- 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 Small Basket
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.
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.
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.
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%.
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.
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”
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.
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.
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.