bag of RiceMama Gold10kg350030003000300030003000300030003,0003,0003000Daleko Market
Bag of RiceRoyal Stallion50Kg180001650016500165001650016500165001650016,50016,00016,000Daleko Market
Bag of RiceRice Master10kg350030003000300030003000300030003,0003,0003,000Daleko Market
Bag of RiceMama Gold50kg170001650016500165001650016500165001650016,50016,00016,000Daleko Market
Bag of RiceCaprice50kg170001650016500165001650016500165001650016,50015,00015,000Daleko Market
Bag of RiceFalcon25kg900085008500850085008500850085008,5008,5008,500Daleko Market
Bag of RiceOfada5kg210022002200220022002200200020002,2002,2002,200Ago Ishaga Market
Bag of BeansOloyin50kg160001900019000190001900018500185001850018,00023,00023,000Iddo Market
Bag of BeansWhite50kg140001700017000170001700017000170001700017,00021,00021,000Iddo Market
Bag of BeansBrown50kg150001800018000180001800018000180001800018,00021,00021,000Iddo Market
Tuber of YamAbjuja1 Big Size Tuber900700700700700700700700700700700Iddo Market
Tuber of YamAbuja1 Medium Size Tuber500500500500500500500500500500Iddo Market
Carton of NoodlesIndomie120g290029002900290029002900290029002,9002,9002,900Ojuwoye Market
Carton of NoodlesIndomie70g190018001800180018001800180018001,8001,8001,800Ojuwoye Market
Carton of NoodlesChikki100g180021002100210021002100210021002,1002,1002,100Ojuwoye Market
Carton of NoodlesMinimie70g150015001500150015001500150015001,5001,5001,500Ojuwoye Market
Carton of NoodlesGolden Penny70g150017501750175017501750175017501,7501,7501,750Ojuwoye Market
Bag of GarriIjebu80kg155001100011000110001100010800108001080010,50010,50010,500Ago Ishaga Market
Bag of GarriWhite50kg900070007000700070006500650065006,5006,5006,500Ago Ishaga Market
Bag of GarriYellow50kg900070007000700070006500650065006,5006,5006,500Ago Ishaga Market
Basket of PotatoSweetBig Basket800500500500500500500500500500500Iddo Market
Basket of PotatosweetSmall Basket500300300300300300300300300300300Iddo Market
Basket of PotatoIrishBig Basket360014001400140014001400140014001,4001,4001400Iddo Market
Basket of PotatoIrishMedium Basket1800700700700700700700700700700700Iddo Market
Basket of PotatoIrishSmall Basket1000400400400400400400400400400400Iddo Market
Packet of PastaGolden Penny500g190200200200200200200200200200200Ojuwoye Market
Packet of PastaDangote500g190200200200200200200200200200200Ojuwoye Market
Packet of PastaPower500g190200200200200200200200200200200Ojuwoye Market
Packet of PastaBonita500g250250250250250250250250250250250Ojuwoye Market
Gallon of Palm OilLocal5 Litres220020002200240022002200220022002,1002,1002,100Ago Ishaga Market
Gallon of Palm OilLocal20 Litres1000082008600950088008800880088008,6008,6008,600Ago Ishaga Market
Gallon of Palm OilLocal30 Litres142001250013000140001320013200132001320012,50012,50012,500Ago Ishaga Market
Gallon of Vegetable OilLocal5 Litres240020002200240024002400230023002,3002,3002,300Daleko Market
Gallon of Vegetable OilLocal20 Litres1180082008600950095009500900090009,0009,0009,000Daleko Market
Gallon of Vegetable OilLocal30 Litres153001250013000140001400014000135001350013,50013,50013,500Daleko Market
Gallon of Vegetable OilKings5 Litres270029002900290029002900290029002,9002,9002,900Daleko Market
Gallon of Vegetable OilWesson5 Litres350045004500450045004500450045004,5004,5004,500Daleko Market
Gallon of Vegetable OilMamador3.8 Litres250030003000300030003000300030003,0003,0003,000Daleko Market
Gallon of Vegetable OilPower3 Litres200024002400240024002400240024002,4002,4002,400Daleko Market
