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Business News

Household Survey: Food items are expensive at Mushin Market

Relative differences in the prices of major goods across the four (4) markets. The markets surveyed include: Mushin Market, Daleko Market, Oyingbo Market, etc.

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prices of major goods
  • Relative differences in the prices of major goods across the four (4) markets. 
  • The markets surveyed include: Mushin Market, Daleko Market, Oyingbo Market, and Mile 12. 
  • A few food items recorded the same prices in all markets. 
  • Mushin recorded the highest prices of foodstuff. 
  • 50kg Bag of rice had an average price of N11,081.25 

The Nairametrics’ Food Price Watch is a bi-weekly household market survey with emphasis laid on four (4) major markets in Lagos State: Mushin Market, Daleko Market, Oyingbo Market, and Mile 12.  

Prices of food items are gathered by our research team from the listed markets which are collated according to their brands and units. This survey is aimed at notifying consumers on the prices of various household items in different markets within their reach. 

SURVEY 

Relative differences in priceMost food items recorded slight differences in their prices. For example; 50kg bag of rice (Royal stallion) which has an average price of N13,825, recorded N14,000 in Mushin Market, N13,500 in Daleko Market, N14,000 in Oyingbo Market, and N13,800 in Mile 12 Market. 

Also, 120g carton of noodles (Indomie) with an average price of N3,037.5, went for N3,100 at Mushin Market, Daleko Market for N3,000, Oyingbo Market for N3,000 and Mile 12 for N3,050. 

Specta

Same prices: Just a few food items like Carton of noodles (minimie), 500g packet of pasta (Dangote), 5 litres local gallon of palm oil, 5 litres gallon of vegetable oil, 500g/900g Dano powdered milk, 52g Top tea and Gas refilling both 12.5kg and 5kg recorded the same prices in all four markets surveyed. 

Markets with the highest prices of foodstuffData collated showed that Mushin Market recorded the highest prices for foodstuff. Could it then be said that food items are best purchased at the other markets?  

Arguably not! A consumer living at Mushin cannot commute to Oyingbo or Mile 12 just because the prices at which goods are sold there is expensive. This is because transportation costs would come into the mix, at the end of which it would make no economic sense to do so.

However, from the viewpoint of a wholesaler (Bulk trader), it might make a whole lot of sense. The transportation cost would eventually be recovered. 

Special Market: Some food items were not found in all the markets surveyed. As a matter of fact, only Mile 12 had all the goods surveyed. Items such as different baskets of potatoes and different baskets of tomatoes were only found in Mile 12.

12 market is known mainly for this. On a normal day, Lagos residents (no matter their location) would usually go to Mile 12 as early as possible to get goods in bulk and at cheap rates.  

See table below:

