Connect with us

Business News

Household Survey: Prices of tomatoes jump, as local rice stock piles up

As the Ramadan season gradually comes to an end, some households in Lagos and elsewhere may find it difficult to celebrate because the prices of some food items keep increasing.



border security Tomatoes Price

As the Ramadan season gradually comes to an end, some households in Lagos and elsewhere may find it difficult to celebrate because the prices of some food items keep increasing. Tomatoes prices, for instance, have spiked by as much as 25% across major markets in Lagos State.

A food survey conducted by Nairametics Research revealed that a big basket of tomatoes at the popular Mile 12 Market now sells for N10,000. This indicates a significant increase from the former average price of N8,000.

Meanwhile, the survey showed the price variation of food commodities across the four major markets. Our report further shows that the prices of some commodities are relatively the same, while the prices of other commodities vary across the markets.

Relatively the same price: Noodles such as Indomie, Chikki, Minimie, and Golden Penny are relatively sold for the same price across the four markets, although Mushin Market sells a carton of Indomie 70g highest at a higher price of N1,900 compared to N1,800 sold in Daleko, Oyingbo, and Mile 12 markets.

A gallon of local vegetable oil (25 litres & 5 litres) sells for the same price of N10,000 and N2,000 respectively across the four markets except for Mile 12 market which sells 5 litres of vegetable oil for N1,900; a cheaper rate compared to the other markets. Other commodities that recorded the same price include Power Oil (3 litres) and Mamador oil (3.8 litres).

GTBank 728 x 90

The relative differences in prices: Obvious variations were recorded in the prices of rice, beans, and garri across the four markets.

Royal stallion rice (50kg) sells at N14,800 in Daleko market, N15,000 in Mushin, and N15,500 in Oyingbo and Mile 12 markets. Rice Master (10kg) sells at N3,000 in Daleko, Oyingbo, and Mile 12 market. It is, however, sold at a higher price in Mushin market (N3,500).

Coronation ads

Beans (Oloyin) is sold the lowest in Daleko market for (N14,500), N15,000 in Oyingbo N15,000, and N16,000 in Mile 12 Market. Brown beans is also sold the lowest in Daleko Market at 25,000, while Mile 12 Market sells it at the highest price of N30,000.

From the foregoing, it can be seen that Daleko Market sells the cheapest in grains such as rice, beans, and garri. This could be attributed to the fact that Daleko Market specifically specialises in the sale of these commodities, whereby traders come from other markets to buy in bulk from Daleko.

Daleko International Market

Special Markets: Tomato sellers at Mile 12 market enlightened our research team that the prices of tomato product vary with time such that the big basket can sell at N15,000 early in the morning, and later sell at N10,000 by noon. Similarly, small baskets sell at N5,000 in the morning and N3,500 by noon.

Therefore, buyers may want to stick to the early morning purchase, in order to have a good bargain for tomatoes as the festive period draws close.

Jaiz bank ads

Local Rice inventory piles up – As reported from the markets, rice sellers complained of the lack of interest of the consumers in purchasing the Nigerian produced rice (Mama’s pride), which is sold for N14,200. According to sellers of rice at Daleko, Nigerians lack of interest in local rice is largely due to the tiny nature of the grain. One of the major rice distributors stated in the market stated:

Stanbic IBTC

“they keep asking for imported rice, and wouldn’t mind paying a higher price for it. They also do not mind the fact borders are shut for foreign produced rice to come in”

Note that Rice includes one of the 42 items banned by the government not to be accessible with foreign exchange. Hence, sellers complained that consumers keep asking for imported rice at a higher price which is already banned from coming into the country. This “development” begs the question of the effect this has on the economy of the country.