Basket of TomatoOval Shaped1 Small Basket80055005500550055005500550055005,5005,5005,500Ago Ishaga Market
Basket of TomatoRound Shaped1 Small Basket270064006400640040004000400040004,0004,0007,000Ago Ishaga Market
Bunch of PlaintainPlaintain1 Big Bunch800950900900900850850850850850850Idi-Oro Market
Bag of FlourDangote50kg110001120011200112001120011200112001120011,20011,20011,200Aguda Market
Bag of FlourHoney well50Kg110001120011200112001120011200112001120011,20011,20011,200Aguda Market
Bag of FlourMama Gold50kg110001120011200112001120011200112001120011,20011,20011,200Aguda Market
Bag of SugarDangote50kg150001950019500195001950019500195001650016,50016,50016,500Aguda Market
MilkPeak Powdered (Tin)400g85011501150115011501150115011501,1501,1501,150Ojuwoye Market
Milkpeak Powdered(Tin)900g150019001900190019001900190019001,9001,9001,900Ojuwoye Market
MilkPeak milk (Refill)500g800950950950950950950950950950950Ojuwoye Market
MilkDano Powdered (Tin)500g800900900900900900900900900900900Ojuwoye Market
MilkDano Powdered(Tin)900g140016501650165016501650165016501,6501,6501,650Ojuwoye Market
MilkDano (Refill)500g600800800800800800800800800800800Ojuwoye Market
MilkThreeCrown (Refill)380g700800800800800800800800800800800Ojuwoye Market
MilkLoya Powdered (Tin)400g700800800800800800800800800800800Ojuwoye Market
MilkLoya (Refill)400g650750750750750750750750750750750Ojuwoye Market
MilkCoast (Refill)500g600700700700700700700700700700700Ojuwoye Market
Cocoa BeveragesMilo (Tin)500g75010001000100010001000100010001,0001,0001,000Ojuwoye Market
Cocoa BeveragesMilo (Tin)900g140019001900190019001900190019001,9001,9001,900Ojuwoye Market
Cocoa BeveragesMilo Refill500g700950950950950950950950950950950Ojuwoye Market
Cocoa BeveragesBournvita Refill500g700850850850850850850850850850850Ojuwoye Market
Cocoa BeveragesBournvita (Plastic)500g750950950950950950950950950950950Ojuwoye Market
Cocoa BeveragesBournvita (Plastic)900g1300160016001600160016001600160016001,6001600Ojuwoye Market
Cocoa BeveragesOvaltine Refill500g700850850850850850850850850850850Ojuwoye Market
Cocoa BeveragesOvaltine(Plastic)500g750900900900900900900900900900900Ojuwoye Market
CoffeeNescafe Gold Blend100g130016001600160016001600160016001,6001,6001,600Ojuwoye Market
CoffeeNescafe Classic50g400550550550550550550550550550550Ojuwoye Market
TeaLipton Yellow label52g180220220220220220230230230230230Ojuwoye Market
TeaTop tea52g170190190190190190200200200200200Ojuwoye Market
SugarSt' Loius Sugar(Cube)500g380400400400380380380350350350350Ojuwoye Market
SugarGolden Penny Sugar (cube)500g250300300300300300300300300300300Ojuwoye Market
BreadVal-U1 loaf300300300300300300300300300300300Ojuwoye Market
BreadButterfield1 loaf280300300300300300300300300300300Ojuwoye Market
EggN/ACrate1200100010001100100010001100110011001,1001,000Ojuwoye Market
MagarineBlue Band450g450450450450450450450450450450450Ojuwoye Market
MagarineSimas250g200200200200200200200200200200200Ojuwoye Market
Baby MilkSMA Gold500g275027002700270027002700270027002,7002,7002,700Ojuwoye Market
Baby MilkNAN500g200022002200220022002200220022002,2002,2002,200Ojuwoye Market
Bottled Water (Refill)CwayRefill500550550550550550550550550550550Ojuwoye Market
Juice5 Alive1 litre300400400400400400400500500500500Ojuwoye Market
JuiceChivita1 litre300400400400400400400500500500500Ojuwoye Market
GasRefilling12.5kg550040004000390039003900390039003,9003,9003900Aguda Market
GasRefilling5kg240017001700170017001700170017001,7001,7001,700Aguda Market
Percentage average324730325110327560331760327540325790324610

