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).
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).
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.
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.
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:
“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
|Item||Brand||Unit||Selected Markets Prices (5/4/2019)||15/5/2019|
|MUSHIN||DALEKO||OYINGBO||MILE 12||Average||MUSHIN||DALEKO||OYINGBO||MILE 12||Average|
|Bag of Rice||Basmati||5kg||5000||5500||5000||5166.666667||5500||5000||5500||5000||5250|
|Bag of Rice||Mama Gold||10kg||3500||3000||3700||3000||3300||3500||3000||3700||3000||3300|
|Bag of Rice||Royal Stallion||50Kg||14000||13500||14000||13800||13825||15000||14800||15500||15500||15200|
|Bag of Rice||Rice Master||10kg||3500||3000||3000||3000||3125||3500||3000||3000||3000||3125|
|Bag of Rice||Mama Gold||50kg||14500||13500||14000||13500||13875||15500||15500||15500||16000||15625|
|Bag of Rice||Caprice||50kg||14000||13000||13500||13500||13500||15000||15500||16000||15500|
|Bag of Rice||Falcon||25kg||6800||6500||6800||6800||6725||6800||6500||6800||6800||6725|
|Bag of Rice||Ofada||5kg||4800||4500||4200||4200||4425||2500||2500|
|Bag of Beans||Oloyin||50kg||16700||17000||16500||16733.33333||14500||15000||16000||15166.666666667|
|Bag of Beans||White||50kg||29500||29800||29000||29433.33333||28000||29000||28000||28333.333333333|
|Bag of Beans||Brown||50kg||32500||32400||32000||32300||25000||27000||30000||27333.333333333|
|Tuber of Yam||Abuja||1 Big Size Tuber||1000||800||950||900||912.5||1000||900||1000||966.66666666667|
|Tuber of Yam||Abuja||1 Medium Size Tuber||480||350||400||450||420||600||650||650||633.33333333333|
|Carton of Noodles||Indomie||120g||3100||3000||3000||3050||3037.5|
|Carton of Noodles||Indomie||70g||1800||1800||1750||1800||1787.5||1900||1800||1800||1800||1825|
|Carton of Noodles||Chikki||100g||2200||2200||2200||2200||2200||2000||2200||2100||2100||2100|
|Carton of Noodles||Minimie||70g||1500||1500||1500||1500||1500||1500||1500||1500||1450||1487.5|
|Carton of Noodles||Golden Penny||70g||1400||1400||1400||1450||1412.5||1400||1400||1400||1450||1412.5|
|Bag of Garri||Ijebu||80kg||7800||7500||6500||7500||7325||7500||7600||7000|
|Bag of Garri||White||50kg||7500||7500||5000||7500||6875||6900||6500||7000||6800||6800|
|Bag of Garri||Yellow||50kg||7500||7500||5500||7500||7000||6000||6000||6000||6500||6125|
|Basket of Potato||Sweet||Big Basket||3500||9500||3500||3500|
|Basket of Potato||Sweet||Small Basket||5000||5000|
|Basket of Potato||sweet||Smallest Basket||750||750|
|Basket of Potato||Irish||Big Basket||12000||12000|
|Basket of Potato||Irish||Biggest Basket||20000||20000|
|Basket of Potato||Irish||Medium Basket||6000||6000||2500||2500|
|Basket of Potato||Irish||Small Basket||2000||2000||1500||1500|
|Packet of Pasta||Golden Penny||500g||200||180||200||200||195||200||200||200||200||200|
|Packet of Pasta||Dangote||500g||200||200||200||200||200||200||200||200||200||200|
|Packet of Pasta||Power||500g||200||170||180||183.3333333||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||1450||1500||1600||1500||1512.5|
|Gallon of Palm Oil||Local||25 Litres||6500||6000||6500||6000||6250||8400||8450||8600||8500||8487.5|
|Gallon of Vegetable Oil||Local||5 Litres||2500||2500||2500||2500||2500||2000||2000||2000||1900||1975|
|Gallon of Vegetable Oil||Local||25 Litres||6400||6500||6500||6800||6550||10000||10000||10000||10000||10000|
|Gallon of Vegetable Oil||Kings||5 Litres||3500||3300||3400||3500||3425||2900||2900||2900||2900||2900|
|Gallon of Vegetable Oil||Wesson||5 Litres||4000||4000||4200||4000||4050||3700||3900||3800|
|Gallon of Vegetable Oil||Mamador||3.8 Litres||2800||2750||2900||2800||2812.5||2400||2500||2400||2400||2425|
|Gallon of Vegetable Oil||Power||3 Litres||2000||2000||2200||2000||2050||1800||1800||1800||1800||1800|
|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||10500||11000||10750|
|Bag of Flour||Honey well||50Kg||11000||11000||11000||11000||11000||11000|
|Bag of Flour||Mama Gold||50kg||11500||11000||11250||11500||11000||11250|
|Bag of Sugar||Dangote||50kg||3200||3200||3200||3200||3200||3200|
|Milk||Peak Powdered (Tin)||400g||1150||1200||1250||1200||1200||1150||1200||1250||1200||1200|
|Milk||Peak milk (Refill)||500g||950||1000||1000||1000||987.5||950||1000||1000||1000||987.5|
|Milk||Dano Powdered (Tin)||500g||1000||1000||1000||1000||1000||1000||1000||1000||1000||1000|
|Milk||Loya Powdered (Tin)||400g||1050||1000||1000||1000||1012.5||1050||1000||1000||1000||1012.5|
|Cocoa Beverages||Milo (Tin)||500g||1050||1000||1100||1100||1062.5||1050||1000||1100||1100||1062.5|
|Cocoa Beverages||Milo (Tin)||900g||2100||2100||2000||2000||2050||2100||2100||2000||2000||2050|
|Cocoa Beverages||Milo Refill||500g||900||800||850||850||850||900||800||850||850||850|
|Cocoa Beverages||Bournvita Refill||500g||800||950||950||950||912.5||800||950||950||950||912.5|
|Cocoa Beverages||Bournvita (Plastic)||500g||1000||1000||1100||1100||1050||1000||1000||1100||1100||1050|
|Cocoa Beverages||Bournvita (Plastic)||900g||2000||2000||2000||2000||2000||2000||2000||2000||2000||2000|
|Cocoa Beverages||Ovaltine Refill||500g||800||800||800||850||812.5||800||800||800||850||812.5|
|Coffee||Nescafe Gold Blend||100g||1800||1850||1800||1800||1812.5||1800||1850||1800||1800||1812.5|
|Tea||Lipton Yellow label||52g||300||280||300||300||295||300||280||300||300||295|
|Sugar||St' Loius Sugar(Cube)||500g||300||280||380||300||315||300||280||380||300||315|
|Sugar||Golden Penny Sugar (cube)||500g||350||300||350||300||325||350||300||350||300||325|
|Baby Milk||SMA Gold||500g||3000||3000|
|Bottled Water (Refill)||Cway||Refill||500||500|
|Juice||5 Alive||1 litre||300||300|
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.
— ECOWAS Centre for Surveillance and Disease Control (@Ecowas_cdc) November 23, 2020
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.
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%.
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%.
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.
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.
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.”
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.”
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.”
“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 www.ethics.journalists.org, 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
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.