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Alert: Tomato prices are up by over 80% in these Lagos markets

According to Nairametrics’ House-Hold Survey carried out last week Thursday across major markets in Lagos State, a big basket of tomatoes now sells for N18,000, up from N10,000 reported two weeks earlier.

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Eid-el-Fitr celebration may be over, but the price of tomatoes shows no sign of decline as it keeps snowballing. According to Nairametrics’ House-Hold Survey carried out last week Thursday across major markets in Lagos State, a big basket of tomatoes now sells for N18,000, up from N10,000 reported two weeks earlier. This represents 80% price hike in prices of tomatoes.

The report also shows that a small basket of tomatoes now sells for N7,000 as against N3,500 reported two weeks prior. This indicates a further 100% increase.

Meanwhile, there was a significant decrease in the price of brown beans compared to what was observed two weeks earlier. Specifically, a bag of brown beans now sells at an average price of N13,875 across the four major markets in Lagos namely Mushin, Oyingbo, and Mile 12 sells at N14,000. Daleko sells for N13,500.

The report shows the markets with relatively the same price, Varying price and insight obtained from the markets.

Baskets of Tomatoes

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Relatively the same price

Items such as Peak milk, Dano milk, vegetable oil, Palm oil, Beverages, St’ Loius Sugar, Chivita, Egg, Fish, Gas and pasta are sold for relatively the same price.

The four markets sell a pack of Golden penny and Dangote pasta at N200, 5 litres of palm oil and vegetable oil is being sold for the same amount across the four markets at N1,800 and N2,000 respectively.

Also, a gallon of Palm oil (5 litres) is sold for the same price across the four markets for N1,800, although the 25 litres gallon varies slightly as Daleko sells the cheapest at N8600, followed by Mushin for N8,800 then Oyingbo market for N8,900, while Mile 12 market sells the highest at N9,000. The same trend played in regards to the price of local vegetable oil across the four markets.

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Traders at Mile-12 market on Thursday, 06, 2019

The relative difference in price; Daleko sells cheapest

Across the markets, there is a wide disparity between prices of the grain such as Royal stallion rice. Specifically, Stallion rice (50kg) sells for N13,000 at Daleko market, N14,500 at Oyingbo market while Mushin and Mile 12 markets sell for N14,000.

Beans (Oloyin) was sold the cheapest at Daleko market for N14,500 while Oyingbo market sells the highest at N16,500, although Mushin and Mile 12 markets sell for 16,000. On the other hand, Brown beans recorded a significant drop in the price as Daleko sells a bag for 13,500 while the other three markets sell for N14,000.

The beans sellers at Mile 12 market sell two types of beans. According to the sellers, the normal one sells for N14,000, while the other type known as iron beans currently sells for N26,000.

Bottom Line: It should be noted that the frequent rise in the price of tomatoes is largely due to the rainy season, as constant rainfall reduces the availability of fresh tomato because the crop does not thrive during the wet season.

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Meanwhile, traders across the four markets are excited over the drop in price of beans, while some major beans traders disclosed that consumers now buy higher quantity. To purchase items such as rice, Beans, Garri, Vegetable Oil and Palm Oil, Daleko is the market with the cheapest price.

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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:

ItemsBrandUnitMUSHIN (6/6/2019)DALEKO (6/6/2019)OYINGBO (6/6/2019)MILE 12 (6/6/2019)AverageMUSHIN (15/5/2019)DALEKO (15/5/2019)OYINGBO (15/5/2019)MILE 12 (15/5/2019)AverageMUSHIN (5/4/2019)DALEKO (5/4/2019)OYINGBO (5/4/2019)MILE 12 (5/4/2019)Average
Bag of RiceBasmati5kg550050005500500052505000550050005166.666667
Bag of RiceMama Gold10kg3500300037003000330035003000370030003300
Bag of RiceRoyal Stallion50Kg140001300014500140001387515000148001550015500152001400013500140001380013825
Bag of RiceRice Master10kg3500300030003000312535003000300030003125
Bag of RiceMama Gold50kg145001350014000140001400015500155001550016000156251450013500140001350013875
Bag of RiceCaprice50kg15000130001400014000150001550016000155001400013000135001350013500
Bag of RiceFalcon25kg6800650068006800672568006500680068006725
Bag of RiceOfada5kg2500250048004500420042004425
Bag of BeansOloyin50kg160001450016500160001575014500150001600015166.66666666716700170001650016733.33333
Bag of BeansWhite50kg140001350015000140001412528000290002800028333.33333333329500298002900029433.33333
Bag of BeansBrown50kg140001350014000140001387525000270003000027333.33333333332500324003200032300
Tuber of YamAbuja1 Big Size Tuber140013001200130010009001000966.666666666671000800950900912.5
Tuber of YamAbuja1 Medium Size Tuber700650500616.66666666667600650650633.33333333333480350400450420
Carton of NoodlesIndomie305g (Belle full)290029002900290031003000300030503037.5
Carton of NoodlesIndomie200g (Hungry man)3100320031003133.33333333331900180018001800182518001800175018001787.5
Carton of NoodlesChikki100g2000220021002100210022002200220022002200
Carton of NoodlesMinimie70g15001500150014501487.515001500150015001500
Carton of NoodlesGolden Penny70g14001400140014501412.514001400140014501412.5
Bag of GarriIjebu80kg750070007200700071757500760070007366.666666666778007500650075007325
Bag of GarriWhite50kg600065006500400057506900650070006800680075007500500075006875
Bag of GarriYellow50kg650060006000500058756000600060006500612575007500550075007000
Basket of PotatoSweetBig Basket350035003500350035009500
Basket of PotatoSweetSmall Basket75075050005000
Basket of PotatosweetSmallest Basket750750
Basket of PotatoIrishBig Basket1200012000
Basket of PotatoIrishBiggest Basket15000150002000020000
Basket of PotatoIrishMedium Basket250025002500250060006000
Basket of PotatoIrishSmall Basket150015001500150020002000
Packet of PastaGolden Penny500g200200200200200200200200200200200180200200195
Packet of PastaDangote500g200200200200200200200200200200200200200200200
Packet of PastaPower500g200170180183.33333333333200170180183.3333333
Packet of PastaBonita500g170200200200192.5
Gallon of Palm OilLocal5 Litres1800180018001800180014501500160015001512.525002500250025002500
Gallon of Palm OilLocal25 Litres8800860089009000882584008450860085008487.565006000650060006250
Gallon of Vegetable OilLocal5 Litres200020002000200020002000200020001900197525002500250025002500
Gallon of Vegetable OilLocal25 Litres1000095001000098009825100001000010000100001000064006500650068006550
Gallon of Vegetable OilKings5 Litres300030002900290029502900290029002900290035003300340035003425
Gallon of Vegetable OilWesson5 Litres3800380038003800380037003900380040004000420040004050
Gallon of Vegetable OilMamador3.8 Litres24502400250024002437.52400250024002400242528002750290028002812.5
Gallon of Vegetable OilPower3 Litres180018001800180018001800180018001800180020002000220020002050
Basket of TomatoOval Shaped1 Small Basket25002500
Basket of TomatoRound Shaped1 Small Basket25002500
Bunch of PlaintainPlaintain1 Big Bunch500550400483.3333333333322001700170020001900
Bag of FlourDangote50kg105001100010750105001100010750
Bag of FlourHoney well50Kg110001100011000110001100011000
Bag of FlourMama Gold50kg115001100011250115001100011250
Bag of SugarDangote50kg320032003200320032003200
MilkPeak Powdered (Tin)400g1250120012001216.66666666671150120012501200120011501200125012001200
Milkpeak Powdered(Tin)900g24002350240023002362.523502400250024002412.523502400250024002412.5
MilkPeak milk (Refill)500g10001000100010001000950100010001000987.5950100010001000987.5
MilkDano Powdered (Tin)500g9509501000950962.51000100010001000100010001000100010001000
MilkDano Powdered(Tin)900g2000190019001933.33333333332000200020002000200020002000200020002000
MilkDano (Refill)500g800800800800800800700800750762.5800700800750762.5
MilkThreeCrown (Refill)380g650700700650675700650700650675700650700650675
MilkLoya Powdered (Tin)400g1000100010501000100010001012.510501000100010001012.5
MilkLoya (Refill)400g800800800800800800800800850812.5800800800850812.5
MilkCoast (Refill)500g750700750700725750700725750700725
Cocoa BeveragesMilo (Tin)500g1000110011001000105010501000110011001062.510501000110011001062.5
Cocoa BeveragesMilo (Tin)900g210021002100210021002100210020002000205021002100200020002050
Cocoa BeveragesMilo Refill500g900850800800837.5900800850850850900800850850850
Cocoa BeveragesBournvita Refill500g900900950900912.5800950950950912.5800950950950912.5
Cocoa BeveragesBournvita (Plastic)500g100010001000100011001100105010001000110011001050
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) 500g450430450443.33333333333300280380300315300280380300315
SugarGolden Penny Sugar (cube)500g350300350300325350300350300325
BreadVal-U1 loaf300300300300
BreadButterfield1 loaf300300300300
EggN/ACrate1000900900933.333333333331000100010001000100010009509001000962.5
MagarineBlue Band450g500500
MagarineSimas250g
Baby MilkSMA Gold500g30003000
Baby MilkNAN500g21002100
Bottled Water (Refill)CwayRefill500500
Juice5 Alive1 litre300300
JuiceChivita1 litre550600550566.66666666667300300
GasRefilling12.5kg35003500350035003500370035003566.666666666735003500350035003500
GasRefilling5kg1500150015001500150015001500150010001000100010001000
TomatoesBig Basket1800018000100001000080008000
Medium Basket45004500
Small Basket7000700035003500
FishKote (Horse Mackerel)1 kg450400425
FishTitus (Mackerel)1 kg400450425