Source: Nairametrics Research

The pricing data is based on a survey conducted by our field operatives, from select markets in Lagos State on a spot basis only. We cover the following markets, Daleko, Iddo, Ago Ishaga, Ojuiwoye, Idi Oro and Aguda Market. 

Our data dates back to the 1st of August 2016 for most of the items on the tracker. However, we used September 17th as our base month for identifying percentage trends. 

Disclaimer: The Biweekly Survey of Household Foodstuff Prices In Lagos is not recognized by the Lagos State Government, Federal Government or the National Bureau of Statistics. It only represents the outcome of data gathered by Nairametrics for our analysts.

The National Bureau of Statistics Consumer Price Index remains the official source for measuring the increase in prices of goods and services in Nigeria. Usage of this data is strictly on the volition of the user. Nairametrics will not be held liable for any decision making based on the usage of this data. Please read our disclaimer policy.

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Let us know what other items you would want to be included in our tracker.

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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    Research Analysis

    Nigeria’s Mega Companies spend N143.7 billion on marketing expenses in 2020

    Nigeria’s largest companies spent a whopping N143.7 billion on advertising, marketing in 2020 amid COVID-19.

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    Nigeria's Bluechips spend N114 billion on advertising, marketing in 2019

    Some of Nigeria’s mega corporations spent about N143.7 billion in 2020 representing a 12.5% drop from the same period in 2019. This is according to data compiled by Nairalytics and sourced from the published financial statements of the companies.

    According to a PWC report on entertainment and media, Nigeria’s entertainment market is poised to reach $10.8 billion (N4.4 trillion) in 2023, having reached $4.5 billion in 2018. The report stated that Nigeria’s E&M market is dominated by internet revenue, indicating a foreseeable growth in this sector in the coming years.

    The report also projected Nigeria’s total advertising revenue at $483 million (N193 billion) in 2020, with the internet accounting for 20.5% of the total. The study revealed that although television advertisement will remain the ad leader in Nigeria by 2023, internet advertisement will outperform TV ad in terms of net additions.

    READ: Bank Wars: Access Bank, Standard Chartered, FCMB off to winning start

    A similar report also revealed that most of the world’s best-performing entertainment and media consumer markets are in developing countries, with the likes of India, Nigeria, Philippines, Saudi Arabi, and Pakistan taking the lead, in that order.

    The year 2020 was ravaged by the covid-19 pandemic, triggering a lockdown in some of the major economic hubs in the country. However, blue Chips still splurged heavily on advertising and marketing campaigns as they jostled to adjust to the new normal.

    As Nigerians sat at home in response to the lockdown, they had more time to binge on streaming services, browse social media and engage in several other online activities. Advertisers had no choice but to keep up with the times, spending about $350 million on advertising and marketing. Whilst there was no dominant sector, the likes of Nigeria Breweries and MTN led the table as the highest spenders in the year.


    Nigerian Breweries – N24.86 billion

    Nigerian Breweries, the largest brewing company in Nigeria, which also exports to other parts of the West African region spent a total of N24.86 billion on advertisement and sales promotion in 2020,

    Hotflex

    This represents a decline of 13.8% compared to N28.85 billion spent in the previous year.

    The brewing giant embarked on a number of endorsement and advertisement projects in 2020, some of which includes the endorsement of Grammy-winning Nigerian musician, Burna Boy as a brand ambassador for Star Lager, one of the products of the company.

    In November 2020, the company also announced Erica Nlewedim of the Big Brother Naija reality tv show as a brand ambassador for the relaunch of their drinks, Legend Extra Stout and Star Radler as the brewing company aimed to improve sales of the products.

    The company also sponsored the Access the Star musical talent show together with Access Bank.

    This reflected in the company’s top line as it reported a 4.34% increase in revenue from N323 billion in 2019 to N337 billion in 2020.


    MTN Nigeria – N15.14 billion

    The telco giant incurred a total of N15.14 billion in advertisement, sponsorships and sales in 2020, representing a 13.83% decline compared to N19.84 billion recorded in 2019.

    Some of the projects embarked on by MTN Nigeria in the period under review includes the launching of a campaign tagged “Turn-It-Up”, which is expected to help Nigerians turn things up and live their best. The programme generated a series of TV, radio press, and outdoor advertisements during the year.

