- 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.
Relative differences in price: Most 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.
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 foodstuff: Data 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:
Item Brand Unit Selected Markets Prices (5/4/2019) MUSHIN DALEKO OYINGBO MILE 12 Average
Bag of Rice Basmati 5kg 5000 5500 5000 5166.6666666667
Bag of Rice Mama Gold 10kg 3500 3000 3700 3000 3300
Bag of Rice Royal Stallion 50Kg 14000 13500 14000 13800 13825
Bag of Rice Rice Master 10kg 3500 3000 3000 3000 3125
Bag of Rice Mama Gold 50kg 14500 13500 14000 13500 13875
Bag of Rice Caprice 50kg 14000 13000 13500 13500 13500
Bag of Rice Falcon 25kg 6800 6500 6800 6800 6725
Bag of Rice Ofada 5kg 4800 4500 4200 4200 4425
Bag of Beans Oloyin 50kg 16700 17000 16500 16733.333333333
Bag of Beans White 50kg 29500 29800 29000 29433.333333333
Bag of Beans Brown 50kg 32500 32400 32000 32300
Tuber of Yam Abuja 1 Big Size Tuber 1000 800 950 900 912.5
Tuber of Yam Abuja 1 Medium Size Tuber 480 350 400 450 420
Carton of Noodles Indomie 120g 3100 3000 3000 3050 3037.5
Carton of Noodles Indomie 70g 1800 1800 1750 1800 1787.5
Carton of Noodles Chikki 100g 2200 2200 2200 2200 2200
Carton of Noodles Minimie 70g 1500 1500 1500 1500 1500
Carton of Noodles Golden Penny 70g 1400 1400 1400 1450 1412.5
Bag of Garri Ijebu 80kg 7800 7500 6500 7500 7325
Bag of Garri White 50kg 7500 7500 5000 7500 6875
Bag of Garri Yellow 50kg 7500 7500 5500 7500 7000
Basket of Potato Sweet Big Basket 9500 9500
Basket of Potato sweet Small Basket 5000 5000
Basket of Potato Irish Big Basket 12000 12000
Basket of Potato Irish Medium Basket 6000 6000
Basket of Potato Irish Small Basket 2000 2000
Packet of Pasta Golden Penny 500g 200 180 200 200 195
Packet of Pasta Dangote 500g 200 200 200 200 200
Packet of Pasta Power 500g 200 170 180 183.33333333333
Packet of Pasta Bonita 500g 170 200 200 200 192.5
Gallon of Palm Oil Local 5 Litres 2500 2500 2500 2500 2500
Gallon of Palm Oil Local 20 Litres 6500 6000 6500 6000 6250
Gallon of Palm Oil Local 30 Litres 10700 10000 10000 10500 10300
Gallon of Vegetable Oil Local 5 Litres 2500 2500 2500 2500 2500
Gallon of Vegetable Oil Local 20 Litres 6400 6500 6500 6800 6550
Gallon of Vegetable Oil Local 30 Litres 11500 11000 11000 11500 11250
Gallon of Vegetable Oil Kings 5 Litres 3500 3300 3400 3500 3425
Gallon of Vegetable Oil Wesson 5 Litres 4000 4000 4200 4000 4050
Gallon of Vegetable Oil Mamador 3.8 Litres 2800 2750 2900 2800 2812.5
Gallon of Vegetable Oil Power 3 Litres 2000 2000 2200 2000 2050
Basket of Tomato Oval Shaped 1 Small Basket 2500 2500
Basket of Tomato Round Shaped 1 Small Basket 2500 2500
Bunch of Plaintain Plaintain 1 Big Bunch 2200 1700 1700 2000 1900
Bag of Flour Dangote 50kg 10500 11000 10750
Bag of Flour Honey well 50Kg 11000 11000 11000
Bag of Flour Mama Gold 50kg 11500 11000 11250
Bag of Sugar Dangote 50kg 3200 3200 3200
Milk Peak Powdered (Tin) 400g 1150 1200 1250 1200 1200
Milk peak Powdered(Tin) 900g 2350 2400 2500 2400 2412.5
Milk Peak milk (Refill) 500g 950 1000 1000 1000 987.5
Milk Dano Powdered (Tin) 500g 1000 1000 1000 1000 1000
Milk Dano Powdered(Tin) 900g 2000 2000 2000 2000 2000
Milk Dano (Refill) 500g 800 700 800 750 762.5
Milk ThreeCrown (Refill) 380g 700 650 700 650 675
Milk Loya Powdered (Tin) 400g 1050 1000 1000 1000 1012.5
Milk Loya (Refill) 400g 800 800 800 850 812.5
Milk Coast (Refill) 500g 750 700 725
Cocoa Beverages Milo (Tin) 500g 1050 1000 1100 1100 1062.5