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.

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Corporate Press Releases

UBA gets double honours at BAFI Awards

… Wins Best Bank of the Year, International Bank of the Year

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Pan-African financial institution, United Bank for Africa (UBA) Plc, carted two highly coveted laurels at the BusinessDay’s Bank and other Financial Institutions Awards (BAFI) winning the Bank of the Year and the International Bank of the Year at the glamorous event held over the weekend.

The bank beat other strong contenders – Zenith Bank, Guaranty Trust Bank, Access Bank and First Bank – to clinch the two top categories in a well-attended ceremony comprising of Bank CEO’s, Captains of Industries and Senior financial executives.

UBA won the ‘Bank of the Year’ in recognition of UBA’s consistent effort in outperforming its peers using a composite of financial metrics, strategic foresight, execution discipline, world-class governance and global vision.

The Bank also won the award for ‘International Bank of the Year’, a keenly contested category, that pitches Nigerian financial institutions that have expanded on the continent against their international peers operating across Africa.

UBA’s Deputy Managing Director, Mr. Liadi Ayoku, who received the awards on behalf of the bank, expressed his delight on the recognition from BusinessDay.

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He said, “These awards mark another milestone for UBA Group and is a testament of the diligent execution of the bank’s strategic initiatives on customer service. Being recognized as Nigeria’s best bank complements positive feedback from customers and is a recognition of our improving efficiencies, service quality and innovation. I therefore dedicate it to our growing loyal corporate and retail customers, who are our essence. Given our heritage commitment to Africa’s development, we continue to impact lives through our service as well as funding to individuals, businesses and government.”

l-r: Head of Media and External Relations, UBA Plc, Ramon Nasir; Deputy Managing Director, United Bank for Africa, Liadi Ayoku, President, Nigerian Institute of Taxation, Dame Gladys Olajumoke Simplice; and Managing Director, BusinessDay Newspapers. Mr Ogho Okiti at the BusinessDay Bank and other Financial Institutions Award (BAFI) where UBA won Bank of the Year and International Bank of the Year Awards, held in Lagos at the weekend.

Ayoku pointed out that the bank remains focused on its goal of democratizing banking in Africa, leveraging on new technologies and emphasised its determination to change the narrative of financial services in Africa.

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Publisher of BusinessDay Newspapers, organisers of the event, Frank Aigbogun, noted that UBA has excelled in the key areas of prioritising customers, which according earned the bank the double honours.

While explaining the rationale behind UBA winning the two prestigious categories in its December issue, Aigbogun noted that the bank stood out in prioritising customers as has been evident in the significant rise in Customer Deposits which leaped by 35.7 % to N5.2trillion up from N3.8 trillion at the end of the last financial year.

He noted that even though Africa’s economic landscape has been unpredictable in recent times which resulted in recession in Nigeria and some of Africa’s best performing economies, the bank still found its rhythm and excelled.

He said, “In these conditions only the most diversified and innovative of regional banks can prosper. And this is precisely why UBA has scooped the BAFI 2020, Best Bank of the year and International Bank of the year, a testament to hard work, resilience. For one, the lender registered impressive top- and bottom-line growth over the review period.”

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points, in 20 African countries. With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

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Corporate Press Releases

COVID-19: FirstBank launches next-generation ATM, spearheads innovation in electronic banking in Nigeria

FirstBank customers can now leverage the real-time mobile banking capabilities of their cellphones to activate cash withdrawals at the FastTrack ATM.

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First bank, Dr. Adesola Adeduntan, CEO, FirstBank

In the light of COVID-19, FirstBank has launched the FastTrack ATM, a Next Generation ATM and first of its kind in Africa, designed to promote financial activities on the ATM devoid of any form of physical interaction with the machine. The introduction of the FastTrack ATM which is done in partnership with Inlaks enables customers carry out cash withdrawals without having to touch the interface of the ATM.