    Jaiz bank

    Later in the year MTN Nigeria also unveiled a new campaign for its youth proposition, MTN Pulse which featured Nigerian music sensation as an ambassador of the campaign.

    The company increased its revenue in this period by 15.1% as Nigerians increased their use of the internet and phone conversation to cope with the new reality of staying home during the lockdown.


    Dangote Cement – N12.18 billion

    The most capitalised company on the Nigerian Stock Exchange and a top cement producing company in the country spent a sum of N12.18 billion on advertisement and promotion in 2020.

    Its advert expenses increased significantly by 41.7% from N8.6 billion recorded in the previous year to N12.18 billion in 2020.

    The cement industry is not known for television advertisements as it is easier to use physical and online banner advertisements to promote the product.

    Dangote Cement is one of the highly profitable companies in the Nigerian corporate space. It reported a 15.98% increase in revenue, as it hit the one trillion naira mark compared to N891.7 billion reported in the previous year.


    Access Bank – N11.32 billion

    Access Bank closely followed Dangote Cement, having spent N11.32 billion on advertisement and marketing expenses in 2020. This represents an 80.49% increase when compared to N6.27 billion recorded in 2019.

    Access Bank together with Nigerian Breweries, sponsored the “Access the Star” musical talent show in 2020, where the winner walked home with a grand prize of N150 million along with consolation prizes for the first and second runners up.

    app

    The company also engaged in a number of television, radio and online advertisements during the year.

    This translated to a 14.69% increase in revenue of Access Bank as it posted a top line of N764.72 billion during the period.


    Fidelity Bank – N9.59 billion

    Fidelity Bank spent N9.59 billion on marketing, communication and entertainment in 2020, an 8.02% reduction compared to N10.43 billion recorded in the previous year.

    The bank created online contents and other advertisements across various channels in the year. It also worked on placing banner ads on some internet media platforms in the country.

    Fidelity bank however posted a 5.42% decline in revenue from N218 billion recorded in 2019 to N206.2 billion in 2020.

    It is worth noting that Fidelity Bank’s advertisement expenses, includes communication, entertainment and marketing costs.


    Others that made up the list of top 10 companies with highest advert expenses in 2020 are:

    International Breweries – N8.82 billion

    UBA – N8.51 billion

    Guinness Nigeria – N8.18 billion

    FBN Holdings – N7.72 billion

    Zenith Bank – N7.66 billion

    Continue Reading

    Exclusives

    Corporate Nigeria spends N31.22 billion on travel expenses in 2020

    According to data obtained by Nairametrics Research, travel expenses of major corporations in Nigeria dipped by 36.97% in 2020.

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    Corporate Nigeria represented by the largest listed companies on the Nigerian Stock Exchange experienced a reduction in business travel expenses in the year 2020.

    According to data obtained from the audited financial statements of the top 30 companies listed on the Nigerian Stock Exchange (NSE) known as the NSE-30 and verified by Nairametrics Research, travel expenses dipped by 36.97% from N49.54 billion recorded in 2019 to N31.22 billion in 2020.

    Travel expenses include flight tickers, hotel expenses, cost of renting and maintaining private jets, local interstate and intrastate transportation etc.

    • Of the 30 companies considered, only 3 of them increased their travel expenses in 2020. Notably, Guinness increased its travel expenses by 283.1% from N261.4 million to N1 billion in the review period.
    • Nascon Allied Industries and Presco Plc incurred a sum of N91.8 million and N2.02 billion in travel expenses, representing a 125.2% and 33.7% increase respectively.
    • On the other hand, MTN Nigeria recorded the highest decline in travel expenses, reduced by 79.9% to stand at N964 million as against N4.79 billion recorded in 2019. Stanbic IBTC followed with a decline of 60.95% to stand at N676 million.
    • It is worth noting, that some companies were not included in this study as they did not disclose their travel expenses during the period under review.

    READ: Banks earn N216 billion in E-banking income amidst threat from challenger banks

    Why the drop?

    The drop in travel expenses was expected as the entire private sector experienced a lockdown for most parts of the year due to Covid-19. The Federal Government introduced movement restrictions on land, sea, and air commute in response to the spread of the Covid-19 virus.