Cocoa Beverages Milo (Tin) 900g 2100 2100 2000 2000 2050
Cocoa Beverages Milo Refill 500g 900 800 850 850 850
Cocoa Beverages Bournvita Refill 500g 800 950 950 950 912.5
Cocoa Beverages Bournvita (Plastic) 500g 1000 1000 1100 1100 1050
Cocoa Beverages Bournvita (Plastic) 900g 2000 2000 2000 2000 2000
Cocoa Beverages Ovaltine Refill 500g 800 800 800 850 812.5
Cocoa Beverages Ovaltine(Plastic) 500g 1100 1100 1000 1100 1075
Coffee Nescafe Gold Blend 100g 1800 1850 1800 1800 1812.5
Coffee Nescafe Classic 50g 650 600 600 600 612.5
Tea Lipton Yellow label 52g 300 280 300 300 295
Tea Top tea 52g 300 300 300 300 300
Sugar St' Loius Sugar(Cube) 500g 300 280 380 300 315
Sugar Golden Penny Sugar (cube) 500g 350 300 350 300 325
Bread Val-U 1 loaf 300 300
Bread Butterfield 1 loaf 300 300
Egg N/A Crate 1000 950 900 1000 962.5
Magarine Blue Band 450g 500 500
Magarine Simas 250g #DIV/0!
Baby Milk SMA Gold 500g 3000 3000
Baby Milk NAN 500g 2100 2100
Bottled Water (Refill) Cway Refill 500 500
Juice 5 Alive 1 litre 300 300
Juice Chivita 1 litre 300 300
Gas Refilling 12.5kg 3500 3500 3500 3500 3500
Gas Refilling 5kg 1000 1000 1000 1000 1000
Tomatoes Big Basket 8000 8000
Medium Basket 4500 4500
Job listings spike up by 183% in April –Jobberman
Jobberman released figures showing a 183% increase in job listings on its platform in April 2020, thanks to its #UnityInAdversity campaign.
Notable job placement website, Jobberman, has released figures showing that there was a 183% increase in job listings on its platform in the month of April 2020.
This increase, according to Jobberman, is a result of the #UnityInAdversity campaign which allowed companies to post job listings and access Jobberman’s database of over 2.2 million professionals across Nigeria for free, rather than paying the usual fees. This was the company’s way of showing support to businesses and individuals, amid the economic challenges which resulted from the COVID-19 pandemic.
According to the release from Jobberman, this campaign came at a cost to the company since it was trading off its revenue by offering for free, the same services which formed its major source of income.
“At the beginning of March, Jobberman Nigeria saw a 70 percent decrease in job listings due to the reduced economic activity caused by the enforced lockdown and many companies shutting down recruitment budgets to cut costs. Jobseeker sign-ups also decreased by 17 percent. Jobberman took the bold step to put employers’ and job seekers’ needs first” the statement read.
The campaign, which is billed to run till June 30, has paid off greatly as data for April’s job listings alone was more than that of the entire Q1 2020 period. See a breakdown of the job listings below:
- Almost a fifth of the positions (18.79%) were listed in the tech sector
- Banking, finance, and insurance accounted for 9.27%
- Education and training had 6.78 percent
- IT & Software positions accounted for 11.69%
- Sales had 13.32%.
Note that with the increase in job listings, job seeker sign-ups also increased by 39% in April alone.
Speaking about the campaign, the CEO of Jobberman Nigeria, Hilda Kragha said, “The COVID-19 pandemic has made the process of connecting talent to opportunities more complicated and we are fully aware of the strain businesses and individuals in Nigeria are facing. We plan to be here for the next 10 years so making this small sacrifice to help our users navigate these difficult times is something that we think is definitely worth doing”.