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

See table below

ItemBrandUnitSelected Markets Prices (5/4/2019)      15/5/2019   
Bag of RiceBasmati5kg5000550050005166.66666755005000550050005250
Bag of RiceMama Gold10kg3500300037003000330035003000370030003300
Bag of RiceRoyal Stallion50Kg14000135001400013800138251500014800155001550015200
Bag of RiceRice Master10kg3500300030003000312535003000300030003125
Bag of RiceMama Gold50kg14500135001400013500138751550015500155001600015625
Bag of RiceCaprice50kg140001300013500135001350015000155001600015500
Bag of RiceFalcon25kg6800650068006800672568006500680068006725
Bag of RiceOfada5kg4800450042004200442525002500
Bag of BeansOloyin50kg16700170001650016733.3333314500150001600015166.666666667
Bag of BeansWhite50kg29500298002900029433.3333328000290002800028333.333333333
Bag of BeansBrown50kg3250032400320003230025000270003000027333.333333333
Tuber of YamAbuja1 Big Size Tuber1000800950900912.510009001000966.66666666667
Tuber of YamAbuja1 Medium Size Tuber480350400450420600650650633.33333333333
Carton of NoodlesIndomie120g31003000300030503037.5
Carton of NoodlesIndomie70g18001800175018001787.519001800180018001825
Carton of NoodlesChikki100g2200220022002200220020002200210021002100
Carton of NoodlesMinimie70g1500150015001500150015001500150014501487.5
Carton of NoodlesGolden Penny70g14001400140014501412.514001400140014501412.5
Bag of GarriIjebu80kg78007500650075007325750076007000
Bag of GarriWhite50kg7500750050007500687569006500700068006800
Bag of GarriYellow50kg7500750055007500700060006000600065006125
Basket of PotatoSweetBig Basket3500950035003500
Basket of PotatoSweetSmall Basket50005000
Basket of PotatosweetSmallest Basket750750
Basket of PotatoIrishBig Basket1200012000
Basket of PotatoIrishBiggest Basket2000020000
Basket of PotatoIrishMedium Basket6000600025002500
Basket of PotatoIrishSmall Basket2000200015001500
Packet of PastaGolden Penny500g200180200200195200200200200200
Packet of PastaDangote500g200200200200200200200200200200
Packet of PastaPower500g200170180183.3333333200170180183.33333333333
Packet of PastaBonita500g170200200200192.5
Gallon of Palm OilLocal5 Litres2500250025002500250014501500160015001512.5
Gallon of Palm OilLocal25 Litres6500600065006000625084008450860085008487.5
Gallon of Vegetable OilLocal5 Litres2500250025002500250020002000200019001975
Gallon of Vegetable OilLocal25 Litres640065006500680065501000010000100001000010000
Gallon of Vegetable OilKings5 Litres3500330034003500342529002900290029002900
Gallon of Vegetable OilWesson5 Litres40004000420040004050370039003800
Gallon of Vegetable OilMamador3.8 Litres28002750290028002812.524002500240024002425
Gallon of Vegetable OilPower3 Litres2000200022002000205018001800180018001800
Basket of TomatoOval Shaped1 Small Basket25002500
Basket of TomatoRound Shaped1 Small Basket25002500
Bunch of PlaintainPlaintain1 Big Bunch22001700170020001900
Bag of FlourDangote50kg105001100010750105001100010750
Bag of FlourHoney well50Kg110001100011000110001100011000
Bag of FlourMama Gold50kg115001100011250115001100011250
Bag of SugarDangote50kg320032003200320032003200
MilkPeak Powdered (Tin)400g1150120012501200120011501200125012001200
Milkpeak Powdered(Tin)900g23502400250024002412.523502400250024002412.5
MilkPeak milk (Refill)500g950100010001000987.5950100010001000987.5
MilkDano Powdered (Tin)500g1000100010001000100010001000100010001000
MilkDano Powdered(Tin)900g2000200020002000200020002000200020002000
MilkDano (Refill)500g800700800750762.5800700800750762.5
MilkThreeCrown (Refill)380g700650700650675700650700650675
MilkLoya Powdered (Tin)400g10501000100010001012.510501000100010001012.5
MilkLoya (Refill)400g800800800850812.5800800800850812.5
MilkCoast (Refill)500g750700725750700725
Cocoa BeveragesMilo (Tin)500g10501000110011001062.510501000110011001062.5
Cocoa BeveragesMilo (Tin)900g2100210020002000205021002100200020002050
Cocoa BeveragesMilo Refill500g900800850850850900800850850850
Cocoa BeveragesBournvita Refill500g800950950950912.5800950950950912.5
Cocoa BeveragesBournvita (Plastic)500g1000100011001100105010001000110011001050
Cocoa BeveragesBournvita (Plastic)900g2000200020002000200020002000200020002000
Cocoa BeveragesOvaltine Refill500g800800800850812.5800800800850812.5
Cocoa BeveragesOvaltine(Plastic)500g1100110010001100107511001100100011001075
CoffeeNescafe Gold Blend100g18001850180018001812.518001850180018001812.5
CoffeeNescafe Classic50g650600600600612.5650600600600612.5
TeaLipton Yellow label52g300280300300295300280300300295
TeaTop tea52g300300300300300300300300300300
SugarSt' Loius Sugar(Cube) 500g300280380300315300280380300315
SugarGolden Penny Sugar (cube)500g350300350300325350300350300325
BreadVal-U1 loaf300300300300
BreadButterfield1 loaf300300300300
MagarineBlue Band450g500500
Baby MilkSMA Gold500g30003000
Baby MilkNAN500g21002100
Bottled Water (Refill)CwayRefill500500
Juice5 Alive1 litre300300
JuiceChivita1 litre300300
TomatoesBig Basket800080001000010000
Medium Basket45004500
Small Basket35003500