    • This resulted in the cancellation of business travel expenses across the commercial and political nerve centres of the country. Bearing the brunt of this cut in expenses were airlines, hotels, and the entire travel industry who suffered massive revenue losses.
    • The travel industry has been one of the worst-hit sectors due to the COVID-19 outbreak with lockdowns, travel bans, restrictions, and quarantines, which have had a severe impact on business travel for corporate entities in Nigeria.
    • High travel cost implications, hotel rates, and reduction of airline services also made companies resort to phasing out in-person meetings and business travel, as it is more affordable and productive to go digital.
    • The deployment of technology has helped companies cut their travel expenses since part of the key reasons for business travel is for conferences, meeting suppliers and customers. Going forward, video calls show strong potential to replace in-person meetings, resulting in fewer business travels.
    • Additionally, business travels that are meant for training and other learning activities can be done through e-learning.
    • The consistency of corporate entities in adopting technology by going digital will likely continue to reduce business travel expenses of corporations in the country.

    READ: Nigerian corporates spend N1 trillion on capital investment in 2020

    Gains and losses

    On the flip side, online virtual work from home tools such as Microsoft Teams and Zoom recorded massive revenue boost as the private sector and even government relied on them to connect with clients, employees and other stakeholders.

    • Unfortunately, Nigerian businesses, particularly the tech sector failed to take advantage of the travails of the hospitality sector losing much of this revenue to the likes of Microsoft, Google, Netflix, and Zoom. Nevertheless, other Nigerian tech companies, especially in the entertainment, payment, savings and loans space all recorded a significant boost in topline revenues.

    The top 5 spenders

    The increase or drop in travel expenses for some of the companies under review suggests the approach management took in response to the Covid-19 lockdown. While some reacted by going completely remote as indicative of their numbers, others continued spending, perhaps due to an inefficient cost structure that could not be scaled down despite the imposed lockdown.

    Hotflex

    Access Bank (N7.15 billion)

    Access Bank Plc spent a total of N7.15 billion on business travel expenses in 2020, representing a reduction of 31.9% compared to N10.5 billion recorded in the previous year.

    • The tier-1 bank accounted for 22.9% of the total travel expenses incurred by the top 30 companies on the NSE.
    • The bank’s total asset as of December 2020, stood at N8.67 trillion, representing the highest on the NSE.

    UBA (N4.94 billion)

    United Bank for Africa incurred a sum of N4.94 billion on business travels in the year 2020. Its travel expenses reduced by 30.1% compared to N7.06 billion recorded in 2019.

    • Its expenses accounted for 15.8% of the total recorded by companies under consideration.
    • UBA recorded a growth of 27.7% in profit after tax from N89.1 billion recorded in 2019 to N113.8 billion in 2020.

    FBN Holdings (N3.51 billion)

    FBN Holdings the parent company of First Bank of Nigeria, one of the major financial institutions in the country, spent a total of N3.51 billion on travel expenses in the year under review.

    • The tier-1 bank reduced its business travel expenses by 48.24% from N6.78 billion recorded in 2019 to N3.51 billion.
    • Also, FBN Holdings accounted for 11.2% of the total business travel expense of the companies under consideration.
    • It is worth noting that FBN Holdings classified its travel expenses as passages and travels.

     

    Dangote Cement (N2.11 billion)

    The most capitalized company on the Nigerian Stock Exchange, valued at N3.7 trillion spent a total of N2.11 billion on business travel expenses in 2020.

    • The foremost cement manufacturer in Nigeria recorded a 13.8% decline in travel expenses from N2.45 billion recorded in 2019 to stand at N2.11 billion in 2020.

    Presco Plc (N2.02 billion)

    Presco Plc, a fully-integrated agro-industrial establishment specializing in the cultivation, extraction, refining, and fractionation of crude palm oil into finished products, spent a total of N2.02 billion on travel expenses in 2020.

    Jaiz bank

    Its travel expenses in 2020, represent a 33.71% increase compared to N1.51 billion recorded in the previous year.

    • It also accounted for 6.5% of the total travel expenses recorded by the companies under consideration.

    Bubbling under

    • Zenith Bank – N1.88 billion
    • Seplat – N1.26 billion
    • Guinness – N1 billion
    • MTN Nigeria – N964 million
    • Fidelity Bank – N964 million

    Note: Fidelity Bank classified its expenses as travelling and accommodation, while MTN Nigeria as Trainings, travels and entertainment cost.

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