ItemBrandUnitSelected Markets Prices (5/4/2019)    
MUSHINDALEKOOYINGBOMILE 12Average
Bag of RiceBasmati5kg5000550050005166.6666666667
Bag of RiceMama Gold10kg35003000370030003300
Bag of RiceRoyal Stallion50Kg1400013500140001380013825
Bag of RiceRice Master10kg35003000300030003125
Bag of RiceMama Gold50kg1450013500140001350013875
Bag of RiceCaprice50kg1400013000135001350013500
Bag of RiceFalcon25kg68006500680068006725
Bag of RiceOfada5kg48004500420042004425
Bag of BeansOloyin50kg16700170001650016733.333333333
Bag of BeansWhite50kg29500298002900029433.333333333
Bag of BeansBrown50kg32500324003200032300
Tuber of YamAbuja1 Big Size Tuber1000800950900912.5
Tuber of YamAbuja1 Medium Size Tuber480350400450420
Carton of NoodlesIndomie120g31003000300030503037.5
Carton of NoodlesIndomie70g18001800175018001787.5
Carton of NoodlesChikki100g22002200220022002200
Carton of NoodlesMinimie70g15001500150015001500
Carton of NoodlesGolden Penny70g14001400140014501412.5
Bag of GarriIjebu80kg78007500650075007325
Bag of GarriWhite50kg75007500500075006875
Bag of GarriYellow50kg75007500550075007000
Basket of PotatoSweetBig Basket95009500
Basket of PotatosweetSmall Basket50005000
Basket of PotatoIrishBig Basket1200012000
Basket of PotatoIrishMedium Basket60006000
Basket of PotatoIrishSmall Basket20002000
Packet of PastaGolden Penny500g200180200200195
Packet of PastaDangote500g200200200200200
Packet of PastaPower500g200170180183.33333333333
Packet of PastaBonita500g170200200200192.5
Gallon of Palm OilLocal5 Litres25002500250025002500
Gallon of Palm OilLocal20 Litres65006000650060006250
Gallon of Palm OilLocal30 Litres1070010000100001050010300
Gallon of Vegetable OilLocal5 Litres25002500250025002500
Gallon of Vegetable OilLocal20 Litres64006500650068006550
Gallon of Vegetable OilLocal30 Litres1150011000110001150011250
Gallon of Vegetable OilKings5 Litres35003300340035003425
Gallon of Vegetable OilWesson5 Litres40004000420040004050
Gallon of Vegetable OilMamador3.8 Litres28002750290028002812.5
Gallon of Vegetable OilPower3 Litres20002000220020002050
Basket of TomatoOval Shaped1 Small Basket25002500
Basket of TomatoRound Shaped1 Small Basket25002500
Bunch of PlaintainPlaintain1 Big Bunch22001700170020001900
Bag of FlourDangote50kg105001100010750
Bag of FlourHoney well50Kg110001100011000
Bag of FlourMama Gold50kg115001100011250
Bag of SugarDangote50kg320032003200
MilkPeak Powdered (Tin)400g11501200125012001200
Milkpeak Powdered(Tin)900g23502400250024002412.5
MilkPeak milk (Refill)500g950100010001000987.5
MilkDano Powdered (Tin)500g10001000100010001000
MilkDano Powdered(Tin)900g20002000200020002000
MilkDano (Refill)500g800700800750762.5
MilkThreeCrown (Refill)380g700650700650675
MilkLoya Powdered (Tin)400g10501000100010001012.5
MilkLoya (Refill)400g800800800850812.5
MilkCoast (Refill)500g750700725
Cocoa BeveragesMilo (Tin)500g10501000110011001062.5
Cocoa BeveragesMilo (Tin)900g21002100200020002050
Cocoa BeveragesMilo Refill500g900800850850850
Cocoa BeveragesBournvita Refill500g800950950950912.5
Cocoa BeveragesBournvita (Plastic)500g10001000110011001050
Cocoa BeveragesBournvita (Plastic)900g20002000200020002000
Cocoa BeveragesOvaltine Refill500g800800800850812.5
Cocoa BeveragesOvaltine(Plastic)500g11001100100011001075
CoffeeNescafe Gold Blend100g18001850180018001812.5
CoffeeNescafe Classic50g650600600600612.5
TeaLipton Yellow label52g300280300300295
TeaTop tea52g300300300300300
SugarSt' Loius Sugar(Cube) 500g300280380300315
SugarGolden Penny Sugar (cube)500g350300350300325
BreadVal-U1 loaf300300
BreadButterfield1 loaf300300
EggN/ACrate10009509001000962.5
MagarineBlue Band450g500500
MagarineSimas250g#DIV/0!
Baby MilkSMA Gold500g30003000
Baby MilkNAN500g21002100
Bottled Water (Refill)CwayRefill500500
Juice5 Alive1 litre300300
JuiceChivita1 litre300300
GasRefilling12.5kg35003500350035003500
GasRefilling5kg10001000100010001000
TomatoesBig Basket80008000
Medium Basket45004500
Small Basket
 

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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.

1 Comment

1 Comment

  1. Anonymous

    April 11, 2019 at 12:36 pm

    Good job.Well done great team

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Companies

Nigeria’s border reopening will not impact profitability in 2021 – Flour Mills GMD

Flour Mills Nigeria Plc has stated that the recent reopening of the nation’s land borders will not affect the profitability of the company.

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Mr. Omoboyede Olusanya, the Group Managing Director of Flour Mills Nigeria Plc has disclosed that the recent reopening of the nation’s land borders will not adversely impact the performance and profitability of the company in 2021 and beyond.

He added that FMN will continue to leverage brand loyalty, product standardization and innovation, as well as improved cost efficiency to increase profitability in 2021.

This statement was made by the Olusanya during the company’s 9M’20/21 Investor Webinar which held virtually on January 26, 2020.

According to the statement made by Mr. Olusanya at the virtual meeting, the reopening of the nation’s land border will not affect the company’s sales and revenue, as Flour Mills Nigeria is focused on increasing operational efficiency with accelerated plans for cost optimizations across the group to ensure competitive product offerings and profitability in the new operating environment, occasioned by the border reopening.

He revealed that the company will continue to invest in local content development, production capacity and aggregation to strengthen product innovation and product standardization in a bid to foster brand loyalty.

Specta

In line with this, Flour Mills Nigeria has invested heavily to upscale its Regional Distribution Centers (RDCs), in order to gain direct access to consumer market segments across the country, and expand consumer reach with the road to market initiatives and product offerings across the group, especially in the B2C segment.

Olusanya revealed that the group has successfully opened new regional distribution centers (RDCs) in Kano, Magboro and Abuja targeting the new fast-growing B2C product categories (fats, sugar and garri).

He added that the FMN Group among other strategic investments made, has invested in trucks to support the RDCs, animal feeds and starch value chains; as well as sales force automation platforms to ensure high-quality processes and services.