Kragha also noted that the campaign has encouraged healthy competition as candidates strive to show themselves qualified for the position.
“We have found that soft skills such as emotional intelligence, business etiquette, time management, which are often overlooked and underestimated in Nigeria, can make a big difference. We know the power of soft skills and we are committed to empowering individuals with the training and soft skills they need to succeed in the workplace” she explained further.
Sequel to this, the company also launched a free soft skills training programme to help job seekers (between age 18 and 30 years) acquire the needed soft skills and better their chances of gaining employment.
Gold prices rise, as President Trump decides on China today
Gold prices jumped on Friday as China and America’s drift deepened over further moves by China to impose security laws on Hong Kong
Gold prices jumped on Friday as China and America’s drift deepened over further moves by China to impose security laws on Hong Kong, lifting the allure of safe havens amid market uncertainties.
U.S. President Donald Trump’s top economic adviser cautioned the Chinese lately that Hong Kong, which has enjoyed special privileges, may now be treated like China when it comes to financial matters and trade.
Trump, who had earlier vowed a tough action on China, will hold a news conference today to announce what measures his administration will take.
Spot gold gained about 0.1% at $1,719.63 per ounce, and U.S. gold futures rose 0.4% to $1,734.60.
The friendship between the Americans and Chinese had weakened, since the outbreak of the Covid-19 pandemic.
President Trump and President Jinping of China have accused each other as a result of issues surrounding the COVID-19 pandemic.
Why do Investors buy Gold? Global Investors most often buy the safe-haven asset in times of uncertainty and use it to hedge against cash (inflationary macros).
“The possible U.S. response could range from a tearing up of the Phase 1 trade deal and fresh tariffs on China, to milder travel or financial sanctions on Chinese officials,” said Shane Oliver, chief economist at Australian wealth manager AMP to Reuters News.
“It is seen as a major threat to the rally we’ve had and the recovery,” “If it’s at the relatively mild end, then I don’t think it would derail the recovery bull market, but if it’s at the more extreme end with tariffs and harsh treatment of Hong Kong, then I think it gets more problematic,” Oliver added.
AfDB board denies asking Adesina to step down, as Obasanjo says the bank risks being hijacked
“The Bureau of the board of governors informs the public that it has not taken any decision. Everyone must allow the Bureau to do its work and allow due process to reign.”
The Bureau of the Board of Governors of the African Development Bank (AfDB) has denied media reports making the rounds that AfDB’s president, Akinwumi Adesina, has been asked to step down pending the completion of the probe and determination of allegations against him.
The bank’s top governing board members said that they have not asked Adesina to step down from his position as president, even as the board continues to review the fallout of complaints by some whistleblower. The statement from the Chairman of the bank’s board of governors, Niale Kaba, said:
“The Bureau of the board of governors informs the public that it has not taken any decision. Everyone must allow the Bureau to do its work and allow due process to reign. All governors will be carried along in resolving the issue.’’
Kaba also stressed that there was no governance crisis at AfDB as was being speculated in certain quarters. He confirmed that the Bureau of the Board of Governors of AfDB met on Tuesday, May 26, after the request by the U.S Secretary calling for an independent probe. The essence of the meeting was to take a closer look at the allegations by the whistleblowers against Akinwumi Adesina, said allegations which had already been investigated by the ethics committee of the bank.
Kaba further disclosed that even though no decision has been taken yet, the bureau assures that it is treating the case with the utmost seriousness that it deserves.
Adesina, who maintains his innocence of those allegations, had stated that a fair, transparent, and just process will vindicate him.
In a related development, former Nigerian President Olusegun Obasanjo had thrown his weight behind Adesina and kicked against the demand by the United States of America for a fresh, independent probe of the AfDB President who had earlier been cleared by the ethics committee of the bank.
In his letter to 12 former African Presidents, Obasanjo said that Africa must stand up and not allow its institutions to be unduly controlled by non-African countries.
Obasanjo said that the bank has witnessed tremendous growth under Adesina’s leadership and has doubled its capital base since he took over.