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.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.


ECOWAS COVID-19: Nigeria drops to 7th position in recovery rate

According to data from ECOWAS Centre for Surveillance and Disease Control, Nigeria has dropped to 7th position in recovery rate.



The ECOWAS COVID-19 daily update report, as of November 22nd, 2020, shows that Nigeria is ranked 7th on recovery rate (93.5%), 10th on death rate (CFR – case fatality ratio) at 1.76%, and 9th on active cases (4.7%) amongst the 15 member countries of the ECOWAS (Economic Community of West African States).

This data can be seen on the Twitter handle of the ECOWAS Centre for Surveillance and Disease Control.

A week ago, as of 15th November 2020, Nigeria occupied the 6th position in recovery rate (93.7%), 9th position in CFR (1.79%) and 11th position in active cases (4.5%).

According to the report, there are 209,614 confirmed cases, 2,842 deaths, 189,917 recoveries, and 8,849 active cases in ECOWAS countries. This data represents in Africa, 9.8% of the confirmed cases, 5.7% deaths, 10.9% recovery rate and 3.3% active cases.

GTBank 728 x 90

As regards the death rate (CFR), Liberia tops the list with 5.29%, followed by Niger 5.12% and Mali 3.41% while Guinea is the least with 0.58%.

On recovery rate, Cote D”Ivoire tops the list with 98.3%, followed by Senegal 97.5% and Ghana 97.1%, with the least coming from Mali with 71.1%.

Mali has more active COVID 19 cases with 25.5%, followed by Sierra Leone 20.9% and Togo 20.9% and with Senegal contributing the least with 0.4%.

Coronation ads

What you should know

  • As at November 22 2020, worldwide, there are 58,649,324 confirmed cases, 1,388,068 deaths and CFR of 2.3%
  • In Africa, there are 2,057,029 confirmed cases, 49,412 deaths and CFR of 2.4%
  • In West Africa, there are 201,614 confirmed cases, 2,842 deaths and CFR of 1.41%, with a recovery rate of 94.2%.

Continue Reading


Naira devaluation, FX scarcity caused increase in cost of goods – Nigerian Breweries

Nigerian Breweries has revealed that Naira devaluation, FX scarcity caused increase in the cost of its goods in 2020.



Jordi Borrut Bel, Nigerian Breweries Plc

The Finance Director of Nigerian Breweries Plc, Rob Kleinjan, has revealed that the increase in the brewer’s costs of goods was due to the devaluation in naira and FX scarcity, which led to the increase in the cost of inputs such as sorghum and sugar, as they are not fully produced locally.

This disclosure was made during the Nigerian Breweries’ Fact Behind Figures results presentation today.