Deal book 300 x 250

He concluded that the activities of the company will be complemented by the efforts of the nation’s border security, as these agents would ensure that the borders do not become porous, and would help to curtail markets from being proliferated by imported items.

What you should know

  • Recall that Nairametrics reported that Flour Mills Nigeria Plc declared a profit of N5.65 billion in the third quarter ended, 31st December 2020.
  • The report revealed that the profit which Flour Mills made in the third quarter of its accounting year 2020/2021 rose by a whopping 150.36% when compared to the profit it made in the corresponding period of 2019.
  • It is important to note that the impressive performance of the company was driven by the agro-allied segment. The Agro-Allied segment benefited immensely from the August 2019 border closure, as the profit from this segment improved by 15,268%.

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Coronavirus

South African President appeals to wealthy countries not to hoard COVID-19 vaccines

South African President, Cyril Ramaphosa has called on the world’s wealthiest countries to stop “hoarding” vaccines.

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South Africa High commission in Nigeria shuts its offices, South Africa announces 21-day lockdown following spike in Coronavirus cases

The South African President, Cyril Ramaphosa has urged the world’s wealthiest countries to stop “hoarding” vaccines and called for an end to “vaccine nationalism.”

He made this call at the World Economic Forum’s virtual Davos Agenda event, where he clearly cautioned that some countries had ordered more supplies of vaccines than they needed, and that this was counterproductive to the global recovery effort.

According to him,

  • “Ending the pandemic worldwide will require greater collaboration on the rollout of vaccines, ensuring that no country is left behind in this effort”
  • “The rich countries of the world went out and acquired large doses of vaccines from the developers and manufacturers of these vaccines, and some countries have even gone beyond and acquired up to four times what their populations need”
  • “That was aimed at hoarding these vaccines and now this is being done to the exclusion of other countries in the world that most need this”

What they are saying

According to Africa CDC Director, John Nkengasong, the African continent is quite facing a “very aggressive second wave” of the pandemic, with mortality increasing on average 18% across the 55 African member states last week.

“We as a continent must recognize that vaccines will not be here when we want them, but as such we need to really focus on the public health measures that we know work”

Specta

He however praised the progress of the African Vaccine Acquisition Task (AVAT) Team, which he said was created when AU nations realized “how the world’s richest countries are behaving.”

What you should know

  • South Africa is the country, worst hit by Covid-19 on the continent.
  • As at date, the country had recorded more than 1.4 million cases with 41,117 deaths.
  • The African Vaccine Acquisition Task (AVAT) Team has secured a provisional 270 million doses for AU member states directly, in addition to the 600 million expected from the World Health Organization’s COVAX initiative.

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Coronavirus

IMF optimistic about global economy but warns new Covid variants could affect recovery

IMF is quite optimistic about the fortune of the global economy but expressed fear that the new Covid variant could derail economic recovery.

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IMF

The International Monetary Fund (IMF) has expressed optimism about the global economy but warns that the new COVID 19 variant could affect the global economic growth, according to its latest World Economic Outlook.

According to the report, “the institution now expects the global economy to grow 5.5% this year — a 0.3 percentage point increase from October’s forecasts. It sees global GDP (gross domestic product) expanding by 4.2% in 2022”.

According to its Chief Economist, Gita Gopinath:

  • “Much now depends on the outcome of this race between a mutating virus and vaccines to end the pandemic, and on the ability of policies to provide effective support until that happens.
  • “There remains tremendous uncertainty and prospects vary greatly across countries.
  • China returned to its pre-pandemic projected level in the fourth quarter of 2020, ahead of all large economies. The United States is projected to surpass its pre-Covid levels this year, well ahead of the euro area.
  • “Policy actions should ensure effective support until the recovery is firmly underway, with an emphasis on advancing key imperatives of raising potential output, ensuring participatory growth that benefits all, and accelerating the transition to lower carbon dependence.”

What you should know

  • There has been a surge in the number of reported cases of the new variant Covid-19 infections and deaths over the past few months.
  • The new variant has been described as being more infectious and potentially deadlier than the original strain.
  • The IMF had cut its GDP forecasts for the euro zone this year by 1%.
  • It is being projected that the 19-member region, which has been severely hit by the pandemic, would grow by 4.2% this year.
  • Germany, France, Italy and Spain — the four largest economies in the euro zone — also saw their growth expectations cut for 2021.
  • Economic activity in the region slowed in the final quarter of 2020 and this is expected to continue into the first part of 2021. The IMF does not expect the euro area economy to return to end-of-2019 levels before the end of 2022.
  • IMF revised its GDP forecast upward by 2% points on the back of a strong momentum in the second part of 2020 and additional fiscal support, with GDP expected to grow to 5.1% this year.

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