With the FastTrack ATM, widely referred to as Touchless Solution, the customer carries out the transaction by using his or her mobile phone to perform the needed steps designed originally for implementation on the ATM. By using one’s phone, the transaction is carried out – in advance – through the Bank’s USSD or mobile banking option. Upon the schedule, the customer visits the FastTrack ATM to complete the transaction by tapping a contactless Near Field Communication (NFC) card on the ATM to withdraw his or her cash.

READ: Mobile Banking applications remain the most popular platform for digital banking

FirstBank customers can now leverage the real-time mobile banking capabilities of their cellphone to activate cash withdrawals at the FastTrack ATM. The ATM solution is the Bank’s response to control the spread of COVID-19, whilst promoting the safety of customers that carry out transactions at the ATM.

Speaking on the launch of the FastTrack ATM, Dr. Adesola Adeduntan, CEO, First Bank of Nigeria Limited said ‘at FirstBank, we are driven to provide seamless financial solutions to ensure our customers are able to timely carry out their transactions in safe, secured and efficient ways, thereby putting them ahead in digital banking, not just in Nigeria but Africa. We are delighted to set the pace regarding the use of the Next Generation ATM in Africa which enables customers to use their mobile phones to remotely initiate ATM-based cash withdrawals via our *894# USSD banking or FirstMobile application. At the core of our strategy lies innovation which is critical to adapting to the new normal’.

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READ; Zenith Bank posts PBT of N177.3 billion in 9M 2020

According to Olufemi Adeoti, Managing Director, Inlaks, “given that consumers are more adaptable to mobile technology Inlaks – the Africa’s leading Information Technology Solutions provider together with Hyosung ATM OEM are partnering with FirstBank to introduce the first fully compliant COVID-19 FinTech ATM. This is in alignment with the ‘new normal’ desired customer experience which includes digitalization and delivering a secure contactless cash access to the bank’s FirstMobile customers for better user experience, simplicity, speed and convenience’’

In recognition of its giant strides at promoting electronic banking in the country, FirstBank’s mobile banking application – FirstMobile –  was recently awarded the Best Mobile Banking App award 2020 in the Global Finance Best Digital Bank Awards 2020 as well as 2019 Best Mobile Banking App by Global Business Outlook.

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READ: FBN Holdings announces N25 billion capital injection into FirstBank

FirstBank has been at the forefront of promoting electronic banking solution in Nigeria. In 2017, the Bank was recognized as the first financial institution in Nigeria and the West-Africa sub-region to issue 10 million ATM cards to customers across the country. The bank was the second in Africa to achieve the milestone.

These feats are achieved through the trusts in its industry-leading innovative banking solutions by over 10 million customers on its USSD *894# banking platform and over 4.1 million customers on its FirstMobile banking application, endearing the Bank to process about 30% of card transactions in the entire banking industry in the country.

About FirstBank

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 125 years.

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With over 750 business locations and over 57,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 15 million customers. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

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The Bank has been handy at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such a milestone in the country. FirstBank’s cashless transaction drive extends to having more than 9million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 3 million people on FirstMobile platform.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.

FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is always to put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of the first choice in building your future”. Our brand promise is always to deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

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Around the World

Biden to appoint Nigerian-born attorney as Deputy Treasury Secretary

Nigerian-born attorney, Adewale Adeyemo has been selected by US President-elect, Joe Biden as Deputy Treasury Secretary.

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United States President-elect, Joe Biden, has selected a Nigerian-born attorney, Adewale Adeyemo, as the Deputy Treasury Secretary.

This was disclosed by Biden on Sunday, according to Wall Street Journal.

Adeyemo, who is a former senior international economic adviser during the Obama administration, will serve under former Federal Reserve Chair Janet Yellen, who Biden plans to appoint to lead the US Treasury Department.

Adeyemo’s appointment is one of many key cabinet positions Biden is expected to announce in the coming days.

What you need to know

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Born in Nigeria, Adeyemo was raised in California where he obtained a bachelor’s degree before proceeding to Yale Law School for his legal education.

Before his appointment into the Obama administration, Adeyemo worked as an editor at the Hamilton Project, then served as senior advisor and deputy chief of staff to Jack Lew in the United States Department of Treasury.

He later worked as the chief negotiator for the Trans-Pacific Partnership and also served as the first chief of staff of the Consumer Financial Protection Bureau under Elizabeth Warren.

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In 2015, he was appointed to concurrently serve as Deputy National Security Advisor for International Economics and deputy director of the National Economic Council.

He went on to become the first president of the Obama Foundation.

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