However, Kleinjan explained that the increase in cost could not be fully attributed to currency devaluation and foreign exchange scarcity, which exerts pressure on imported input materials.

He said the increase in Nigerian Breweries’ costs of goods sold, as reported in its unaudited financial results, could also be linked to the volume of goods sold, as the company’s sales volume in Q3 increased by almost the same percentage as the cost of goods sold.

However, Mr. Kleinijan reiterated that to mitigate further losses, it was important for the company to focus on the supply chain and seek ways to mitigate price increases.

GTBank 728 x 90

What they are saying

The Managing Director of Nigerian Breweries, Mr. Jordi Borrut, while speaking at the virtual event said:

In 2020, the results of Nigerian Breweries were adversely impacted by COVID, VAT increase, FX devaluation and scarcity of foreign exchange. The year started with a promising 1st quarter, which was heavily impacted in Q2. The Nigerian market, however, rebounded in Q3.”

Deal book 300 x 250
Coronation ads

Mr. Rob Kleinjan, while explaining the factors behind the increase in Nigerian Breweries’ cost of goods sold in the first nine months of 2020, said:

It is also clear that the increase in cost is due to the devaluation and the FX scarcity which has put pressure on our input cost. If you look into the main elements we use, which are sorghum and sugar – they are not fully produced locally, so when the currency is devalued, the prices of these inputs will soar.

That’s why it’s important that we are focused on the supply chain, and seek for ways we can mitigate any of the price increases, because the increase in cost comes from the input prices, which come from FX scarcity.”

Continue Reading


FG petitions CNN over investigative report on Lekki shooting, threatens action

The Federal Government has petitioned CNN over its alleged bias report on the Lekki Tollgate shooting.



The Federal Government has written a petition to the US-based Cable News Network (CNN), demanding an immediate and exhaustive investigation into its report on the Lekki Tollgate shooting, to determine its authenticity and conformity to basic standards of journalism.

The government berated CNN for its investigative report on the #EndSARS protest in Lekki area of Lagos, pointing out that the media outfit breached the most basic of the core principles of journalism – balance and fairness.

In the petition written by the Minister for Information and Culture, Lai Mohammed, to Jonathan Hawkins, VP (Communications) in CNN Centre Atlanta, Georgia; the government said that if the international media organization does not carry out its demand, it will take any action within its laws to prevent CNN from making the #EndSARS crisis worse.

According to a report from Punch, the government’s letter dated November 23, 2020, is titled “Re: How a bloody night of bullets quashed a young protest movement”.

The letter reads: “Our attention has been drawn to an ‘investigation’ by CNN, entitled ‘How a Bloody Night of Bullets Quashed a Young Protest Movement’ and aired on 18 Nov. 2020, in which the international news organization said it uncovered that Nigerian security forces opened fire on unarmed protesters at the Lekki Toll Gate in Lagos, Nigeria, during the #EndSARS protest.”

GTBank 728 x 90

“We write to put on record that the report did not just fall short of journalistic standards, it reinforces the disinformation that is going around on the issue. It is blatantly irresponsible and it is a poor piece of journalistic work by a reputable international news organization.

“In the first instance, the report did not live up to the most basic of the core principles of journalism – balance and fairness. According to the website, balance and fairness are classic buzzwords of journalism ethics: In objective journalism, stories must be balanced in the sense of attempting to present all sides of a story. Fairness means that a journalist should strive for accuracy and truth in reporting, and not slant a story that makes a reader draw the reporter’s desired conclusion.”

What you should know

Coronation ads

It can be recalled that CNN in its investigative report broadcasted on November 18, disclosed that the Nigerian army allegedly fired live ammunition directly at unarmed protesters, who peacefully assembled at the Lekki Tollgate during the #EndSARS protests. While confirming some deaths, CNN said it spoke with over 100 protesters and family members, but didn’t speak to any government official.

In response to the Federal Government’s criticism of the report, which it described as a blatantly irresponsible and a poor piece of journalistic work, CNN insisted that it was standing by its report.

Continue Reading